What are the three preconditions for economic growth?
holy sht. property rights is one.
Property rights system of exchange well functioning markets I had to look up #3
market, property and …hmmm… shit… i forgot…savings?
That’s right. I hated myself for not knowing this as it’s a typical conceptual question they may ask that you cannot afford to miss.
property rights monetary exchange and…MKTs
markets property rights monetary exchange
also know the 1/3 rule: simple and easy marks I bet your ass will be on there: at any given tech level 1% increase increase in cap/labor hour = 1/3% inc. in real GDP meaning 2/3 is due to tech.
ok look at this… if a county has no monetrary exchange, property rights and market then… its not even a @#$%& country…its like living in the primitive age…
You would get it in a mult choice format.
^^ Nonsense. Belgium does have monetary exchange.
…no incentive for them for economic growth… hows the GDP growth like there?