ECONOMICS
ECONOMIC INSTITUTIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Foreign Direct Investment
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Fiscal policy
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Economic Dualism
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Development Dualism
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Detailed explanation-1: -A dual economy is the existence of two separate economic sectors within one country, divided by different levels of development, technology, and different patterns of demand.
Detailed explanation-2: -A mixed economy or dual economy is an economy where both the public and private sectors coexist harmoniously. It falls between the capitalist economy, i.e., free markets and socialist economies, and enjoys the benefit of both types.
Detailed explanation-3: -A salient feature of developing economies is the coexistence of a modern commercial sector alongside a traditional subsistence sector-the dual economy.
Detailed explanation-4: -Using these ideas, Rostow penned his classic Stages of Economic Growth in 1960, which presented five steps through which all countries must pass to become developed: 1) traditional society, 2) preconditions to take-off, 3) take-off, 4) drive to maturity and 5) age of high mass consumption.
Detailed explanation-5: -The two types of economic growth are: Intrinsic. Extrinsic.