Nicole is currently using: The primacy principle
The primacy principle is a principle that conveys the things that needed to be done first before someone could do something more complicated.
Other example of this principle would be insisting someone to learn how to ride a bicycle before learning how to drive a motorbike
Two items that showed that the Mesopotamian civilization was complex was the irrigation ditches and buildings
The rule of 70 is a technique used to forecast how many years would take to a variable to double its value. It consists on dividing number 70 by the growth rate of the variable of interest, which in this case is the GDP of countries A and B.
According to the rule of 70, let's compute how long will take for the GDP of each country to double:
- Country A: 70/2.8= 25 years
- Country B: 70/1.4= 50 years
As the growth rates are constant, it is possible to compute the exact value of the GDP of each country in 100 years time using the number of years for output duplication.
- Country A duplicates its growth every 25 years. Hence, it will happen 4 times in 100 years. In year 25, the output will be $100,000. In year 50, it will duplicate again and reach $200,000. The third duplicate will take place in year 75 and GDP will sum $400,000. Finally, in year 100 it will duplicate one last time and country A will end up the century with a GDP per capita of $800,000.
- Country B duplicates its growth every 50 years. Therefore, it will happen twice in 100 years. In year 50, the output will be $100,000. In year 100, the last duplicate will take place, and country B will end up with a GDP per capita of $200,000.
Answer:
South Vietnam
Explanation:
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Answer:
In economics, the term household refers to the members of a home. This is used to make social and economic models.
Household is made up of each of the people who live in a home. Most of the companies' productions are directed to this group.
As for the firm, it is who is going to use the production factors in order to manufacture products or services that the previous group will consume.