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Smith and Marx have schematized the phases of development in the course of history. Discuss why they did this, while Ricardo concentrated on the problems of capitalism of his day.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Market Equilibrium and Failure

The economy of a country or any place depends on the market demand and market supply of goods and services.

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Smith and Marx have schematized the phases of development in the course of history. Discuss why they did this, while Ricardo concentrated on the problems of capitalism of his day.

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