The interaction between supply and demand and the functioning of the price mechanism occur in the market in conditions of competition between buyers and between sellers. Competition (translated from Latin means “to converge”, “to collide”) is an economic rivalry, the competitiveness of isolated commodity producers and consumers for obtaining maximum income. A. Smith figuratively called […]
Tag: performance
Sectoral structure of industry
The industry of the republic has more than 100 branches in its composition. Leading industries: mechanical engineering and metalworking (22% of the total industrial production); fuel industry (17%), food industry (17%), chemical and petrochemical industry (12%), rice. 7.5. Rice. 7.5. Sectoral structure of industrial production (in % to total) In 2003 relative to 1995, the […]
Theory of the ratio of factors of production
In their theories of absolute and relative advantage, Smith and Ricardo showed how production can be increased if countries specialize in production that has an advantage. They accept that the functioning of the free market itself will lead producers to goods that they can produce with the greatest efficiency, and will force them to abandon […]