Unlike the intuitive forecasting methods discussed in the previous chapter, further study of forecasting methods is devoted to the study of formal methods. They received the name formal methods because they are based on sufficiently formalized (accurately described) actions that must be performed to obtain a forecast. The problem of forecasting on a sample arises […]
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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 […]