c)Is there evidence for market failures or government failures in the provision of public services‚ merit goods and control of demerit goods in Sub-Saharan Africa? Discuss (30 marks) Market failure is a circumstance in which private markets do not bring about the allocation of resources that best satisfies society’s wants. Government failures are inefficiencies of the public sector. Public goods are goods that would not be provided in the free market system‚ because firms would not be adequately
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a. Explain the difference between merit goods‚ demerit goods and public goods (10 marks) Merit goods‚ demerit goods and public goods could all cause market failure‚ which is a situation where goods and services in a free market are not allocated efficiently. The ways in which these 3 kinds of goods cause market failure are different and will be explained below. Firstly‚ merit goods refer to goods with positive externalities. This means that its consumption or production can create unintended positive
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Differences between Islamic and Conventional Financial Planning Financial planning is the process of creating strategies in managing financial affairs to meet life goals and the role of the professional financial planner is to analyse the financial circumstances of the client and to provide a plan to meet the client’s financial needs and goals. In carrying out his mission‚ the financial planner shall provide impartial assistance and act in the best interest of the client. For the Islamic financial
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Ontario Regulation 455/07 and Demerit Point System Speeding‚ races‚ collisions and careless driving are all the things we would see if we did not have rules‚ regulations and appropriate point systems. When you are driving a car you have to understand that there are other road users on the road and when you are driving erratically‚ you are risking not only your life but the other road users as well. The Demerit Point System and The Ontario Regulation regarding street racing‚ contests and stunts
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TAKAFUL ________________________________________ INTRODUCTION: Insurance is not a new concept within Islam. The principle of a person protecting himself against loss or misfortune is even described in the Qur’an through stories of some of the prophets. In Arabic this concept is known as "takaful". It is acknowledged that the foundation of shared responsibility or Takaful was laid down in the system of "Aaqilah"‚ which was an arrangement of mutual help or indemnification
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Islamic Contract Law TYPES OF COMMITMENTS 1. Wa‘d – • • • – وunilateral promise One party binds itself to perform a function for another Does not normally create legal obligation Legal obligation is created: • • Genuine need of the masses – (ر Contingent promise ا س )رد ا ز ن ز ا إذ ا 2. Muwaa‘ada – ا ة • • • • – bilateral promise Two parties performing two unilateral promises on the same subject Use of two unilateral promises can lead to a forward contract
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excludable. When a good has large positive externalities‚ the government should support its production. When a good has large negative externalities (demerit good)‚ the government should limit or stop its production and consumption. Markets can fail in regard to externalities in four ways: lack of public goods‚ under provision of merit goods‚ over provision of demerit goods‚ and environmental degradation. Graph 1 demonstrating MPB and MPC to the individuals participating in the market. Graph 2 demonstrating
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roTHE ROLE OF ISLAMIC BANKING IN ECONOMIC DEVELOPMENT IN EMERGING MARKETS BY HAJARA ADEOLA MD/CEO LOTUS CAPITAL LIMITED A PRESENTATION AT THE ISLAMIC FORUM BUSINESS LUNCHEON LA SCALA‚ LAGOS NOVEMBER 2007 1 OUTLINE • • • • • • • • • • • • • • Introduction Effects of the Interest Based system The Islamic Solution The Framework Shari’ah Objectives and Effects Islamic Tools for Prosperity Macroeconomic Efficiency Islamic Banks – An Alternative? Effects on the Economy Financial Institutions Global
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offences have demerit points recorded on their records. Demerit points add up against your license when you are at fault of a traffic ticket charge like speeding or careless driving. Each traffic ticket holds a certain amount of demerit points that has been decided by MTO. For a G2 or G1 license it is more strict that that of a G license. For a Full G License‚ when you reach 15 demerit points your license will be automatically suspended. 10 infractions that increase your demerit point include:
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one thing. The other is the minimum run of three laps after the workout and the more laps you run‚ the more merits you get and who wouldn’t want more merits‚ right? Almost half of the batch even cut PT’s because they say that it’s better to gain demerits than to suffer like that but it’s the other way around for me. I’m a basketball varsity player so the PT’s benefit me a lot. My coach even told me that I happened to be faster and stronger than before! You wouldn’t contradict me if I say being physically
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