There are a number of measures which have been used to es timate the economic development of a country. These measures, in brief, are: (i) Increase in real GNP. (ii) Increase in real per capita income. (iii) Rise in overall wellb eing of...
Henri Fayol was a French mining engineer and management theorist. He developed the theory of Scientific Management. Fayol listed and reviewed fourteen principles of management.
Supply is responsive to price changes. The extent to which supply extends for a given price rise is known as elasticity of supply...
The production function provides information about the quantity of factor inputs as to the result of the quantity of outputs and this is measured by total product; average product; and marginal product 1. The total product...
Communism was beautiful on paper but in practice was twisted and distorted. The result was hideous, quite Orwellian and, deadly. The idea of communism as it was intended was idealisitic; in practice it brought misery and death to millions.
The causes of industrial backwardness in Pakistan are varied and complex. The Government of Pakistan since 1947 is trying to develop industries and infrastructure facilities for the growth of industrial sector, yet it has not achieved success to the...
Difference between Domestic and International Trade. Conducting and managing international business operations is more complex than undertaking domestic business.
1. WHAT IS CAPITAL FORMATION? ITS ROLE IN ECONOMIC DEVELOPMENT Capital formation is one of the major factors in economic development. It is the increase in the stock of both material and human capital by making available a part of society's...
Pakistan inherited an extremely narrow economic base at the time of Partition in 1947 Since then, the Government of Pakistan is making rigorous efforts to build up infrastructure and productive potential of the economy through the process of...
Inductive method is also known as the historical, empirical or ‘a posteriori’ method of economic analysis. Inductive reasoning is the widely accepted method in economics for deriving conclusions...