Economics
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Measures of Economic Development
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...
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Henri Fayol - Elements of Management by Henry Fayol
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.
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Elasticity of Supply: Meaning, Types, Measurement, Determinants and Significance
Supply is responsive to price changes. The extent to which supply extends for a given price rise is known as elasticity of supply...
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The Short Run and Long Run Production Function in the Market Structures
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...
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Basic Theoretical Principles of Karl Marx: Historical and Social Context
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.
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CAUSES OF INDUSTRIAL BACKWARDNESS IN PAKISTAN
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...
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Major Difference between Domestic and International Business
Difference between Domestic and International Trade. Conducting and managing international business operations is more complex than undertaking domestic business.
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Capital Formation
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...
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OBSTACLES TO ECONOMIC DEVELOPMENT IN PAKISTAN
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...
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What is an Inductive Method in Economics?
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...