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Explain briefly balanced and unbalanced growth.
Introduction: The concepts of balanced and unbalanced growth are economic policies that guide how resources and investments should be distributed within an economy to stimulate development. They differ primarily in various aspects. Aspect Balanced Growth Unbalanced Growth Approach Simultaneous investment across sectors Focused investment in priority sectors Goal Equal development across sectors Rapid growth through…
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What is Vicious Circle of Poverty? explain the determinants of B.P.L
Introduction: Many development barriers are both of cause and consequence of poverty such circular relationship perpetual the low level of development including capital deficiency and market imperfection as characteristics of poor countries. The circle emphasizes that total output is low and that little remains as surplus for capital accumulation because of the low level of…
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What is economic development? explain its determinants.
Introduction: Economic development refers to a process of expansion which leads to higher level of per capita real income. Economic development is the precondition of growth in fact economic development is a process whereby an economics real national income as well as per capita income increases over a long period of time. Stages of economic development…
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Distinguished between economic growth and economic development.
Introduction: Economic growth and economic development are both terms used in economics to describe progress in a nation’s economy, but they have different meanings and implications. The difference between economic growth and economic development are: Economic Growth: Economic growth refers to an increase in a country’s output of goods and services, typically measured by the…
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What is Trade Union Movement? explain the weakness and measures to strengthen TUM.
Introduction: “A trade union is a continuous association of wage earners for the purpose of maintaining or improving the condition of the working life.” The trade union movement refers to the collective efforts of workers to organize and form unions to advocate for their rights, improve working conditions, and increase bargaining power with employers. Rooted…
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What is Industrial disputes? explain the causes and measures to settle industrial dispute.
Introduction: Industrial disputes in economics refers to conflicts or disagreements between employers and employees within an industry. These disputes revolve around terms of employment, working conditions, wages, job security, and other labor-related issues. Industrial disputes can take many forms, from strikes and lockouts to work-to-rule and go-slows. Understanding these disputes is essential in economics because…
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What are Multinational Companies. explain its merits and demerits.
Introduction: Multinational company / corporations are huge industrial organization which extends their industrial and marketing operation over a number of countries. They are known as transnational corporations, international corporations and global corporations. It may be define as large business corporation control predominantly by nationals of the country in which there headquarters are situated but with…
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Internal Assessment Test – Questions with Answers-Economics-1(Principles of Economics) any one from each.
Q.1a. Critically explain the welfare definition of Economics. ANS- Welfare definition is also called as Neo-Classical definition of economics. Alfred Marshall gave this definition in his book called Principles of Economics which was published in 1890. Alfred Marshall defined Economics as the study of mankind in the ordinary business of life. The definition is not…
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Explain the problems of small scale industries in India.
Introduction: Small-scale industries (SSIs) are businesses that operate with a relatively low investment in capital, labor, and resources, and basically produce goods and services on a smaller scale. These industries are essential to many economies, especially in developing countries, because they provide employment opportunities, support local economies, and contribute to the GDP. Small-scale industries (SSIs)…