19Oct 2018 by admin

5 Main Criticisms against Wealth Definition of Adam Smith

Economics
This definition was criticised on several grounds as follows: Image Source: getdebtfreewealth.com (i) Restricted Meaning of Wealth: In Adam Smith’s wealth-oriented definition the meaning of wealth is restricted. Only material goods were considered as wealth. Non-material goods like services of doctors, lawyers and teachers were not considered as wealth. This restricted meaning of wealth has restricted the scope of study of Economics. (ii) Neglect Human Welfare: ADVERTISEMENTS: During the later part of the 19th century, the economists started realizing the humanistic character of economics. It was visualized that wealth is only a means to an end, the end being human welfare. Therefore, some economist severely condemned Adam Smith wealth definition which gives too much importance on wealth and completely ignored human welfare. (iii) The Concept of economic man: The concept…
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19Oct 2018 by admin

6 Criticism Against the Scarcity Definition of Robbins

Economic Problems
Robbins had made Economic more wide in scope and scientific in outlook. Wherever we find a problem of choice has to be made we can say that it is an economic problem. Adjustment of unlimited wants to limited means of varying uses to get the maximum is the universal law of economics like laws of science.In spite of above contribution of Robbins in the field of economics, he is not free from criticisms which have emerged on account of rapid economic progress and increasing scope of economic aspects. The main points of criticism are discussed below, which led to further modifications in the definition of economics. Image Source: energyevolutionhealing.com (i) Welfare concept: ADVERTISEMENTS: It is generally pointed out that Robbins has said much against the welfare but it is a…
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19Oct 2018 by admin

5 Main Features of Samuelson's Growth Definition of Economics

Economic Development
The definition of Economics had taken a static view of the dynamic problem until Samuelson removed this defect. The greatest merit of Samuelsson definition is that it recognises the dynamic changes taking place, both in the means (resources) and ends (wants) with the passage of time.The progress or changes occurring from time to time also affect the whole concept of the related developments in economic world. That is the reason of describing it as a growth-oriented definition.Samuelson defined Economics as follows: Image Source: a5.files.biography.com “Economics is the study of how people and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future among various persons…
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18Oct 2018 by admin

7 Most Important Features of Globalisation from International Business viewpoint

Investment
An analysis of the above definition and other writings brings out the following features of globalisation from international business viewpoint: Image Source: jessmc.global2.vic.edu.au1. Economic Globalisation involves globalisation of firms, markets and regulation. Global firms are firms which, originating in a specific territory, spread their operations through corporate groups and structures to other territories. ADVERTISEMENTS: Markets are where buyers and sellers meet. In global markets, place or space to meet is not restricted. Financial markets are the genuinely global markets. The globalisation of regulation refers to spread of some set of regulatory norms. It is not the same set as there are many differences in the level of rules between the systems.2. It emphasises a global rather than a national context. It does not mean to deny national settings, but to…
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18Oct 2018 by admin

Market Regulation and Price Control Policy of Alauddin Khilji

Currency
Alauddin was motivated to adopt the market regulations and price control policy due to the following factors and considerations: Image Source: grammarly.com1. Alauddin Khalji had organized a vast army in order to check the incessant invasions of the Mongols and to attain victories for the expansion of his territory. As the number of soldiers reached 4,75,000, the expenses in the army were enormous. No doubt, the Sultan had increased his income by introducing reforms in the revenue system and reduced the salaries of the soldiers but it too proved in­sufficient to meet the entire expenses of the Sultanate. Besides this, it was essential to make the lives of the soldiers comfortable to avoid revolts out of frustration. Hence he fixed the prices for the satis­faction of the soldiers. Barani writes…
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18Oct 2018 by admin

Short Speech on Globalisation

Finance
‘Globalisation has been the most widely used, misused, and abused word’. As a concept globalisation does not evoke a single image, instead an imagery of disparate meanings. Searching for a single definition of the word is a fruitless exercise, as it includes anything and everything. Image Source: djcadteam9.files.wordpress.comThe term has been used in a multiplicity of senses. We can think about economic definition, political definition, and managerial definition as ‘”globalisation is political, technological and cultural, as well as economic.” ADVERTISEMENTS: How do people view globalisation – some see it as a highly positive force leading to economic liberalism, political democracy, and cultural universalism; others see in its wake the rising power of transcorporations, integration of international finance, diffusion of technological innovations and the emergence of community culture around the world.Some…
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18Oct 2018 by admin

9 Main Disadvantages of Multinational Organizations

Investment
The disadvantages are described as follows: 1. Uncertainty: MNCs often scale down their production facilities and close the operations in situation of economic uncertainty. They practise hire and fire; hence, people employed in MNCs often lose their jobs.Such uncertainty may lead to internal problems in the country. Image Source: cdn.shareyouressays.com 2. Control: ADVERTISEMENTS: MNCs often exert control over the local government, both economically and politically. Such control may even go against the interest of the nation as a whole. 3. Transfer Pricing: This is done by lowering the internal price structure. Through this, MNCs can reduce their profits in the countries, where they operate and thus deprive their host countries from the legitimate tax payouts. 4. Environmental Imbalance: MNCs can create environmental imbalances extracting natural resources and polluting the environment…
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18Oct 2018 by admin

Short Summary of “Financial Expert” by R. K. Narayan

Currency
Narayan’s The Financial Expert (1952), is his masterpiece. William Walsh hails Margayya, the hero of the novel as “probably Narayan’s greatest single comic creation.” It is an extremely well constructed novel, in five parts corresponding to the five Acts of an Elizabethan drama. The Financial Expert tells the story of the rise and fall of Margayya, the financial expert.The protagonist of the novel, Margayya begins his career as petty money-lender doing his business under the Bunyan tree, in front of the Central Co-operative Land Mortgage Bank in Malgudi. He helps the shareholders of the bank to borrow money at a small interest and lends it to the needy at a higher interest. In the process, he makes money for himself.The Secretary of the Bank and Arul Doss, the peon, seize…
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18Oct 2018 by admin

30 ‘True’ or ‘False’ Type Questions with Answers on “Environment”

Inflation
1. Biosphere is made of atmosphere, hydrosphere, and lithosphere.2. The constituent gases in atmosphere are mainly dense upto 1 kilometer height.3. The clouds are found in troposphere. Image Source: img10.deviantart.net ADVERTISEMENTS: 4. Ozone layer is found in thermosphere.5. Tropopause and troposphere are the same names.6. The atmospheric temperature becomes 0°C near stratopause. ADVERTISEMENTS: 7. The atmospheric temperature falls with rise in altitude, but it may reach beyond 1000°C above 500 km in exosphere (or thermosphere).8. Main activity in ionosphere is to reflect the radio waves.9. Lithosphere constitutes only 30% of total surface of earth.10. The Rio de Janeiro Earth Summit was held in 1992. ADVERTISEMENTS: 11. In an ecosystem; the example of producer is green plant, example of consumer is animal, and example of decomposer is fungi.12. Algae are eaten…
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18Oct 2018 by admin

11 Important Terms Used in the Calculation of Human Population

Economic Development
The Main Factors which are responsible for the Rise in World Populations are: 1. Population Characteristic and Variation among Nations: Human population is defined as a group of human being those are living together in a certain space of a country. Image Source: s-media-cache-ak0.pinimg.com ADVERTISEMENTS: Population characteristic is defining as qualities and characterisation of various types of populations within a social or geographic group, with emphasis on demography, health status, and socioeconomic factors. The main population characteristics are: 2. Exponential Growth: Population grows geometrically (1, 2, 4, 8 …), rather than arithmetically (1, 2, 3, 4 …), which is why the numbers can increase so quickly. When a quantity increases by a fixed percentage is known as exponential growth e.g., 10,102,103,104……………………… Or 3, 6, 12, 24 etc.Population growth takes place…
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