lesson 1 Flashcards
(28 cards)
concern with production distribution and consumption of goods and services it focuses on the actions of human beings
economics
it deals with the question that whether economics falls into the category of science or arts
nature of economics
studies that signify the cause and effect relationship. facts and figures are collected and are analyzed systematically to arrive at any certain conclusion
economic as a science
said that knowledge is a science action is a art theories are used to solve various economic problems in society
economic as an art
forecasting to inform decisions within the companies and government
inform decisions
economic issues influence our daily lives including issues such as tax and inflation interest and wealth
influence everything
firms of all sizes and industries have to rely on economics whether that’s for product research and development
impacts industries
understanding how consumers behave is a vital for a business to succeed
inspires business success
economics affects the world we live in
international perspective
is a basically an economic concept that has a positive connotation
development
cannot be left and unmentioned. he used the term developed as revolution on folding revolution and innovation
development as economic growth
development cannot be reduced to a quantitative understanding of the world is present
development as a fiction
the multidisciplinary concept of development is a complementary to the an indisciplinary idea of economic development
the alternative route
process in which the exploitation of resources direction of investment and orientation of technological development and institutional change are reconciled and reinforces present and future potential
sustainable development
sustainable development is something that takes place through a combination of human and ecosystems will being
well being as a variable objective of development
resource allocation mechanism based on a computational procedure
economic planning
the most significant characteristic of economic planning
definite objective
it’s responsible to prepare different schemes of development and coordinating the various activities
central planning authority
no doubt various plants are prepared by expert but at the same time adequate opportunities are provided
democratic character
it provides necessary perspective guidance and coordination
commission
it must cover the entire economy which must be comprehensive in scope
comprehensiveness
it should not be confined to production alone but at the same time it must cover the distribution and consumption also
planning for consumption
this resources are allocated in such a manner as to get maximum social welfare
rational allocation of resources
it is based on the initial resources of the country. in this way domestic resources are planned for attaining economic stability
feasible policies and target
