Land | Characteristics, Productivity, and Importance
Land | Characteristics, Productivity, and Importance

Introduction The soil we cultivate, the river water with which we irrigate our fields, the forests we get wood from, and the mines yielding coal and Iron, etc. are also…

Labour | Types, Characteristics, Importance, and Efficiency
Labour | Types, Characteristics, Importance, and Efficiency

Introduction Labour is an important factor in production. Ordinarily, labor refers to that manual labour rendered to accomplish a given task. But in Economics the term labour' is used in…

Micro Economics | Scope, Importance, and Limitations
Micro Economics | Scope | Importance | Limitations

Introduction The term Micro has been borrowed from the Greek word, 'Mikros' meaning small. However, it may not be misunderstood that microeconomics refers to small or insignificant economics. As a…

Privatization | Characteristics, Objectives, and Advantages
Privatization | Characteristics, Objectives, and Advantages

Privatization means different things, but it usually involves moving something from government control to private ownership. This can include selling government-owned businesses or services to private companies. For example, the…

Production Management Objectives, Functions, Production Planning & Control
Production Management | Objectives, Functions, Production Planning & Control

Introduction Production management is the practice of overseeing and controlling a company's operations to efficiently create the goods and services it intends to produce. This involves planning, coordinating, and managing…

Economic Laws | Types, Features or Nature
Economic Laws | Types, Features or Nature

Introduction Like all other sciences, economics collects facts and undertakes systematic study. The facts are analyzed and conclusions are drawn. These conclusions establish a causal relationship between the concerned points.…

Globalisation in economics
Globalisation | Impacts of Globalisation

Introduction of Globalisation Globalisation simply means that combining the economy of the country with the world economy. Globalisation embodies combination of the international markets for goods, services, technology, finance and…