Economic growth implies an increase in the productive capacity of an economy which leads to an increase in GNP, national income, or output. Economic development on the other hand is much more encompassing because it denotes not only an increase in the GNP of a country but also an increase in the general welfare … Read more
A business organization is any form of establishment that undertakes the production of goods or rendering of services demanded by the consumers. The primary objectives of any business or organization are to make a profit. Types of Business Organizations Business organizations can be classified into two major types. These are private enterprises and … Read more
WHAT IS ECONOMIC INTEGRATION? Economic integration is a condition of international trade in which all trade barriers and restrictions are removed. There is perfect capital mobility, complete freedom of migration, complete freedom of establishment of businesses, and unhindered flow of information and technology. As stated above, economic integration is … Read more
MEANING OF INFLATION Inflation refers to a persistent and sustainable rise in the general price level. A general phenomenon during a period of inflation is the continuous fall of the value of money in the economy. PRICE … Read more
Trade by Barter Trade by barter is the direct exchange of goods for goods, goods for services, or services for services. It was a system of exchange that was in use before the introduction of money. Problems of a trade by barter1) Problem of double – coincidence of wants: It was time-consuming and energy-sapping … Read more
