2 Economic Systems for Resource Allocation Decisions about resource allocation are necessary because we live in a world of scarcity. A review of the ideas listed at Key Points 1.1 and 1.2 should remind you of how central this basic premise is to the study of any branch of economics. To take a surreal example‚ when you open your front door in the early morning there are not millions of bottles of milk covering the neighbour’s lawn; nor is there no milk. There is just enough bottled milk to meet
Premium Planned economy Economic system Market economy
TOPIC: Natural resources as a base for development Natural Resources as a base for development Introduction: Natural resources refer to those materials and resources that occur naturally in a locality‚ such as minerals‚ forests‚ wildlife and fertile land. Appropriate utilization of natural resources play an important role in leading a nation towards the economic and industrial development stage. Many nations across the globe are continually growing and prospering by rightly managing
Premium Petroleum Oil reserves Saudi Arabia
Title: Influence of Information systems at Human Resource for Organizational Performance; A case study on Commercial Bank Finance PLC Introduction This research investigates the influence of Information system at Human Resource and what are their impacts on organizational performance. Organizations are moving faster towards the Information Technology and adapt more and more advancements of Information Technologies. In today’s context none of the organization can survive without Information technology
Premium Information technology
HRMANAGEMENT CASE HUMAN RESOURCE MANAGEMENT Includes: human resource planning; recruitment‚ selection‚ and hiring of new employees; the orientation‚ training‚ and appraisal of current employees; and employee remuneration‚ motivation‚ and retention. You are to assume the newly-created position of Human Resource Director for a medium sized firm with over 600 employees. The firm has experienced significant expansion in the past few years; the human resource department and its functions
Premium Human resources Human resource management Wage
merged in 1921 to form the Imperial Bank of India‚ which‚ upon India ’s independence‚ became the State Bank of India in 1955. History Indian merchants in Calcutta established the Union Bank in 1839‚ but it failed in 1848 as a consequence of the economic crisis of 1848-49. The Allahabad Bank‚ established in 1865 and still functioning today‚ is the oldest Joint Stock bank in India.(Joint Stock Bank: A company that issues stock and requires shareholders to be held liable for the company ’s debt) It
Premium Bank
How can Socialism solve economic problems ? What to produce ? In socialism‚ planning authorities decided what to produced. The Central Planning Authority or the government will collect detailed statistics on the resource availability in the country and link it with national priorities. If the planning authorities or government feels that the nation needs more computer for current and future consumption‚ more resources will be allocated for the production of computers over other products. Furthermore
Premium Planned economy Economics Socialism
ECONOMICS CHAPTER 1 ECONOMIC WAY OF THINKING SCARE RESOURCES WEALTH OF THE NATIONS ECONOMICS: ADAM SMITH STAR CITY Scarcity Scarcity is the basic and central economic problem confronting every society. It is the heart of the study of economics and the reason behind its establishment. Authors have defined scarcity in various way some if which are complexly stated. One author defines scarcity as a commodity or service being in short supply‚ relatives to its demand (Kapur
Premium Economics Supply and demand
RESOURCES Why farmers sometimes need to change the pH of soil A healthy‚ productive farm is created from the ground up. The fertility‚ structure and biological activity of your soil are the keys to raising successful crops. Great soil grows great plants with increased vigour and pest tolerance‚ not to mention maximized yields. There’s a lot to know about your soil for sure‚ but the most critical measurement is its pH. What is pH? Represented on a scale of 0 to 14‚ pH is the measurement of the
Premium PH Calcium carbonate
ECONOMICS the branch of knowledge concerned with the production‚ consumption‚ and transfer of wealth. the social science that studies economic activity to gain an understanding of the processes that govern the production‚ distribution and consumption of goods and services in an exchange economy. SCARCITY: THE NEED TO CHOOSE Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive
Free Economics
COURSE: BACHELOR OF COMMERCE (BCOM) UNIT: INTRODUCTION TO MACRO-ECONOMICS QUESTION: MICRO-ECONOMICS AND MACRO-ECONOMICS INTRODUCTION Economics is the foundation of all commercial activity and comprises two areas: microeconomics and macroeconomics. Macroeconomics is concerned with the big picture‚ for example‚ the national economy and gross domestic product. By contrast‚ microeconomics is concerned with the small picture and focuses on theories of supply and demand. Microeconomics is
Free Economics Macroeconomics