Economics and Managerial Economics Economics may be defined as a branch of knowledge dealing with allocation of scarce resources among competing ends. Managerial Economics may be defined as application of eco for problem solving at corporate level. Factors affecting Managerial decision Often only pure logic does not contribute to decision making Human Factor Human behavioral considerations often influences a manager into compromising or moderation a decision which would otherwise have made
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Child labour is a very big problem in today’s world. Many organizations work towards diminishing it however‚ it is a very touchy problem and needs to be handled with caution as the process is very tedious which is not realized by many people worldwide. Many think that diminishing child labour suddenly and as soon as possible is going to be good for the world however‚ this is not true. The fight to end child labour is going to be long and hard because of the many negative impacts it will have on the
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How big of a problem is child labour today? Over 246 million children across the world are thieved of their childhoods and taken to work in unsafe‚ treacherous conditions. From mills to agriculture‚ children are being used as slaves‚ being treated like dirt. From a mere age of 5‚ children are captured and sent to work for at least 12 hour days. This work damages them not only physically‚ but mentally and socially. It is estimated that 22‚000 children die every year in work related accidents. The
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case of M C Mehta Vs. State of Tamil Nadu 3 2. Court’s Decision 5 3. International Perspectives on Child labour 6 3.1 Child labour Practices around the World 7 3.2 Some of the Good Practices on Child labour across the World 8 4. Evolution of the constitutional and legal provisions relating to child labour in India 11 5. Suggestions (legal as well as non-legal) for tackling the child labour problem 14 Legal suggestions 14 Non-Legal suggestions 14 6. References 15 1. The facts mentioned in
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subject matter of economics? What role does the “division of labour” play in defining this subject matter? Quoting Michael Yates‚ “The subject matter of economics is the production and distribution of output…” (Yates‚ 2003). So what does this say to me? Simplifying‚ this says to me that Economics is a way of explaining the world. With studies dating as far back as Aristotle’s interest in the various forms of state‚ how can one ever fully understand the complexities of economic thought and how
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The International Labour Organization (ILO) is an agency of the United Nations that deals with labour issues pertaining to international labour standards and decent work for all. Its headquarters are in Geneva‚ Switzerland. Its secretariat — the people who are employed by it throughout the world — is known as the International Labour Office. The organization received the Nobel Peace Prize in 1969. It has no power to impose any sanctions on governments. The International Labour Organization is the
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ECN 3671 – The Economics of Labor Markets – Spring 2012 Term Paper Guidelines In this term paper you will explore an issue in labor economics‚ relying on published academic research and the economic models we have developed in class to inform your analysis‚ as well as other sources of your choosing. Topics There is a very broad range of potential topics for this paper. The most important criteria for a topic is that it be of interest to you: something that sparks your curiosity‚ something related
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What is Economics? Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction‚ studying it often reveals why people and governments behave in particular ways. There are two main types of economics: macroeconomics and microeconomics. Microeconomics focuses on the actions
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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
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DEPENDENCY THEORY: - Economic development theorists over the last few centuries have developed models for explaining the “undeveloped-ness” of countries in the third world countries. From Durkheim to the International Monetary Fund (IMF)‚ we have‚ time after time‚ come to witness the rise and fall of development theories and their explanations for the predicament that many poor countries face. Dependency theory has (more so than others) lasted a great deal of time in the framework of the international
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