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Q. Development of Skilled Labour - External Economies?
As the industry grows training facilities for labour will increase. This helps development of skilled labour that would increase the productivity of workers in the firms.
Growth of Subsidiary and Ancillary Industries: Expansion of an industry can facilitate the growth of subsidiary and ancillary industries to produceequipments, tools and machines etc. and to provide them to main industry at the lower prices. Similarly firms can also come up to transform the waste of the industry into some useful products. This tends to decrease the cost of production.
Opportunity cost is cost of a different that must be forgone in order to pursue a definite action. Put another way, the advantages you could have received by taking an alternative
Q. Explain about Smooth Convex Isoquant? Smooth Convex Isoquant: This kind of isoquant presumes continuous substitutability of capital and labour over a certain range, beyond
Desire for a commodity This validates that a want or a desire doesn't develop into a demand except it is supported by the ability and willingness to acquire it. For example, a
Q. What is External Diseconomies? The expansion of an industry is likely to generate external diseconomies that raise the cost of production. An increase in the size of industr
summary of principle of time perspective?
Special Drawing Rights (SDR) These are international reserve currencies created by the International Monetary Fund (IMF) to overcome the problems of using gold and national c
Q. What do you mean by Ordinal utility? A method of analysing utility or satisfaction derived from consumption of services andgoods, based on a relative ranking of services and
TRADE UNIONS Trade unions are workers' organizations whose objective is to protect the interests of their members. Functions i. To bargain on behalf of their mem
Types of Public Debt Public debts can be classified according to the purpose for which the money was borrowed into; a. Reproductive Debt: where a loan has been
wHAT IS THE SIGNIFICANCE OF EXPECTATION ELASTICITY ?
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