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Private and Social Benefits
Private benefits are those which accrue to an individual. They may be both monetary and non monetary, direct and indirect. Earnings of an individual is an illustration of direct private benefit. Development of desired attitudes, level of confidence, a balanced personality structure and healthy leisure time interests of life are illustrations of indirect or non monetary benefits provided they are the result of a well planned educational system.
Taxes on income paid by individuals to the state are deducted from private monetary benefits. The aggregate private monetary benefits of all individuals with education along with the taxes paid by them constitute social benefits which are direct and monetary. Attitudes and values commensurate with desired and planned social changes that are spread among people because of education constitute indirect and non monetary social benefits.
An enlightened and informed citizenry, people with civic sense and hygienic habits, people who participate in decentralised decision making processes, vote in elections, send their children to schools, do not discriminate against the girl child, honour and protect minority rights, believe in organised and non violent social actions etc. are illustrations of non monetary social benefits.
Compensated Demand Curve: Compensated demand function for a commodity (say x1) of an individual consumer represents demand quantity for that good (which is purchased by the co
Economic profit and Economic loss: Economic profit is the excess if total revenue over total cost when the latter includes both explicit and implicit costs. It is the type o
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Once the organization has decided to move forward with the development of a new or modified system, it is time to determine what tasks are necessary to move the project from initia
current rate of gdp
Air is one of the important constituent in the environment that is prone to pollution. Pollution of air refers to that part of atmosphere which is very nearest to the earth’s surf
Curvature of the Iso-quant: An iso-qunat is convex to the origin. This is so because as more and more units labour are employed, the producer would prefer to give up less and
implication tructures of various market structures for price determination
write name and symbol of element from s-block that has zero oxidation state?
unique products in monopoly
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