Division of Labour | Main Forms, Advantages, and Favourable Conditions
Introduction Adam Smith came up with the idea that people should do what they’re best at. For instance, a cook …
Capital | Features, Classification, Functions, and Efficiency
Capital Capital is a crucial factor in production. In everyday language, we often use terms like wealth, capital, and money …
Financial management | Types, Objectives, Functions and Career
Definition Financial management is like being the money boss of a business. Whether it’s a small shop or a big …
Land | Characteristics, Productivity, and Importance
Introduction The soil we cultivate, the river water with which we irrigate our fields, the forests we get wood from, …
Labour | Types, Characteristics, Importance, and Efficiency
Introduction Labour is an important factor in production. Ordinarily, labor refers to that manual labour rendered to accomplish a given …
Micro Economics | Scope | Importance | Limitations
Introduction The term Micro has been borrowed from the Greek word, ‘Mikros‘ meaning small. However, it may not be misunderstood …
Privatization | Characteristics, Objectives, and Advantages
Privatization means different things, but it usually involves moving something from government control to private ownership. This can include selling …
Production Management | Objectives, Functions, Production Planning & Control
Introduction Production management is the practice of overseeing and controlling a company’s operations to efficiently create the goods and services …
Economic Laws | Types, Features or Nature
Introduction Like all other sciences, economics collects facts and undertakes systematic study. The facts are analyzed and conclusions are drawn. …
Demand Forecasting | Features, Uses, Purpose, and Methods
A forecast, particularly in the context of demand forecasting, is a prediction or estimation of a future event that is …
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