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Employee Discipline: Meaning, Principles, Importance And …

Discipline is the backbone of healthy industrial relations. The promotion and maintenance of employee discipline is essential for smooth functioning of an organisation. Employee morale and industrial peace are definitely linked with a proper maintenance of discipline. Disciplinary action can also help the employee to become more effective. The actions of one person can affect others in the group. The aim is to examine what discipline is, what the various aspects of employee discipline are and how positive dis…

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The Rybczynski Theorem (RT) (With Diagram) | Economics

(52 years ago) a 21 F + a 22 C = K (Capital) (1b) . where a 11, a 12-etc., are input coefficients of the Leontief type.Optimum production of the two goods and the maximum income occur at point E. The slope of the labour constraint is and the slope of the capital constraint is – a 21 /a 22. This means that, industry 1, food, is labour-intensive and industry 2, cloth, is capital-intensive.

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Utility: Meaning, Characteristics and Types | Economics

(52 years ago) ADVERTISEMENTS: Let us make an in-depth study of utility:- 1. Meaning of Utility 2. Definition of Utility 3. Characteristics 4. Types 5. Measurement 6. Kinds. Meaning of Utility: The simple meaning of ‘utility’ is ‘usefulness’. In economics utility is the capacity of a commodity to satisfy human wants. Utility is the quality in goods to […]

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Technological Gap Model of International Trade | Economics

(52 years ago) The two prominent models that attempt to explain the international trade on the basis of technological changes are: 1. Technological Gap or Imitation Gap Model 2. Product Cycle Model. 1. Technological Gap or Imitation Gap Model: The technological gap model was developed by M.V. Posner in 1961. Posner maintains that technological change is a ...

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Share Your Knowledge on Economics | Economics Discussion

(52 years ago) We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you’ve provided to them or that they’ve collected from your use of their services.

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Elasticity of Demand and Supply (With Diagram)

(52 years ago) Arc elasticity of demand: In this formula P 1 and q 1 represent the original price and quantity, and P 2 and q 2 represent the new price and quantity. Thus, (P 1 + P 2 )/2 is a measure of the average price in the range along the demand curve and (q 1 + q 2) / 2 is the average quantity in this range. Elasticity of Demand and Supply # 9.

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Managerial Decision Making Process (5 Steps)

(52 years ago) The five steps involved in managerial decision making process are explained below: 1. Establishing the Objective: The first step in the decision making process is to establish the objective of the business enterprise. The important objective of a private business enterprise is to maximise profits. However, a business firm may have some other ...

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The Hicksian Demand Function: With Diagram | Utility ...

(52 years ago) The Hicksian welfare measures can be used for the evaluation of any change of state as long as the agent’s indirect utility for income is well defined before and after the change. The set of optimal commodity vectors in the EMP is denoted as h (p,u) ⊂ R L+. It is known as the Hicksian or compensated demand corresponding or function if ...

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Elasticity of Demand (With Example and Diagram)

(52 years ago) The demand curves of commodities x and y are given by P x = 6- 0,8q x and P y = 6 – 0.4q y respectively. Show that at any given price, the two curves have the same elasticity of demand. Solution: We know elasticity of demand. Now, the demand function of commodity x is p x = 6 – 0.8 q x. Example 3:

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Index Numbers: Characteristics, Formula, Examples, Types ...

(52 years ago) ADVERTISEMENTS: In this article we will discuss about:- 1. Meaning of Index Numbers 2. Features of Index Numbers 3. Steps or Problems in the Construction 4. Construction of Price Index Numbers (Formula and Examples) 5. Difficulties in Measuring Changes in Value of Money 6. Types of Index Numbers 7. Importance 8. Limitations. Meaning of Index […]

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Unbalanced Growth Theory: Explanation, Process and Priorities

(52 years ago) Unbalanced Growth Theory: Explanation, Process and Priorities. According to Hirschman, “Development is a chain of disequilibria that must be kept alive rather than eliminate the disequilibrium of which profits and losses are symptoms in a competitive economy. If economy is to keep moving ahead, the task of development policy is to maintain ...

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Demand and Supply of Labour (Explained With Diagram)

(52 years ago) ADVERTISEMENTS: Read this article to learn about Demand and Supply of Labour which are explained with diagrams! Although labour has certain peculiarities and cannot be regarded as a commodity, still wages are very largely determined by the interaction of the forces of demand and supply. Demand for Labour: The demand for labour is a derived […]

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Types of Distribution Channels: With Example and Methods

(52 years ago) A. Direct Channel: 1. Producer → Consumer…. (Zero Level/No Intermediary) B. Indirect Channel: 1. Producer Retailer → Consumer…… (One Level/Intermediary) 2. Producer → Wholesaler → Retailer → Consumer (Two Level/Intermediaries) 3. Producer Agent → Wholesalers → Retailer → Consumer (Three Level/Intermediaries) Diagrammatic Presentation: 1. Producer → Consumer……….. Zero Level Example –Eureka Forbes 2. Producer → Retailer → Consumer ……. 1 Level Example –Specialty products like …

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Markowitz Theory of Portfolio Management | Financial Economics

(52 years ago) The Portfolio Theory of Markowitz is based on the following assumptions: (1) Investors are rational and behave in a manner as to maximise their utility with a given level of income or money. (2) Investors have free access to fair and correct information on the returns and risk.

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Principles of Coordination: Top 11 Principles of Coordination

(52 years ago) Principles of Coordination in Management – Unity of Command, Early Beginning, Scalar Chain, Continuity, Span of Management, Direct Contact, Reciprocity and Dynamism. Principles refer to fundamental truths on which an action is based.

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5 Types of Price Elasticity of Demand – Explained!

(52 years ago) The price elasticity of demand for milk is 0.3, which is less than one. Therefore, in such a case, the demand for milk is relatively inelastic. 5. Unitary Elastic Demand: When the proportionate change in demand produces the same change in the price of the product, the …

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Schumpeter’s Theory of Economic Development | Economics

(52 years ago) ADVERTISEMENTS: Schumpeter’s theory of development assigns paramount role to the entrepreneur and innovations introduced by him in the process of economic development. According to Schumpeter, the process of production is marked by a combination of material and immaterial productive forces. The material productive forces arise from the original factors of production, viz., land and labour, […]

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Rating the Performance of Workers: 6 Methods

(52 years ago) ADVERTISEMENTS: The following points highlight the top six methods of rating the performance of workers. The methods are: 1. Speed Rating. 2. Westinghouse System of Rating. 3. Synthetic Rating. 4. Objective Rating. 5. Skill and Effort Rating. 6. Psychological Evaluation of Performance Level Rating. Method # 1. Speed Rating: In speed rating, the speed of […]

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5 Degrees of Price Elasticity of Demand - Economics Discussion

(52 years ago) The figure 1 shows that at the ruling price OP, the demand is infinite. A slight rise in price will contract the demand to zero. A slight fall in price will attract more consumers but the elasticity of demand will remain infinite (e d =∞). But in real world, the cases of perfectly elastic demand are exceedingly rare and are not of any practical interest.

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Definition of Management: As Propounded by Authors ...

(52 years ago) Definition of Management – Provided by Karl Marx, Mary Parker Follett and Stewart. Management has been defined in many ways. A simple definition is “the activity of using resources in an efficient and effective way so that the end product is worth more than the initial resources”.

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Choice of Technology: Problems and Solutions

(52 years ago) ADVERTISEMENTS: In this article, we will discuss the problems and solutions of choice of technology. Problems in the Choice of Technology: (1) Scarcity of Capital: Modern technology is an expensive technology. They require heavy doses of capital and skilled manpower. In underdeveloped countries there is the scarcity of both capital and skilled manpower. So the […]

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Organizational Theories: 12 Major Organizational Theories

(52 years ago) Organisational Theories – Weber’s Ideal of Bureaucracy, Modernization Theory, Hawthorne Study and Contingency Theory. Organizational theory is the sociological study of formal social organizations, such as businesses and bureaucracies, and their interrelationship with the environment in which they operate.

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5 Major Instruments of Fiscal Policy - Economics Discussion

(52 years ago) ADVERTISEMENTS: Some of the major instruments of fiscal policy are as follows: A. Budget B. Taxation C. Public Expenditure D. Public Works E. Public Debt. A. Budget: The budget of a nation is a useful instrument to assess the fluctuations in an economy. ADVERTISEMENTS: Different budgetary principles have been formulated by the economists, prominently known […]

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Technological Progress and Economic Growth | Economics

(52 years ago) ADVERTISEMENTS: Technological change is the most important factor that determine rate of economic growth. It plays a important role than the capital formation. It is the technological change which can bring about continued increase in output per head of the population. Thus it is the prime-mover of economic growth. Technological change or progress refers to […]

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Keynes' Theory of Investment Multiplier (With Diagram)

(52 years ago) ADVERTISEMENTS: The below mentioned article provides a complete guide to Keynes’ theory of investment multiplier. The Concept of Investment Multiplier: The theory of multiplier occupies an important place in the modern theory of income and employment. The concept of multiplier was first of all developed by F.A. Kahn in the early 1930s. But Keynes later […]

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Business Units: Top 5 Types of Business Units

(52 years ago) The following points highlight the top five types of business units. The types are: 1. Individual Proprietorship 2. Partnership 3. Joint Stock Company. Business Unit: Type # 1. Individual Proprietorship: Sole or individual proprietorship is the oldest and simplest form of business organisation. In this type of organisation, an individual is the ...

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Theories of Entrepreneurship: 12 ... - Economics Discussion

(52 years ago) These three aspects give rise to two logical, consistent theories of entrepreneurship, namely, discovery theory and creative theory. Some of the theories of entrepreneurship are:-. 1. Innovation Theory 2. Need for Achievement Theory 3. Status Withdrawal Theory 4. …

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Heckscher-Ohlin's Theory of International Trade

(52 years ago) Second, Heckscher-Ohlin theory removes the difference between international trade and inter-regional trade, for the factors determining the two are the same. Third, a significant improvement is the explanation offered for difference in comparative costs of commodities be­tween trading countries. Ricardo thought that the differences in labour ...

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10 Major Problems in Measuring National Income

(52 years ago) ADVERTISEMENTS: The following points will highlight the six major Problems in Measuring or calculating National Income. The Problems are: 1. Exclusion of Real Transactions 2. The Value of Leisure 3. Cost of Environmental Damage 4. The Underground Economy 5. Transfer Payments and Capital Gains 6. Valuation of Inventories 7. Self-Consumption 8. Lack of Official Records […]

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Qualities of a Salesperson: 8 Major Qualities

(52 years ago) 4. Mental qualities – A good salesman should possess certain mental qualities like imagination, initiative, self-confidence, sharp memory, alertness etc. He should be able to understand the needs and preference of customer. 5. Integrity of character – A good salesman should …

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