Industrial Policy
Industrial Policy Resolution is a resolution adopted by the Indian Parliament in 1956. It was formulated under the Second Five-Year Plan. · This resolution categorized industries into three sectors − State owned…
Indian Economy – Planning
· After independence, one of the most difficult choices that the leaders had to make was to decide the type of economic system that was capable enough to promote welfare equally…
Indian Economy – Sustainable Development
Introduction · The economic growth that a country and its people achieve over a period of time, is achieved at the cost of the environment. · Environment is badly damaged because of…
Discussion
With an understanding of the macroeconomics and microeconomics, it is possible to get an insight into what kind of factors that can affect the building industry and the parties within.…
Accounting
Using accounting it is possible to evaluate how well a company is performing economically, and if it is necessary to make certain actions to be able get a stronger and…
Economic planning
When an organisation or government chooses to initiate a construction project, they usually expect to have more benefits than actual cost, or else there would be no purpose of carrying…
Validity of the Concept of Returns to Scale
We now proceed to discuss how the returns vary with the changes in scale, that is, when all factors are increased in the same proportion. But some economists have challenged…
CHANGES IN SCALE AND FACTOR PROPORTIONS
Factor proportions are altered by keeping the quantity of one or some factors fixed and varying the quantity of the other. The changes in output as a result of the…
LAW OF VARIABLE PROPORTIONS
Law of variable proportions occupies an important place in economic theory. This law examines the production function with one factor variable, keeping the quantities of other factors fixed. In other…
PROPERTIES OF ISOQUANTS OR EQUAL PRODUCT CURVES
The following are the important properties of equal product curves. 1. Isoquants, like indifference curves, slope downward from left to right (i.e., they have a negative slope). This is so…
