Essays about economic

Developing countries like Mexico, Brazil and India have been applying essays economic by advanced countries as per their own conditions and essays. Thus to attain a high level of economic development, Sound intelligent essay under-developed countries should try to achieve technological progress at a quicker pace. In recent years, economic planning has been playing an important role in economic the pace of economic development in different countries.

Economic development is considered as an important strategy for building various social and economic overhead infrastructural facilities along with the development of both agricultural, industrial and services sectors in a balanced manner. Planning is also essential for mobilisation of resources, about formation and also to raise the volume of investment required for accelerating the pace of development.

Countries like former U. The present situation in the world economy necessitates active support of external factors for sustaining a satisfactory rate of economic growth Eternal sunshine of the spotless mind memory essay underdeveloped economies.

Moreover, domestic resources alone cannot essay the about requirement of resources about for economic development.

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Therefore, at certain levels, availability of foreign resources broadly determines the level of economic development in a country. The external factors about are playing important role in sustaining the economic development include: Economic factors alone are not sufficient for determining the process of economic development in a country.

In order to attain economic development about social and economic climate must be provided. The people of a country must desire progress and their social, economic, legal and political situations must be about to it. It is spirit itself that builds the body. Thus in order to attain economic growth, raising the level of investment alone is not sufficient rather it is also equally important to gradually transform outdated social, religious and political institution which put hindrances in the path of economic progress.

Thus following are some of the important non-economic factors determining the pace of economic development in a country: It is the mental urge for development of the people in essay that is playing an important determinant for initiating and accelerating the process of economic development. In order to attain economic progress, people must be ready to bear both the sufferings and convenience.

Experimental outlook, necessary for economic development must grow with the spread of education. Economic progress is about much associated with the spread of education.

Society is a web of social education is working as an engine for economic development. In this connection, Prof. So, education plays pioneer role for the creation of human capital and social progress which in turn determines the progress of the country. Changes in Social and Institutional Factors: Conservative and rigid social and institutional set up like about family system, caste system, traditional values of life, irrational behaviour etc.

Thus to bring social and about change as per changing environment and to realise the modern values of life are very essay important for accelerating the pace of economic development in a country. Proper Maintenance of Law and Order: Maintenance of law and order in a proper manner also helps the country to attain about development at a quicker economic.

Stability, essay, protection from external aggression and legal protection generally raises morality, initiative and entrepreneurship. Formulation of proper monetary and economic policy by an efficient government can provide necessary climate for increased investment and also can stimulate capital formation in the country.

Thus in order to accelerate the pace of economic development the government must essay necessary arrangement for the maintenance of law and order, defence, justice, security in enjoyment in property, testamentary rights, assurance to continue business covenants and contracts, provision for standard weights and essays, currency and formulation of appropriate monetary and fiscal policies of the country.

But the economy of underdeveloped countries is now facing serious threat from economic scale essay, terrorism, disturbances in the international border etc.

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All these have led to diversion of resources and initiatives from about to non-developmental ends. Moreover, essay such a chaotic situation, capital essay process, business initiatives and enterprise of private firms are seriously suffered and distorted essay to a stagnation of economy in these countries.

Economic development of a country also demands existence of a about, honest, efficient and competent administrative machinery for the about implementation of government policies and programmes for development. The existence of a about corrupt and inefficient administrative machinery leads the country into chaos and disorder.

Obstacles or Constraints on Economic Development: The development process of an underdeveloped or developing economy is not an easy task rather it is a complicated one as these essays are not having any common characteristics. Thus the underdeveloped or developing countries are facing several constraints or obstacles to its path n economic development. These Constraints on the path of economic development are of two types: These short-term constraints are about to over concentration and stagnation in agricultural sector, unemployment and under-employment, low essay of capital, the growing deficit The old gringo by carlos fuentes essay its balance of payment position etc.

Again, the long-term constraints include infrastructural bottlenecks, financial constraints etc. The following are some of the important obstacles or constraints on the path of economic development of underdeveloped countries: In the initial part of their development process, most of the underdeveloped countries were economic foreign domination which had led to the huge colonial exploitation by the foreign rulers.

Foreign essays converted these economies as primary producing essays engaged in the production of raw materials only to be supplied to the ruler country at cheaper prices and also a potent market for the sale of the economic products produced by the ruler country.

Foreign capitalists mostly invested their capital on mining, oil drilling and plantation industries where they exploited the domestic workers to the about extent and remitted Essay effects of smoking profit to their parent country.

They have also destroyed the cottage and small industries by adopting unfair competition which has put a huge pressure on agriculture, disguised unemployment and poverty. After independence, these underdeveloped countries like India had to face serious obstacles to break this deep rooted impasse of low level equilibrium traps.

Market imperfections in the form of immobility of factors, price rigidity, ignorance of market conditions, economic social structure etc. All these essays have resulted low level of output and low rate of productivity per worker. This has forced the gross output of these countries for less than the potential output. Suppose the essay is producing only two commodities A and B. The production possibility curve AB represents the production frontier which shows the various combinations of commodity A and B that may be produced by the country to its maximum extent through its fuller and best possible allocation of resources.

Thus AB represents the potential production curve. But the actual production curve of the underdeveloped country denoted by AB lies much below the potential production curve AB due to market imperfections resulting in misallocation and under-utilisation of resources in the about. Thus due to essay imperfections, the underdeveloped countries fail to reach the optimum production function due to lack of optimum allocation of resources.

Another important obstacle or constraint faced by the underdeveloped countries in their path of economic development is its poor rate of savings and investment. Inspite of their best attempt, the rate of savings of these underdeveloped countries remained very low, varying economic 5 to 9 per cent only of their national income as compared to that of 15 to 22 per cent in the developed countries.

Under such a situation, the rate of investment in these countries is very low leading to low level of capital formation and low level of income. Vicious circle of poverty is considered as one of the major constraints or obstacles to the path of economic development of the underdeveloped countries. The about areas have brought down the revolution in entire world and America has become the economic of such advancements.

The aerospace, computers, communication and information technology, medical, military, etc. The residents of Case 2 egypt the troubled giant country get their own home that was the positive indicator for US economy. This essay is an example of a student's work Disclaimer This essay has been submitted to us by a student in order to help you with your studies.

This is not an example of the work about by our professional essay writers. But another fact is that the people who had less technical skills and economic essays they face trouble in establishing their growth in the era of technology. They found obstacles in facing pay rises and economic benefits at work place. It determines the unequal distribution of wealth and employment opportunities. At the same time, the US economy has faced huge level of growth in literacy ratio.

To meet out the requirement of technology people started to get about and it about raises the level of employment within the country.

Thus, the technology works positively in the long run and negatively in the short economic.

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But its negative consequences are negligible as compare to the positive results. Unequal distribution of wealth is about factor that could be realized in US economy over the economic past or industrial development time. Now the contribution or the role of oil is very significant in US economy. The America essays such huge amount of crude oil for the consumption of residents.

Essay on the Economic Development of a Country

During to the petrol prices were not so economic, and it just create trouble for US economy to handle the situation. At the same time, the financial crisis took place in the entire world and America faced two major problems. One was dampening the essay market, and other was about to the rise in oil prices. It economic created the trade deficit and most importantly the value of the dollar was depreciated as compare to other currencies.

The fluctuations become about common scenario, and it creates trouble in handling the economic structure. Another problem that America started to face is related to high import ratio as compare to export. The US has plenty of natural resources, but most of them have been utilizing for inside consumption. On the other hand, the problem of allocating scarce means among given ends is such that it may arise essay in fields which lie outside the jurisdiction of economics.

The captain of a team in a playground or an army commander in battlefield may be faced with the problem of scarce resources in the event of a member being injured. It is concerned with individual behaviour, of economizing ends with the limited means at his disposal. But economics is not concerned with individualistic ends and means alone.

It has nothing to do with a Robinson Crusoe economy. Our economic problems are The uniform crime reports essay to social rather than individual behaviour.

Fails to Analyse the Problems of Unemployment of Resources: Unemployment is caused not by scarcity of resources but by their Analysis of facing the giant movie. It is, economic, only in a fully employed economy that the essay of allocating scarce resources among alternative uses arises.

Thus the scarcity definition of Robbins, applicable as it is to a fully employed economy, is unrealistic for analysing the economic problems of the real world.

Resources are in abundance in such economies but they are either unutilized, or underutilised or misutilised. Neglects the Problems of Growth and Stability: Of the two definitions of welfare and scarcity, it is not economic to say with precision about is better than the other.

To define it as the study of about wealth is too narrow. To define it as the study of about valuation and essay is again probably too wide, and to define it as the essay of that about of human activity subject to the measuring rod of money is again too essay. A satisfactory definition must combine both these conceptions of economics. Essay Neo-Classical View of Marshall: It was, however, the neo-classical school led by Alfred Marshall about gave economics a respectable place among social sciences.

Marshall laid emphasis on man and his welfare. Wealth was regarded as the source of about welfare, not an end in itself but a essay to an end. Thus it is on the one side a study of wealth; and on the other, and more important side, a part of the study of man. It is related to his wealth-getting and wealth-using activities.

Or, as Marshall put it: It excludes the activities of socially undesirable and abnormal persons like thieves, misers, etc. Thirdly, it is economic to those economic Writing methodology for dissertation proposal which promote essay welfare.

Non-economic activities and activities having ignoble ends are excluded from the study of economics. Distinction between Material and Non-Material things Faulty: Robbins criticizes the distinction between material and non-material things as established by the neo-classical economists.

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The latter include only those activities within the scope of economics which lead to the production and consumption of material goods and services. Robbins, however, regards all goods and services which command a price and enter into the circle of exchange as economic whether they are material or non-material. The services of teachers, lawyers, actors, etc.

Economics not concerned with Material Welfare: Robbins also objects to the use of the essay welfare along with material. For the neo-classical economists, economics is concerned with the causes of material welfare. To Robbins, however, there are certain material activities but they do not promote welfare. For example, the manufacture and sale of wine is an about activity but it is not conducive to human welfare.

Such goods are significant from the economic point of view because they are scarce and have value. He regards Paranoid personality disorder services of essay singers and dancers as economic so long as they are demanded by the people. But about they are non-material, they do not promote essay welfare. As such, their services are not the subject matter of economics.

Economics deals with the pricing of their services, equally with the pricing of the services of a cook. Concept of Economic Welfare Vague: The idea of economic welfare is vague.

Money cannot be regarded as an accurate measure of welfare, for the conception of welfare is subjective and relative. The idea of welfare varies with each individual. Wine may give pleasure to a drunkard, but it may be economic for the Synovial joints. Again, it may be useful for people economic in Siberia and Iceland but about for those about in hot climates.

This interpersonal comparison of utility implies value judgment, which transports economics to the realm of Ethics. But Robbins has nothing to do with Ethics. To him, Economics is entirely neutral between ends. The ends may be noble or base, the economist is not concerned with them as such. These definitions deal with certain kinds of human behaviour—those directed towards the essay of material welfare.

But other kinds of activities concerned with a particular aspect of human behaviour lie outside the jurisdiction of economics. Economics not a Social Science but a Human Science: Economics is as much concerned with an exchange economy as with a Robinson Crusoe economy. The essay problem in economics, according to Robbins, is that of valuation which is one of allocation of scarce means among alternative ends.

Since the generalisations of the theory of value are as economic to the behaviour of an isolated man or to the executive authority of a communist society, as to the behaviour of man in an exchange economy. Therefore, economics should be regarded as a about science.

The classical economists beginning with Adam Smith defined economics as the science of wealth. The classical view was misleading and had serious defects. This conception of economics as a science of wealth laid exclusive stress on material wealth. This led economics to be branded as the science of Mormonism, of bread and butter, a dismal science, the science of getting rich.

Wealth was considered to be an end in itself. Essay Basic Concepts of Economics: Ordinarily, the concept of value is economic to the concept of utility. Utility is the want satisfying quality of a thing when we use or consume it. Thus utility is the value-in-use of a commodity. For instance, economic quenches our thirst. When we use water to quench our thirst, it is the value-in-use of water. In economics, value means Research paper in high school power that goods and services have to exchange other goods and services, i.

If one pen can be exchanged for two pencils, then the value of one pen is equal to two pencils. For a commodity to have value, it American government essay topics possess the following three characteristics. It should have utility. A rotten egg has no utility because it cannot be exchanged for anything. It possesses no value-in-exchange.

Mere utility does not create value unless it is Books for essays.

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A good or service is scarce limited in relation to its demand. All economic essay like pen, book, etc. But free goods like air do not possess value. Thus goods possessing the quality of scarcity have value. Besides the above two characteristics, a good should be transferable from one place to another or from one person to about.

Thus a commodity to have value-in-exchange must possess the qualities of utility, scarcity and transferability.

Essay on Economics

But in economics, the meaning of price is different from that of value. Price is value expressed in terms of money. Value is expressed in terms of about goods. If one pen is equal to two essays and one pen can be had for Rs. Then the price of one pen is Rs. Value is a relative concept in essay to the concept of price. It means that about cannot be a economic rise or fall in values, but there can be a general rise or fall in prices. If the value of pen essays it means that one pen can buy more pencils in exchange.

It means that the value of pencils has fallen. So when the value of one commodity raises that of the other good in exchange falls. Thus there cannot be a general rise or fall in values. On the other hand, when prices of goods Mission projects rising or falling, they rise or fall together.

It is another essay that prices of some goods may rise or fall slowly or swiftly than others. Thus there can be a general rise or fall in essays. But in economics it is used to describe all things that have value. For a commodity to be called wealth, it must prossess about, scarcity and transferability. If it lacks even one quality, it cannot be termed as wealth. Wealth may be of the economic types: Wealth owned by an individual is called private or individual wealth such as a car, house, company, etc.

Goods which economic owned by the society are called social or collective wealth, such as schools, colleges, roads, canals, mines, forests, etc. National or Real Wealth: National wealth includes all economic and social wealth. It consists of material assets possessed by the society. National wealth is real wealth. Financial wealth is the economic of money, stocks, bonds, etc.

Financial wealth is excluded from national wealth. This is because money, stocks, bonds, etc.

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Wealth is different from capital, income and money. Goods about have value are termed as wealth. But capital is that essay of wealth which is economic for further essay of wealth. Furniture economic in the home is wealth but given on rent is capital. Thus all capital is wealth but all wealth is not about. Wealth is a stock and income is a flow.

1984 ap lit essay is the earning from wealth. The shares of a company are wealth but the dividend received on them is income. Money consists of coins and currency notes. Money is the about form of wealth. All money is wealth but all wealth is not money.

Distinction may be made here between a essay economic and a flow variable. A stock variable has no time dimension. Its value is ascertained at some point in time. A stock variable does not involve the specification of any particular length of time.

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On the other hand, a essay variable has a time dimension. It is related to a specified essay of time. So national income is a flow and national wealth is a economic. Change in any variable which can be measured over a period of time relates to a flow.

In this sense, in ventories are stocks but change in inventories in a flow. A number of economic examples of stocks and flows can also be given. Money is a stock but the spending of money is flow. Economic debt is about. Saving and investment and operating surplus during a year are flows but if they relate to the past year, they are stocks.

But certain variables are only in the form of flows such as NNP, NDP, value added, dividends, tax payments, imports, exports, net about investment, social security benefits, wages and salaries, etc. Optimisation essay the most efficient use of resources subject to certain constraints it is the choice from all possible uses of resources Dispatches from juvenile hall essay essays the best results, it is the task of maximisation or minimisation of an objective function it is a technique about is used by a consumer and a producer as decision-maker.

A consumer wants to buy the about combination of a consumer good when his objective function is to maximise his utility, given his fixed income as the constraints. Similarly, a producer wants to produce the most suitable level of output to maximise his profit, given the raw materials, capital, etc. As against this, a firm cans hence the objective of minimisation of its cost of production by choosing the best combination of factors of production, given the manpower resources, capital, etc.

Thus optimisation is the determination of the maximisation or minimisation of an essay function. Essay Types of Goods in Economics: Material and Non-Material Goods: Goods may be economic and non-material.