Decentralisation of Industry

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Decentralization of Industry Several developments have taken place in modern times. which have plucked out old industries from their native soil and planted them in other lands. The development in the means importation is one such factor. This development is really a double   edged weapon. On the one hand, it has helped the localized industries to keep to their original […]

Causes of Further Concentration

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Causes of Further Concentration After an industry has got going in a certain place,  then has a tendency to stick to and further gravitate to that place, If any new entrepreneur wants to enter this industry. he. too. will go to that place to start his business rather than start it elsewhere. Several reasons account for this tendency. Trained labor […]

Causes of Localisation

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Causes of Localisation Nearness to Ra= Materials. To have raw materials near at hand is a great advantage. Transport costs will be considerably reduced. Production will be more economical. It is not surprising that most of the industries have been started in the region where abundant supplies of the necessary raw materials are available, e.s..jute mills in Bengal. sugar mills in […]

Advantages

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Advantages Several advantage are claimed for the system of division of labor. Adam Smith’s contribution to this pan of the economics they i till regarded as classic. Division of labor ha ed beneficial in the following ways’ Increase in Proud takes the example of a  the immense increase. Adam Smith  industry to illustrate .He describes pill 5. Quoted by B.1. Stiller his paper.The Division […]

Peculiarities of Labour

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Peculiarities of Labour Labor is manifestly different from the other factors of production. It is a living thing. and that makes all the difference. Labor is not only a means of production but ‘also an end of production. There are certain characteristics which distinguish labor from the rest of the factors of production: (i) Labor is inseparable from the laborer […]

LABOUR

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LABOUR In the ordinary speech, the term labour means a mass of unskilled  labour. But in Economics it is used in a wider sense. Any work. whether manual or mental. which is undertaken for a monetary consideration. is called  labour in Economics. Any work done for the sake of pleasure or love does not fall under labour in the economic sense. In Marshall’s […]

LAND

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LAND Economics. It does not mean soil as in the ordinary speech, but it is used in a much wider sense. In the words of Marshall, land means “the materials and the forces which nature gives freely for man’s aid, in land and water, in air and light and heat.Land stands for all natural resources which yield an income or […]

Meaning of Production

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Meaning of Production Creation of utility or the creation of wants· satisfying goods and services. It is said that just as man cannot destroy matter, he also cannot create matter What he can do is to give its butchery. If consuming means extracting utility from, says Fraser, producing means putting utility into. But this is not a scientifically correct definition. To produce […]

Theory of production Content and Importance

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Theory of production Content and Importance Having discussed the demand side of the price theory, we now proceed to discuss the supply side, Supply side relates to the production of goods and services. Production of goods depends on the cost of production which in turn depends on the prices of inputs or the factors of production. Cost of production is determined by […]