Concept of Scarcity : In economics, we always refers to scarcity of resources available to us for the satisfaction of our wants. Human wants are endless ...

Meaning of offer : Section 2(a) of the Indian Contract Act, 1872 defines proposal or offer as follows : When one person signifies to another his willingness to ...

Returns to a factor studies the behavior of output when more and more units of the variable factor is combined with the fixed factor. Here, scale of ...

Reservation Bank of India (RBI) has play multiple roles in India, which can be broadly categorized as traditional role, supervisory role and promotional role. ...

FOREIGN INVESTMENT POLICY: 1948-1990. The (IPR) Industrial Policy Resolution 1948 was the first organised attempt by the Government to give proper ...

If a producer seeks to minimize the cost of producing a given amount of output the condition of the equilibrium, is that the marginal rate of technical ...

Small Scale Industry (SSI). In the planning era, the percentage of population dependent on agriculture has remained more or less unchanged. In absolute ...

The inception of planning, growth with social justice and self-reliance have remained the central objectives of development strategy. Import-substitution, ...

Private Cost Vs. Social Cost: Private cost:  Private cost are the those costs that are incurred by the individuals and firms who are directly ...

The setting up of rural industrial units is primarily the concern of private entrepreneurs. However, the Central Government have formulated many schemes for ...