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Advantages Of Entrepreneurship For Individual And Society
Entrepreneurship entails risks, but its advantages are far too enticing to ignore, both for the entrepreneur as well as for the society. Nothing creates personal wealth like entrepreneurship, and nothing helps the economy as it does. Thus, it is surprising that more people are not opting for it. May be they need to consider it more seriously. May be Governments need to promote it as well....
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Importance Of Entrepreneurship
While the mankind owes a lot to scientific inventions, the credit of our prosperity and other economic privileges today goes to the entrepreneurs who found ways to commercially exploit the scientific knowledge, took risks and established new business enterprises that make the buyers and sellers both better off. A large proportion of personal wealth is also a result of such entrepreneurship....
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How Value, Price & Cost Dictate Economic Actions In The Real World?
Basic economics requires conceptual clarity. Most economic decisions at the level of individual economic agents are a function of value and cost of an economic good for them. Buying and consequent consumption results from value exceeding costs. Transfer of resources undertaken through taxes and subsidy must be taken at the level of the Government, and are always a challenge in public policy....
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Cardinal Utility & The Principle Of Diminishing Marginal Utility
One of the underlying principles that help free markets in attaining efficiency in allocating resources among people is the principle of diminishing marginal utility. For most economic goods, the utility derived from the first unit of an economic good is more than the next. This difference between marginal and average utility derived from a unit is a defining feature of economics....
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Know The Difference Between Cost, Price And Value
Price, cost, and value are separate ideas frequently employed in economics, commerce, and daily existence to elucidate various facets of products and services. Despite their interconnectedness, these concepts possess individualistic definitions and consequences....
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The Four Basic Economic Actions
Economics can be understood as a study of how, when and why economic agents indulge in economic actions in respect of economic goods. Economic goods, by definition, are those goods and services that make a human being better off. Though there are actually a large variety of economic actions that an economic agent can undertake in respect of such goods, almost all of them can be grouped within four broad categories of consumption, production, exchange and transfer....
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Difference Between Economics And Finance
Wherever and whoever is required to deal with money and its broader forms like bank accounts, actionable claims, credits and payables, is actually dealing with finance. Finance is thus primarily about managing resources that are made of money or exist in monetary terms. Though a lot of managers, scribes and public executives surprisingly and erroneously seem to think it is economics, it is not so. Economics is not primarily about money, but rather about why, when and how people deal with economic goods, to make their lives better off....
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Ways To Empower The Budding Entrepreneurs
As entrepreneurship is catering to various niches these days and is also proving to be a beneficial asset for the economy of the nation, various measures need to be taken to empower and support the budding entrepreneurs in the market....
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Why Is Economics So Important For Public Managers ?
The modern human beings are so engrossed in economic activities that the human species can now be named as Homo Sapiens Economicus. In this economic universe, Governments have a huge responsibility to regulate economic activities of the people in a way that maximizes the welfare of the people. To be able to achieve this goal, those dealing with public management in the Government as well as outside it need to fully understand the basic principles of economics, and how government interventions affect economic outcomes....
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Importance Of Obtaining A PAN In India By A Non-Resident
If you are a NRI and think that it is not compulsory for you to obtain a PAN number in India, think again. If you generate income in any form in India, you are entitle to file income tax returns and hence required to apply for a PAN number. Let's look at an importance of PAN card for Non Resident Indians and obligations it comes with. ...