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Terms in this set (12)
All business activities and operations are directly influenced by the economic policies framed by the government from time to time.
The most important policies are:
-Industrial Policy
-Fiscal Policy
-Monetary Policy
-Foreign Investment Policy
-Export-Import Policy
The Govt. constantly update these and every firm has to function strictly within the policy.
The most important policies are:
-Industrial Policy
-Fiscal Policy
-Monetary Policy
-Foreign Investment Policy
-Export-Import Policy
The Govt. constantly update these and every firm has to function strictly within the policy.
Productions are owned and managed by Private Individuals and Institutions
Economic Individualism
Liberty to use any technique of production and produce anything
State only takes care of internal and external security of the country. i.e. Defense, Admin. and Police.
Considerable swings in business cycles which affects the people
Pure - No Public Schools, No state owned roads, public works, welfare, social security
Economic Individualism
Liberty to use any technique of production and produce anything
State only takes care of internal and external security of the country. i.e. Defense, Admin. and Police.
Considerable swings in business cycles which affects the people
Pure - No Public Schools, No state owned roads, public works, welfare, social security
Each individual in his capacity as a consumer, producer and resource owner is engaged in economic activity with a great degree of economic freedom.
Factors of Production are privately owned and managed by individuals.
Main Motive is profit -> Maximize Profits
Income is received in monetary form through the sale of services of the factors of production and from profits of private enterprise
Not planned, controlled or regulated by the Govt. Economic decisions and activities are guided by price mechanism which operates automatically without any direction and control by the central authorities.
Competition - Most important, means the existence of large number of buyers and sellers motivated by self-interest.
Factors of Production are privately owned and managed by individuals.
Main Motive is profit -> Maximize Profits
Income is received in monetary form through the sale of services of the factors of production and from profits of private enterprise
Not planned, controlled or regulated by the Govt. Economic decisions and activities are guided by price mechanism which operates automatically without any direction and control by the central authorities.
Competition - Most important, means the existence of large number of buyers and sellers motivated by self-interest.
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