Most of their industries are assumed to be perfectly competitive and so allocative and productive efficiency will occur. As their main aim is profit motive so free market economies allocate their resources more efficiently as compared to planned economy. Decisions about what to produce are made by the people who will actually consume the goods. Planners are less likely to Their policy is very simple to remove rivals. In beginning days they sell products at low price so other competitor shut down in few months.
The ultimate goal of economic science is to improve the living conditions of people in everyday lives. Economists study how to utilize the available scarce resources to maximize value and thus profits. The concerns of economics today are largely focused on issues such as opportunity cost, consumption and production, borrowing, saving, investments, occupations and employment, trades markets, pricing and human behavior concerning making economic decisions. Technological advancement has also increased the pace of transformation and globalization creating new areas in economics that are worth research.
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Essay examples. So the question arises exactly what is this change and how Business Indian Economy Investment 2 Pages. Likewise, a depreciating rupee makes exports cheaper and imports expensive. So, it is good news for industries such as IT, textiles, hotels and tourism which generate income mainly from exporting their products or services.
Before independence, not much was done neither by Muslim rulers nor by Britishers for the development of Indian masses. Britishers, however, did launch some development programmes and enacted some laws to bring changes in the social and material life of the people of India. The major problem that confronted India immediately after independence was how to remake, and how best to reconstruct, renovate, regenerate and reorient the vast multitude of humanity living in rural areas about 82 per cent in Rural reconstruction means the adoption of a new pattern of life, which should be based on the habits, traditions and institutions of the villagers. However, at this stage, the planning could not take concrete shape because of lack of resources and necessary means and skills to achieve it.