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Old Wednesday, July 24, 2013
jaris ojeran jaris ojeran is offline
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what is diffrence between credit and money

it is asset for banks
it shows borrowing capacity

it is liability for banks
determine purchasing power

what are govt's six important concerns?
inflation rate
unemployment rate
interest rate
budget deficit
and trade deficit

what are factors of production?
there are generally three factors of production ie land labour and capital.
but fourth one ie entrepreneurship/organistaion/enterprise is also important. this is life factor which help above three factors to coordinate and work better.

classification of production:

primary---production and extraction of natural resources plus agriculture
secondary---manufacturing and construction sectors
tertiary--- services sector

SIC(Standard Industrial Classification)

what is difference betwen firm and industry?
firm is unit of production
industry is group of all firms

please refer to internet if you dont know any economic term
next time i shall tell you difference between socialism, communism and capitalism
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