National Income is the sum total (monetary value) of all the goods and services produced in the country in a given financial year. The national dividend is that part of the commodity including of course income derived from abroad which can be measured in money. National Income Questions and Answers Following are the top national income questions and answers or … [Read more...] about Top 17 National Income Questions and Answers (FAQs)
Managerial Economics
11 Key Difference between Formal and Informal Organization
A formal organization is one which position, responsibility authority, and accountability of each level is clearly defined. In every organization people forms into informal social groups. The term informal organization refers to those personal and social relations which arise when people associate with one another. Difference between Formal and Informal … [Read more...] about 11 Key Difference between Formal and Informal Organization
15 Key Features of Effective Management Control System
The management control system is a necessary function to make all other managerial functions effective ensures that the corporate goals are achieved effectively and efficiently. Features of Effective Management Control System Following are the features of effective management control system: 1. Multi-Dimensional In Operation The control system is multi-dimensional in … [Read more...] about 15 Key Features of Effective Management Control System
5 Major Functions of an Economic System (Explained)
The way of organizing the economic activities by a society for its smooth living is called an economic system. The economic system is a macro aspect of economics with comprise of the legal and institutional structure under which all economic activities of the people are directed and motivated. Functions of an Economic System Each and every economic system has to perform … [Read more...] about 5 Major Functions of an Economic System (Explained)
5 Main Indicators of Economic Development (Explained)
The most often used index of economic development is a substantial increase in real national income. However, in recent years some of the indicators of economic development have been added. Indicators of Economic Development The following are the main indicators of economic development: 1. National Income Index Economic development takes place if real national income … [Read more...] about 5 Main Indicators of Economic Development (Explained)
