Labour is a human factor of production and its all units are not identical because of differences in efficiency and productivity of labour. There is a wide difference in the wages of workers and this variation differs from one occupation to another, one industry to another, one region to another and even from one country to another. Causes of Wage Differentials The … [Read more...] about 8 Major Causes of Wage Differentials (With Examples)
Managerial Economics
17 Role and Importance of Small Scale Industries (Economy)
Small scale industries occupy an important place in the country's economy. This faces many serious problems, most of which are associated with the smallness of their operations. Role and Importance of Small Scale Industries The Small-scale sector plays a vital role in the growth of the countries. Following is the role and importance of small scale industries: 1. … [Read more...] about 17 Role and Importance of Small Scale Industries (Economy)
13 Negative Effects of Globalization (With Examples)
With respect to developing countries, globalization policy has both positive and negative aspects. Globalization leads to contraction or shortening of the world market. Negative Effects of Globalization The negative effects of globalization can be studied as follows: 1. Cut-throat Competition Globalization gives birth to the cut-throat competition which results in the … [Read more...] about 13 Negative Effects of Globalization (With Examples)
28 Positive Effects of Globalization (With Examples)
Globalization means integrating the economy of a country with the world economy. Globalization is a process of change resulting from a combination of increasing cross-border activity and the spread of Information Technology, facilitating real-time communication worldwide. With respect to developing countries, globalization policy has both positive and negative … [Read more...] about 28 Positive Effects of Globalization (With Examples)
22 Advantages and Disadvantages of Privatization (Economics)
Privatization is a process in which the private sector is involved in the ownership and management of the public sector or transfer of ownership and management in the private sector and economic democracy is been established by reducing government control in economic activities. Privatization benefits society in several ways. The fact that privatization and an … [Read more...] about 22 Advantages and Disadvantages of Privatization (Economics)
