Law of Diminishing Marginal Utility It is very important and the first law of consumption. It based on every day experience of human life that when we use...
Q: What is meant by the Islamic economic system? A: An economic system in which all economic problems are solved in the light of Qur’an and Sunnah is...
Q: State major exports of Pakistan. A: Cotton, cotton your, cotton cloth, rice, leather and leather products, surgical instruments, sports goods, carpets...
Q: Write down the types of taxes. A: 1) Proportional tax 2) Progressive tax 3) Regressive tax 4) Value added tax Q: What is meant by progressive tax? A:...
Q: Write down the functions of the National Bank. A: Representative of State Bank of Pakistan 2) Accepting Deposits 3) Issuance of Loans 4) Provision of Easy...
Q: What is meant by means of transportation. A: The means of transporting goods from one place to another in the country are called means of...
Q1: Define Economics Development. Ans: Economics Development is a process in which real national income rises during the long period. If the rate of...
Q1: Define per capita income. Ans: Average income of a country is called per capita income. National income is divided by the population to define per...
Q: What is meant by the bank? Ans: Bank is a financial institution that collects people’s deposits. It gives loans to needy people out of these...
Characteristics of Underdeveloped countries are divided into common and uncommon characteristics and these are following. A) Common Characteristics of...
Unemployment: Unemployment is the condition of not having a job, often referred to as being “out of work”, or unemployed. Not having a job when a...
Inflation: Prof. Gardener Ackley has Defined Inflation in the Following Words: “When the price level rises continually with a great speed, this situation...
Economic planning has become a craze in modern times. It initiates, controls and regulates the economic activities by the state, with a view to achieving well...
Economic planning implies the setting of certain targets which are tried to be achieved within a planned period. The targets are to be accomplished through...
Planning is regarded as a solution for all economic ills. It is therefore, advocated for the achievement of a variety of objectives. The objectives are not the...