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A Balance of Payment Account is a systematic record of all economic transactions between residents of a country and the rest of the world carried out in a specific period of time.
Posted by Sanjay Kundu 4 years, 9 months ago
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The differences:
(i) Nomadic herding is a primitive subsistence activity while commercial grazing is more organized and capital intensive.
(ii) In nomadic herding, the nomads rely on animals for food, clothing and shelter whereas commercial rearing is associated with western culture.
(iii) Nomadic herders move from place to place in search of food and water whereas commercial ranches cover large area where they rear cattle permanently.
(iv) In nomadism, a wide variety of cattle are reared but in commercial grazing, it is a specialized activity with one type of animals.
(v) Pastoral nomadism is undertaken on vast horizontal movements but commercial grazing is stable and run on scientific basis.
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We need money to satisfy almost all our needs as it has purchasing power. Thus, financial incentives refer to those incentives which are in direct monetary form i.e. money or can be measured in monetary terms. Financial incentives can be provided on an individual or group basis and satisfy the monetary and future security needs of individuals.
Apart from the monetary and future security needs, an individual also has psychological, social and emotional needs. Satisfying these needs also plays an important role in their motivation. Non-financial incentives focus mainly on the fulfillment of these needs and thus cannot be measured in terms of money.
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Kushagar Lohchab 6 years, 8 months ago
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