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Meghna Thapar 5 years, 6 months ago
Advantages of Trade Liberalisation
- Comparative advantage. Trade liberalisation allows countries to specialise in producing the goods and services where they have a comparative advantage (produce at lowest opportunity cost). This enables a net gain in economic welfare.
- Lower prices. The removal of tariff barriers can lead to lower prices for consumers. E.g. removing food tariffs in West would help reduce the global price of agricultural commodities. This would be particularly a benefit for countries who are importers of food.
- Increased competition. Trade liberalisation means firms will face greater competition from abroad. This should act as a spur to increase efficiency and cut costs, or it may act as an incentive for an economy to shift resources into new industries where they can maintain a competitive advantage. For example, trade liberalisation has been a factor in encouraging the UK to concentrate less on manufacturing and more on the service sector.
- Economies of scale. Trade liberalisation enables greater specialisation. Economies concentrate on producing particular goods. This can enable big efficiency savings from economies of scale.
- Inward investment. If a country liberalises its trade, it will make the country more attractive for inward investment. For example, former Soviet countries who liberalise trade will attract foreign multinationals who can produce and sell closer to these new emerging markets. Inward investment leads to capital inflows but also helps the economy through diffusion of more technology, management techniques and knowledge.
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Lakshmi Lakshmi 5 years, 6 months ago
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Shraddha Kansal 5 years, 6 months ago
Yogita Ingle 5 years, 6 months ago
The photoelectric effect was originally observed in 1939 and was documented by Heinrich Hertz in 1887. Initially, it was termed as the Hertz effect but later it was called the photoelectric effect.
In 1880 Hertz and Lenard observed that when a clean metallic surface is irradiated by monochromatic light of proper frequency, electrons are emitted from it. This phenomenon of ejection of the electrons from metal surface was called as Photoelectric Effect.
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Yogita Ingle 5 years, 6 months ago
Drain of wealth means that economic policies of the British in India were primarily motivated to snatch maximum benefits from India’s trade. India’s foreign trade generated large export surplus. This export surplus did not result in any flow of gold or silver into India. There was drain of India’s wealth into Britain.
It is clear from the following facts :-
- The surplus was used to make payments for the expenses incurred by the office set up by the colonial government in Britain.
- The surplus was used to pay expenses on war fought by the British government.
- Surplus was used to pay for the import of invisible items.
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Ishant Sharma 5 years, 6 months ago
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Meghna Thapar 5 years, 6 months ago
Efficient administration establishes coordination between different departments, which leads to unification of effort and harmony in work. It governs the working of the various departments by defining activities and their authority relationships in the organizational structure. It helps in Achieving Group Goals - It arranges the factors of production, assembles and organizes the resources, integrates the resources in effective manner to achieve goals. It directs group efforts towards achievement of pre-determined goals. Organizational structure provides guidance to all employees by laying out the official reporting relationships that govern the workflow of the company. A formal outline of a company's structure makes it easier to add new positions in the company, as well, providing a flexible and ready means for growth.
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Yogita Ingle 5 years, 6 months ago
A pack animal or 'beast of burden' is a working animal used by humans as means of transporting materials by attaching them, so their weight bears on the animal's back.
Horses, donkeys and mules are used as beasts of burden for transporting men and material on their back and in the carts.
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Ishant Sharma 5 years, 6 months ago
Ishant Sharma 5 years, 6 months ago
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Meghna Thapar 5 years, 6 months ago
The key factors influencing the quality of higher education are the quality of faculty, curriculum standards, technological infrastructure available, research environment, accreditation regime and the administrative policies and procedures implemented in institutions of higher learning. The factors that contribute to poor quality education and care for children are many and varied. Rigidly implemented routines, poorly resourced or unsafe learning environments and inappropriate teaching practice are also factors in poor quality education and care.
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Manoj Kumar 5 years, 6 months ago
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