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Preeti Dabral 6 months, 1 week ago
There are very large number of buyers and sellers. The products sold are homogeneous in nature that means they are identical in all respects. The buyers and sellers have perfect knowledge of the market. Every seller has the freedom to enter or exit the industry.
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Preeti Dabral 6 months, 1 week ago
The means of transportation and communication are called the lifelines of a nation and its economy due to the following reasons:
- The means of transportation and communication play an important role in the production and movement of goods and services.
- Transport helps in the development of various means of communication. Through means of communication, we are able to talk with anyone anywhere. It has brought the world closer.
- Transport like railways helps us in business, sightseeing, pilgrimage and transportation of goods over longer distances.
- Pipelines are used for transporting crude oil, minerals in slurry form and natural gas to interior refineries and factories.
- Water transport, being the cheapest means of transport is useful for international trade.
- Air transport provides the fastest, most comfortable mode of transport even in hilly areas.
Thus, it is clear that the means of transportation and communication help in the development of the country. So they are called the lifelines of a nation and its economy.
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