Textile is a term that comes from “texture” which means “to weave”. The textile industries have a special importance in the national economy of developing countries. By keeping the creative activities of the manufacturing process in their own terms, the developing countries in Europe have restricted their textile industries and are also transferring their production facilities to other less developed countries. Basically, textile products are the requirement of human beings and have a great … [Read more...] about Role of Textile Industry in Pakistani Economy
Economy
16 Major Difference between Public and Private Finance
The term “finance” is associated with revenue and expenditure. Public finance is a branch of Economics which deals with the government’s revenue and expenditures of an economy. If it is related to the private sector, it is called private finance.Finance includes those means by which we make various types of payment. It may be defined as the provision of money at the time of need. In other words, it is the arrangement of money sources and the acquisition of funds for the satisfactory conduct … [Read more...] about 16 Major Difference between Public and Private Finance
Cause of the Growth of the State Business Ownership
It involves all those business, trade and industrial activities which are carried on under the ownership and management of the government. It is desired by every Govt. for the purposes of safeguarding the public interest. It is regarded most essential to promote the welfare of the country. The state enterprises are conducted by government or semi-government organization and public or statutory corporation. All the public utility programs are particularly served by the state ownership … [Read more...] about Cause of the Growth of the State Business Ownership
Canon of Taxation
According to Phillips Hardwick, “Taxes are compulsory transfers of money from private individuals, groups or institutions to the Government.”Comprehensive DefinitionTax is a compulsory amount levied by the state on its individuals to meet the development and non-development expenditures of government.ndividuals can not demand any social benefits by paying these payments.Though taxation provides funds to the Govt. on one side and it curtails consumption and investment spending on … [Read more...] about Canon of Taxation
Types of Taxes
Basically there are two types of taxes i.e. direct taxes and indirect taxes. However, there are further types of direct and indirect taxes. A brief list of both the major taxes is as under:Types of Direct TaxesProportional taxesProgressive taxesRegressive taxesDigressive taxesTypes of Indirect TaxesSpecific taxesAdvalorem taxesValue added taxesDirect TaxesThe taxes for which the burden of taxes cannot be transferred, are called direct taxes. According to H.Dalton, “A … [Read more...] about Types of Taxes
Marshall’s & Robbins Economics Definition
“Economics is the study of man in ordinary business of life. It enquires how he gets his income and here he uses it. It examines that part of individual and social action, which is most closely connected with the attainment and with the use of material requisites of well-being. It is the study of wealth on one side and on the other side, which is more important, it is a part of the study of man. Marshall’s“Economics is the science which studies human behaviour as a relationship between … [Read more...] about Marshall’s & Robbins Economics Definition
Factors of Globalization
Globalization comes from the word Global, means worldwide, universal or could be said international. So, here we can say globalization is the way where any business and organization extends business internationally.After strengthening the base branch of any business, every businessman tries to go forward and escalate the more branches over the world or some selected regions of the World where he finds his business would run smoothly.Globalization is also a very effective way to introduce … [Read more...] about Factors of Globalization
Characteristics of Developing Countries
A country where the average income of people is much lower than that of developed countries, the economy depends upon a few crops and where farming is conducted by primary methods is called developing country.“A developing country is that in which per capita income is low when compared to the per capita incomes of U. S. A, Canada, Australia and Western Europe.” According to united Nations Experts:“The under developed country is that which has low levels of living (absolute poverty, poor … [Read more...] about Characteristics of Developing Countries
Easy Guide to Open Bank Account for Freelancers in Pakistan
Opening a bank account was a baby’s task some years back. It’s still simple and easy but due to many different unethical and unauthorized activities in Pakistan, it needs some banking processes (ordered by State Bank of Pakistan) to follow for opening a Bank Account.Basic Types of Banking Accounts1. Current Account 2. Savings AccountIn Current account, you deposit you money and get no reward or interests on deposited amount where as in saving account you get some percentage from … [Read more...] about Easy Guide to Open Bank Account for Freelancers in Pakistan
Importance of Economics
“Political economy is perhaps the only science of which it may be said that the ignorance of it is not merely a deviation of good but produces great positive evil.”In the words of Malthus,“Economics is the intellectual religion of the day.”Durbin“The study of Economics is a practical necessity and a normal obligation.”Sir Henry ClayAll it reflects that Economics has prime importance in social sciences which can be discussed in two partsTheoretical Importance of … [Read more...] about Importance of Economics