After reading this article you will learn about the application of economics to plants and industrial undertakings. Economics is the science which studies human behaviour as a relationship between ends (objectives) and scarce means (limited resources) which have alternative uses. Economics can be divided into two parts: (a) Macro-Economics: Macro-Economics deals with whole economy. It studies the growth of national [...]
After reading this article you will learn about the principles and forms of taxation. Principles of Taxation: Taxation is required to cover Government expenditures such as cost of: (i) Administration, (ii) Defence from external aggression, (iii) Police for the maintenance of law and order, (iv) Judicial courts for administration of justice, (v) Schools and colleges for giving education to people, [...]
This article throws light upon the four main theories of wages. The theories are:- 1. Subsistence Theory. 2. Wage Fund Theory. 3. Marginal Productivity Theory. 4. The Bargaining Theory of wages. 1. Subsistence Theory: It states that wages tend to keep to a level that will provide the workers only with bare subsistence. If wages for a time rise above [...]