Defing or explain the following concepts:-
1. Resource allocation
2. Labour
3. Bank rate
4. Induced consumption expenditure
5. Effective demand
Answers
- Answer:
..Resource allocation is the process of assigning and managing assets in a manner that supports an organization's strategic goals. Resource allocation includes managing tangible assets such as hardware to make the best use of softer assets such as human capital.
2Labour economics seeks to understand the functioning and dynamics of the markets for wage labour. Labour is a commodity that supplied by labourers in exchange for a wage paid by demanding firms. Labour markets or job markets function through the interaction of workers and employers.
3.A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans. Managing the bank rate is a method by which central banks affect economic activity.
4. induce consuotion is the portion of consumption
that varies with disposable income. When a change in disposable income “induces” a change in consumption on goods and services, then that changed consumption is called “induced consumption”. In contrast, expenditures for autonomous consumption do not vary with income.
5.The level of demand that represents a real intention to purchase by people with the means to pay.
Answer:
Explanation:
1.Resource allocation is the process of assigning and managing assets in a manner that supports an organization's strategic goals. Resource allocation includes managing tangible assets such as hardware to make the best use of softer assets such as human capital.
2.labor, labour, working class, proletariat(noun) a social class comprising those who do manual labor or work for wages.
3.A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans. Managing the bank rate is a method by which central banks affect economic activity.
4.Induced expenditures are expenditures by the four macroeconomic sectors (household, business, government, and foreign) that are related to and affected by the level of income or production.
5.In economics, effective demand in a market is the demand for a product or service which occurs when purchasers are constrained in a different market. It contrasts with notional demand, which is the demand that occurs when purchasers are not constrained in any other market