*Ijmb economics*
2a) A function is an expression, a formula.
Anequation is two expressions with an equal sign in between. So 2x + 1 is an expression that could be named f(x). F(x) = 2x +1 is an equation, that happens to define a function
b) exogenous variableis one whose value is determined outside the model and is imposed on the model, and anexogenous change is a change in an exogenous variable. In contrast, anendogenous variable is a variable whose value is determined by the model.
c)Microeconomics is the study of particular markets, and segments of the economy.
Macro economics is the study of the whole economy. It looks at 'aggregate' variables, such as aggregate demand, national output and inflation.
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4a) Efficiency of labour implies the quality and quantity of goods and services which can be produced within a given time and under certain conditions. In other words, productive capacity of a worker is termed as efficiency of labour. By 'efficiency of labour' means the productive capacity or productivity of labour.
4b) ~I won't be afraid to delegate. ...
~I will atch tasks to skills. ...
~I will communicate effectively. ...
~Keeping goals clear and focused. ...
~Incentivize employees. ...
~Cut out the excess. ...
~Train and develop employees. ...
~Embrace telecommuting
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5a) An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards
5a.)
An entrepreneur is a person responsible for setting up a business or an enterprise or one who organizes a business venture and assumes the risk for it.
5b.)
1. Capital Formation:
Entrepreneurs mobilize the idle savings of the public through the issues of industrial securities. Investment of public savings in industry results in productive utilization of national resources. Rate of capital formation increases which is essential for rapid economic growth. Thus, an entrepreneur is the creator of wealth.
2. Improvement in Per Capita Income:
Entrepreneurs locate and exploit opportunities. They convert the latent and idle resources like land, labour and capital into national income and wealth in the form of goods and services. They help to increase net national product and per capita income in the country, which are important yardsticks for measuring economic growth.
3. Generation of Employment:
Entrepreneurs generate employment both directly and indirectly. Directly, self-employment as an entrepreneur offers the best way for independent and honorable life. Indirectly, by setting up large and small scale business units they offer jobs to millions. Thus, entrepreneurship helps to reduce the unemployment problem in the country.
4. Balanced Regional Development:
Entrepreneurs in the public and private sectors help to remove regional disparities in economic development. They set up industries in backward areas to avail various concessions and subsidies offered by the central and state governments.
Public sector steel plants and private sector industries by Modis, Tatas, Birlas and others have put the hitherto unknown places on the international map.
5. Improvement in Living Standards:
Entrepreneurs set up industries which remove scarcity of essential commodities and introduce new products. Production of goods on mass scale and manufacture of handicrafts, etc., in the small scale sector help to improve the standards of life of a common man. These offer goods at lower costs and increase variety in consumption.
6. Economic Independence:
Entrepreneurship is essential for national self-reliance. Industrialists help to manufacture indigenous substitutes of hitherto imported products thereby reducing dependence on foreign countries. Businessmen also export goods and services on a large scale and thereby earn the scarce foreign exchange for the country.
Such import substitution and export promotion help to ensure the economic independence of the country without which political independence has little meaning.
7. Backward and Forward Linkages:
An entrepreneur initiates change which has a chain reaction. Setting up of an enterprise has several backward and forward linkages. For example- the establishment of a steel plant generates several ancillary units and expands the demand for iron ore, coal, etc.
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