Globalization refers to the increasing interconnectedness of the world’s economies, cultures, and populations. It has economic, political, cultural, and ecological dimensions. Pros include economic growth and social justice, while cons involve wealth concentration and cultural homogenization. Its effects include lower prices, innovation, and job churn, and it is important due to its impact on businesses, politics, and the global market.
Competitors value market research and competitor analysis to gain a competitive edge. Technology offers benefits like real-time insights, competitive pricing, remote work, and improved online services. Businesses leveraging technologies effectively gain an advantage. To succeed, companies need a human-centered technology strategy, agile operations, data-driven decisions, and partnerships for innovation. Embracing technology and collaboration will be crucial for success in the digital age.
TECHNOLOGY AND COMPETITIVE ADVANTAGE Read More »
The Indian Constitution has significant implications for businesses, particularly in the areas of fundamental rights, directive principles of state policy, and trade and commerce. The preamble outlines key principles such as sovereignty, socialism, secularism, and democracy, while fundamental rights protect equality, freedom, and religious and cultural practices. Additionally, directive principles guide economic and social policies, and constitutional clauses govern trade and commerce activities in Indian territory, ensuring economic unity and free flow of trade.
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The major economic functions of the government of an economy are: Although most people agree that the government should play a role in redistributing income in favor of the poor, providing public goods and services, and dealing with externalities, there is significant disagreement about how far the government should go in these areas—and about additional
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Large-scale industries in India, with over ₹10 crore in fixed assets, drive economic growth through job creation and foreign reserve import. Small-scale industries, with limited machinery and personnel, play a vital role in India’s economy, contributing to employment, per capita income, and resource utilization. These locally-focused enterprises produce 40% of India’s goods and significantly impact export and social development.
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The circular flow model in economics portrays the flow of products, money, and factor services in an economy. It includes major sectors such as households, businesses, government, and foreign trade. Three types of flows are illustrated: physical, monetary, and international. The equilibrium of injections and leakages determines the stability of an economy. (Word count: 50)
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Economics revolves around managing scarcity through wise decisions. Economic growth is crucial, involving rising national and per capita income sustained over a long period. It is tied to factors such as capital formation, technological progress, entrepreneurship, and population growth. Economic development encompasses social and political advancements, and is also impacted by non-economic factors like education and social attitudes.
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An economy is any activity that involves the production, consumption, exchange, and distribution of goods and services. The resources are managed to fulfill the needs of the local populace, economy, organizations, and governments. It is widely acknowledged that this social area focuses on the behaviors, exchanges, and external manifestations associated with the creation, utilization, and
A company should conduct business and generate revenue in ways that meet societal standards. Society grants permission to a business enterprise to engage in industrial or commercial activity and generate profits. In actuality, businesses can achieve long-term success by acting in a socially and ethically responsible manner. The business has a duty to make choices
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Marketing management involves creating and executing strategic plans aligned with business goals, tracking KPIs, and streamlining operations. Goals include expanding into new markets, generating earnings, and improving brand recognition. Key concepts encompass the five marketing concepts, needs, wants, demand, product characteristics, utility, cost, satisfaction, exchange, transaction, transfer, relationships, and defining markets, marketing, marketers, and prospects.
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