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DEFINITION OF ECONOMIC DEVELOPMENT Kindle Berger said that, Economic Development means improvements in material welfare, especially for persons with the lowest incomes, the eradication of mass poverty, literacy, disease and early death, changes in the composition of inputs and outputs that generally, include shifts in the underlying structure of production away from agricultural activities towards industrial activities, the organization of economy in such a  way that productive employment is common among the working age population instead of a fortunate smaller and the correspondingly larger participation of generally grounded groups in forming   choices or results about the paths , economic and other way round , in which they should proceed to progress their wellbeing . Professor Adelman said that, Economic development is a sustained improvement in the well-being, which may be considered to be reflected in an increasing flow of goods and services. Professor Meier and ...

Balance of Payments | Balance of Trade | Difference in Balance of Payment and Balance of Trade Balance of Payment Balance of payment shows the total economic transactions between a country and the rest of world and it includes transactions between visible goods and invisible goods in a given year. Structure of Balance of payment: The balance of payment account of a country is constructed on the basis or on the principle of double book keeping. Each transaction is entered on the credit show on the left side and debit on the right side. The credits and debit items are shown vertically in the BOP account of a country. Horizontally they are divided into three categories which are as follows: a)      The Current Account covers the transactions other than those in financial items that involve economic values and occur between resident and nonresident entities. b)     The Capital Account mainly covers capital transfers and acquisition / disposal of non ...

Ignite your Determination Determine your fate and destiny Ask yourself, w hat  is your fantasy life? What sort of fate you need to make for yourself? At a certain point, we understand what it very well may be. Nonetheless, it continues to change with the time. We will more often than not have another fantasy or objectives in light of the fact that the prior one appears to be difficult to accomplish. Why we continue to change objectives in our Day to day existence? We choose something. We work on it eagerly. Then, at that point, we experience difficulties and our enthusiasm begins decreasing. Before long we assume we are not adequately skilled and we quit. We take up another objective and the equivalent follows. In reality, when we take any choice, we are exceptionally certain about its prosperity yet nature generally has plans to test our assurance. Is it true that you are the one in particular who thinks ambitiously? Do you feel that you are one of rare sorts of people...

Advantages and Disadvantages of Cost Audit | Difference from Financial Audit In our previous post we have talked about that Cost Audit confirms the accuracy of cost records and adherence to the expense bookkeeping plan. How about we realize see benefits and impediments. We will likewise see a short contrast of Cost Audit from a Financial Audit. Advantages/ Benefits of Cost Audit to the Administration 1.          It gives vital data to incite choice choices. 2.          It assists the executives with directing creation. 3.          Errors, exclusions, misrepresentation, and missteps can be recognized and forestalled because of the successful inspecting of cost accounts. 4.          It lessens the expense of creation by stopping provisos connecting with wastage of material, work, and overheads. 5.    ...