They must be stored in a safe place to be released as and when required. Some of the im­portant institutions directly related to business and industry are Indian Investment Centre, Indian In­stitute of Foreign Trade, State Trading Corporation etc. The object of produc­tion is consumption. The subject of in­dustrial location has received considerable atten­tion from economists and management experts. So, profit planning and measurement constitute a difficult area of business economics. Besides economic ob­jectives, a business has social objectives. Coal at the bot­tom of earth is of no use but when it is brought to a factory it becomes more useful. 17. One of the important social objec­tives of business is to provide adequate employ­ment opportunities to the members of the society. If one uses imported materials he has to take permission for import. 21 Importance and Role of Entrepreneur (Explained) 10 Different Concepts of Entrepreneurship (Explained) 14 Principles of Planning – Explained with Examples The indirect controls are usually exercised through various fiscal and monetary incentives and disincentives. pre­ferring indigenously manufactured products have been the key factors in stimulating industrial activ­ity. ilearnlot - Study for learning! are frequently cor­nered and artificial scarcity is created by dishonest businessmen for making ab­normal profit. Tangible material things include stocks of resources, land and all manufactured goods. Entrepreneurship motivates the businessmen and Industrialist to create new ideas, to implement them, to search for various new opportunities and to make constructive thinking. It helps in reaching a variety of business decisions in a complicated environment. In other words, warehouse removes the hindrances of time by bridging the gap between production and consumption. In the greater interest of the economy, Govt. Import means pro­curing of foreign goods for home use. The West Bengal Industrial Develop­ment Corporation finances 75 p.c. Discuss Business Economics – the topic is; Definition, Nature, Scope, and Importance. Utility means the power to satisfy a human want. Development Banks: Features, Functions, and Objectives, Advantages and disadvantages of Expert Systems, Types of Plant Layout: Process, Product, and Stationary, What are Factors affecting Organizational Change? Business also aims at positively contributing to the well-being and uplift of the so­ciety in which it is situated. Office is a co-coordinating force between production and distribution. The purpose of demand man­agement is to ensure that people buy what is pro­duced. This is called the Iron Law of Responsibility which means that in the long run those who do not use power in a manner which society considers responsible will tend to lose it. This is the process of wealth creation rather than wealth accumulation. Entrepreneurship always puts emphasis on a result, and not on destiny. have enormous indirect effect on the pattern of indus­trial development. Management must provide fair, adequate and stable long-run rate of return and steady capital appreciation to the share­holders for their investments. 13. In […] International trade may be either import trade or export trade or entrepot trade. The second M or M’ is greater than M, otherwise the whole process would be meaningless. Learned, What is the Inductive Method of Economics? Prime movers (other than electrical genera­tors) e.g., steam engines and turbines. Ownership of land was the dominant form of economic activity. Transportation including aircraft, bicycles etc. 1. The industrial location is controlled by industrial licence. They must honour social obligations while exercising the delegated economic power. The test for judging a company’s conscious­ness to the interests of the public may include: the interest it makes in the area of its operation, the welfare of its employees, the spread of adult lit­eracy and so on.

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