Knowledge economy

Mineral resources is a concentration of naturally occurring solid, liquid, or gaseous material in or on the earth’s crust that can be extracted and processed into useful materials at an affordable cost. Mineral resources are essential to support sustainable economic growth and our quality of life. Therefore, it is important to have sufficient supply of materials to provide for infrastructure, buildings, energy and goods. However, since mineral resources are nonrenewable natural resource, and…

The great Reverend William Lawrence of Massachusetts once said, “there is a certain distrust on the part of our people as to the effect of material prosperity on their morality.” In Mohandas Gandhi’s speech, “Economic and Moral Progress,” Gandhi’s focal point is differentiating between the monetary growth of society and the chastity that one embodies. Throughout the course of time, mankind has proceeded to tie itself to the concept that our progression and prosperity as human beings in the field…

During the industrial revolution emergence of consumption has shifted almost everything.Now, we live in a capitalist society which is forcing us to consume more.Therefore, people were divided into two groups under the question of does consumption make people happier? This is an ongoing debatable topic on the relation between consumption and happiness.However, the typical approach to consumer action in economics takes utility to be a supportive activity of the level of consumption of goods and…

Population further increased to 740,000 in 2013 . Besides, the economy has changed. According to official census on labor force, in 1994 to 2004, gross regiona product has shown a five-fold increase. Proportion of primary production on GDP decreased to 9.04%, that of secondary sector dropped to 24.32%, and that of tertiary sector increased to 66.64% . While tertiary sector became the major source of income, dominance of agrarian economy declined. The actual production in each sector, however,…

5.2.6 Liquidity Liquidity is the amount of cash available for farm production at the start of the simulation period. It is required for a variety of activities, such as covering the costs of the inputs for cropping (e.g. fertilizer, herbicides), hiring additional labor and hiring labor to clear forest. In the survey households were asked about their monetary savings and cash, however no answers were provided by the respondents. Therefore, the credit limit is used as a proxy to quantify cash…

Economies of scale Flow 1) Examples how economies of scale is helpful, 2) New technology and economies of scale. 3) Critic of economies of scale. 4) Economies of scope(From PDF) 5) Govt initiatives to achieve economies of scale. Economies of scale: The change in long run average cost as output increases is the basis of economies of scale. A firm enjoys economies of scale in a situation where average cost goes down when output goes up while if the average cost increases with…

space demand. This industry ranks third among the 14 major sectors. 1.1.1 Growth drivers The factors which are driving the industry are: • Urbanization • Growth in Tourism • Policy Support • Easier Financing • Epidemiological Changes • Growing Economy 1.1.2 Challenges The Challenges face by the industry are: • Lack of clear…

After 1945, many Americans moved and shifted due to the changes in the economy. An average of 30 million people change residence every year, which but strains and distance between family and friends. Changing residence and moving caused many psychological problems like isolation and loneliness. However, many Americans migrated in search of jobs, better climate and lower taxes. Some Americans moved to different states, while others moved to the suburbs. After World War II, the new frontier…

The sea is a valuable source of growth and prosperity for all human being in the world. The seas are a source for economic development, free trade, transportation and energy security. With over 70 percent of the world surface is maritime and over 90 percent of international trade is travelled by the sea, proven that the seas play a big role in people’s life. Human life was begun in the sea and it is very crucial to people’s way of life. Sea as the resource for human being is a strategic place…

Globalization is predominantly viewed from a more economic interaction point of view; with little attention given the consequences that global harmonization has on indigenous cultures. A lot of attention has been given to economic, trade and financial flows with universally binding or guidelines on how partners in the globalization phenomenon should operate. Issues of environmental and human right concerns, also attract attention, and even gain closer impetus than issues related to the cultural…