Stages of Evolution of Money There were many difficulties and inconveniences in the barter system, around the globe there was a need for accepted medium of exchange. With the passage of time many other types of money emerged for the purpose of exchange. Following are some …
The Law of Variable Proportions Definition The law of variable proportions shows a particular pattern of changes in output and is an explanation of short run production function where some factors remain unchanged. In the history of economics till the time of Alfred Marshall, there were …
Define The Law of Diminishing Return The law is also known as the law of increasing costs. It is one of the important laws of microeconomics. The law of diminishing return indicates that if the number of variable inputs is increased with some fixed inputs, the …
What is Law of Increasing Returns The law of Increasing Returns is also known as the Law of Diminishing Costs. According to this law when more and more units of variable factors are employed while other factors are kept constant, there will be an increase of …
Aristotle Views on Slavery “Natural slaves are those who understand reason but possess no reason” (Aristotle) While discussing the origin of the state, Aristotle mentions the institution of slavery. He finds slavery essential to a households and defends it natural and therefore, moral. It was rampant …
Education is the process of learning and knowing, which is not restricted to our school text-books. It is a holistic process and continues through our life. Even the regular happenings and events around us educate us, in one or the other way. It would not be …
How Rural Works Program Initiated In 1961, the PARD Camilla East Pakistan (now Bangladesh) under took a pilot project of rural development through basic democracies and found the results encouraging in the sense that the basic democracies were capable of doing developmental works with collaboration of …
Factors in Social Change Social change results from the interplay of various factors including geographic, biological and cultural. Following are the factors of social change: Geographical Factors Biological Factors Cultural Factors Geographic Factors Climatic and all factors of earth surface influence man’s livelihood. Heat, cold, atmospheric …
