The social contract theory of government or theory of social contract is very old. It has discussed by Greek philosophers like Plato and Aristotle. But they rejected it. It remained forgotten for a very long time. It was revived in the 16th, 17th, and 18th centuries. …
Force Theory of State According to Force theory of government also known as force theory of state, the state was born as a result of force i.e. aggression, war, conquest and subjugation. In ancient times a strong man with the help of his supporters dominated the …
Divine right of kings theory is an old theory of sate. In those days people were not civilized and did not have much knowledge. Religion was very powerful. As the time passed this theory was further developed. During the 17th and 18th centuries, due to development …
The advantages and merits concerning to the financial matters of the Muslims are called economic advantages. Following are the economic advantages of zakat or Economic benefits of zakat. 1. Equal Distribution of Wealth The main problem of modern economic system is unequal distribution of wealth which …
What is Business Risk When someone is running the business whether it is small or large scale, entrepreneur must understand business risk. Business risk is a major tool for investors with the help they decide whether to invest or not. Every business face risk but it …
The main causes of business risk are as under: 1. Natural Factors There are certain nature factors like floods, earthquake etc. which can damage the business. For human beings nature is uncontrollable, so any loss due to nature calamities is unavoidable and uncontrollable. 2. Competition When …
There are five key elements of curriculum development , according to Tyler “it is essential as a part of comprehensive theory of organization to show just what are the elements will serve satisfactory as organizing elements.” According to Herrick and Tyler, following are the components and …
Definition of Lecture Method of Teaching Lecture method of teaching is the oldest teaching method applied in educational institution. This teaching method is one way channel of communication of information. Students’ involvement in this teaching method is just to listen and sometimes pen down some notes …
Briefly explain important characteristics of socialist economy Following are the main characteristics of socialism Public Ownership Planned Economy Classes of Society State is responsible for basic necessities of life Equal Opportunity to all Non-existence of competition and limited choice of consumer products Pricing Mechanism Public Ownership …
Study of Quantitative Economics Quantitative Economics relates itself with hypotheses, tentative explanations of solutions to abstract representation of real world situations and problems. It represents a systematic attempt to set theoretical hypotheses about economic reality against empirical evidence produced by observing that reality. As we will …
