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Private and Social Benefits
Private benefits are those which accrue to an individual. They may be both monetary and non monetary, direct and indirect. Earnings of an individual is an illustration of direct private benefit. Development of desired attitudes, level of confidence, a balanced personality structure and healthy leisure time interests of life are illustrations of indirect or non monetary benefits provided they are the result of a well planned educational system.
Taxes on income paid by individuals to the state are deducted from private monetary benefits. The aggregate private monetary benefits of all individuals with education along with the taxes paid by them constitute social benefits which are direct and monetary. Attitudes and values commensurate with desired and planned social changes that are spread among people because of education constitute indirect and non monetary social benefits.
An enlightened and informed citizenry, people with civic sense and hygienic habits, people who participate in decentralised decision making processes, vote in elections, send their children to schools, do not discriminate against the girl child, honour and protect minority rights, believe in organised and non violent social actions etc. are illustrations of non monetary social benefits.
Q. Define Economies of Scale? Economies of Scale: Most economic production requires producing firm or organization to make an initial investment (in real capital, in design and
#. The following information applies to the market for a particular items in the absence of a unit excise tax: Price($ per unit) Quantity Supplied Quantity Demanded 4 50
how the equilibrium output and price is determined in williamson model of managerial discretion?
monetary policy
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Market failures (even when they do not have international external effects) i) Self-fulfilling bank runs, government debt runs, currency crises. ii) Liquidation costs of li
what is golloping inflation
#questioIn many metropolitan areas of the country, local governments often impose rent controls on apartments. The justification for doing so is that the current market rent is con
Profit Margin A measure of organization performance, profit margins measure the percentage return an organization is earning over the cost of production of the items sold.
Interest: A lender charges interest as the price of lending money (or some other asset) to a borrower. Interest is mainly charged as a specified percentage of the loan's value, per
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