Introduction In economics, the concept of perfect competition represents an ideal market structure where numerous firms operate freely, selling identical products, and where none possesses the power to influence the market price. Every firm under perfect competition is a price taker, not a price maker. This means that the firm has no control over the…
Introduction In economics, the concept of choice is fundamental because human wants are unlimited, but resources are scarce. Every individual, firm, or nation faces the problem of how to allocate limited resources among competing uses. The Law of Substitution plays a vital role in understanding this process of decision-making and resource allocation. It is based…
Introduction In macroeconomics, national dividend refers to the total value of goods and services produced by a nation over a specific period, usually a year. It is a key indicator of economic performance, reflecting a country’s income, wealth, and standard of living. National dividend is closely linked with concepts such as Gross Domestic Product (GDP),…
Introduction In microeconomics, the theory of factor pricing is central to understanding how wages, rent, interest, and profits are determined in a competitive market. Modern economic analysis refines classical theories by incorporating the concept of transfer earnings, which plays a crucial role in the pricing of factors of production. Transfer earnings refer to the minimum…
Introduction Leadership in public administration is fundamentally about service to society. Public administrators are responsible for making policy decisions, implementing government programs, and ensuring the well-being of citizens. However, leadership in this domain comes with complex ethical dilemmas. These dilemmas arise from conflicts between personal values, organizational policies, political influences, and public expectations. Ethical leadership…
Introduction India follows a federal system of government, where financial relations between the Centre and States play a crucial role in maintaining a balance of power and resources. The financial distribution framework is primarily governed by the Constitution of India, which lays out provisions for taxation, grants, and revenue sharing. Given the diverse economic conditions…