Production Management System refers to processing centralize environment, where in this system controls aspects in production. This generates with some information that provides inventory, with this system production management plans an effective production that monitors the production target by the economy. Production Management System gives many ways to a better performance of a company for the growth of economy and this is common especially in production. According to Karauolova T. (2011) “production mangers and engineers may be directly responsible for searching out ways to decrease the use of energy”. This tells about the progression of economy, the cost of energy give highly increases, so it grows through the use of energy efficiency.
When the two sectors work in unison, the GDP of a nation is increased significantly. Various sectors have been discussed in this paper relating on how the two sectors can work together. These avenues as noted here include security, infrastructure development, promotion of commerce and trade between countries, institutionalization and protection of cottage industries. As seen in this paper, each party has a major role to play in the economy of a country. If one party does not play its part, chances are that the economy of a country will not thrive.
As a society, our standard of living depends on our ability to produce goods and services (Mankiw, 2012). The ability to produce these goods and services depends on several factors including physical capital, human capital, natural resources, and technology (Mankiw, 2012). The government plays an important role in an economy’s growth rate. They achieve their influence on the growth rate through their implementation of several government policies. These policies not only influence the economy’s growth rate, but also play a significant role in day-to-day life.
The main components of GDP are consumption, investment, government spending and net exports. There are various key drivers for growth of a country such as growth in physical capital stock, growth in active labor force, growth in human capital, innovations increasing productivity and institutes that help in maintain law, order, economic stability etc. The advantages of economic growth are higher standard of living and stimulation of more jobs to provide more and more employment. There are some disadvantages too such as an increase in inflation, increase in working hours etc. Growth is maintained by the government through implementation of various fiscal policies.
The public sector had a key role to play with respect to Industrialization. However, the growth rate of the Indian economy, during the first... ... middle of paper ... ...y? Are the poor and needy benefiting from the policies which are being implemented? Is the trickle down effect working? As we move more and more towards a ‘laissez faire’ economy, what is the role of the public as well as the private sector in ensuring a stable socio-economic setup?
The market value of final goods and services that are produced in the country’s territory during a given year is measured by the GDP. GNP measures the market value of final goods and services produced by the country’s reside... ... middle of paper ... ...c input such as machines, workers and natural resources like minerals ,land,oil. Economic growth, or the growth in the quantity and quality of the goods and services produced, can thus be achieved by ìincreases in the quantity or quality of economic inputs, or by improvements in how the economic inputs are combined to produce output. Additional machines and worker-hours are examples of increases in the quantity of economic inputs. Better machines, new techonologies and higher-skilled workers are examples of increases in the quality of the economic inputs.
Economic growth defined as increasing the capacity of an economy. It used to produce goods and service which compared from one period of time to another. Also, it measures the change of real national output in short period. Whereas, long term growth shown to increase the potential Gross Domestic Product (GDP). Thus, economic growth plays an important role in the entire nation.
‘National competitiveness is a measure of the extent to which a country is capable of generating more wealth than its competitors in world markets’. It is known that in order for economies to develop and increase social welfare within its country; national competitiveness must exist to achieve this. Economic performance, government efficiency, business efficiency and infrastructure are all factors of national competitiveness. Throughout this essay I will discuss the government’s importance and assessing different ways in which it can influence national competitiveness. It is important to clarify that over past decades, globalisation (the movement toward greater integration and interdependence among people and organisations across national borders), has changed how nations compete in international trade and investment thus has discredited the role of the state as an effective function for governments, being the main provider of goods and services as the central planner and controller of national economy.
The government aims to raise the rates of encouraging growth and achieve rising success by creating economic opportunities for the public. 1.1 Explain the purpose of a selection of indicators of national economic behaviour which are Economic growth, Unemployment, Inflation and Balance of Payment. Economic growth Economic growth is the most basic indicator of an economy's health which is the rate at which national income is growing. Economic growth is a rise in what an economy can produce if it is using all its scarce resources. A combination of two goods that can be produced in a country when the available resources are fully and efficiently utilized is called production possibility frontier (PPF).
In recent decades, social capital has attracted much attention of scholars and it has become an innovative approach to understand political democracy and economic growth. There is a agreement among researchers that social capital which includes general trust and strong social network could be a foundation of democratic and economic development (Putnam 1995; Paxton 2002; Woolcock 1998). As a result, it seems to be necessary to build social capital in underdeveloped countries for prompting political democratization and enhancing economic efficiency. However, Bourdieu (1985) argues that social capital could reproduce the class structure. Fukuyama (2001) also points out that different countries have distinct cultural roots of social capital.