Please answer as fast as you can. Thank you for help.!
Define productivity. List and briefly discuss about 10 elements which will increase productivity.
What is the relationship between savings and economic growth?
How does immigration impact economic growth? Discuss looking at both short run and long run.
Discuss the 3 stages of economic development (primary=agriculture; secondary=industry; tertiary= services)
What is “Eurosclerisis”? What are the reasons for this situation? How is it changing today?
1.The productivity refers to the efficiency with which the factors of production are used in the production process. Higher the efficiency higher the productivity.
The elements which increase the productivity are
1. The use of updated technology.
If an organisation uses the latest production techniques then it is bound to reap the benefits of the improved technology.
2. Investment in research and development
If an entity is spending for research and development they will get access to new markets as well as new techniques of production.
3. Control and coordination among the factors of production.
If there is proper planning, coordination and control over the factors of production that are used in the production process then the process will run smoothly without any hurdles.
4. Picking up the right person for the right job.
This will increase the productivity as well as save the time also.
5. There should be proper assignment of the functions.
This should be done in accordance with the ability of the people. Ultimately this will lead to the specialisation of labour in the production process.
6. Management of capital expenditure.
Care should be taken in order to use the capital properly. You should avoid the over exploitation as well as under utilisation of capital.
7. Presence of an efficient leader
An efficient manager and a leader have the capability to get the work done by right person at the right time using the efficient production techniques.
8. Rules and regulations
The government must frame the rules and regulations in such a manner that the productivity can be increased.
9. Availability of infrastructural facilities.
More facilities increases the productivity.
10. Access to the market.
The produced goods must reach the end users as per their requirements.
2. Immigration is having certain economic consequences.
The country from which the labour force migrates to other countries seems to benefit at the initial phase. But in the long run this benefit is not present. Initially the benefits accrues in the form of remittances but later on this benefit is not available as well as the country experience a reduced labour force.
The country which receives the labour force initially it helps in reducing the shortages of work force but later on this phenomenon will decrease the wages and also with it the immigrants increases the welfare expenses also.
3. The there stages of economic development are
a) The primary stage
In this stage much of the population of a country is dependent on agriculture. The share of agriculture will be more in comparison with the other two sectors, industry and services
b) The secondary stage
Here there is much importance given to the industrialization of the economy and this sector contributes more to economic growth.
c) The third stage
Much importance is given to the tertiary sector, that is the service sector. In this stage the contributions are more from this sector to the growth of the country.
4. This denotes the stagnation of the European economy as a result of the government regulations.
When the government tries to protect the economy through its policies it may negatively affect the economy.
It is rarely visible in today's economy.
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