Doubtly
@Doubtly · Joined Feb 2021
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- What does OPEC stand for? OPEC stands for Organisation of Petroleum Exporting Countries. 2
- The Consumer Protection Act been enacted The Consumer Protection Act has been enacted to protect the consumers from fraudulent traders supplying sub-standard products. Many advertis... 1
- What do you mean by wholesale trade? In wholesale trade, the traders buy goods on a large scale from industrialists, farmers, etc. For eg. the orchard owners of mangoes or orang... 1
- What is marketing? An invisible flow develops when a product goes from producer1 to consumer. The commercial functions involved in this flow are collectively c... 1
- Explain the importance of trade. The importance of trade are: Trade is an important economic activity. The economic life of people is dependent on each other. No region or c... 1
- What is barter trade? In ancient and medieval periods, trade was done through barter system. Barter trade means exchange of commodities for commodities without us... 1
- Which factors influence trade? The factors which influence trade are: Factors like the economy of the country, government policies, markets, laws, judicial systems, curren... 1
- Mention the functions of the European Union. The main functions of the European Union are: Establishing an integrated market in member nations amongst Europe. Free flow of goods, servic... 1
- What is the importance of marketing from farmers ‘point of view’? Marketing involves price of a commodity, its sales promotion, its advertising and its proper distribution. In the traditional marketing syst... 1
- Write the functions of the important trade organisations in Asia. Important trade organisations in Asia are: Association of South East Asian Nations (ASEAN) To expand social and cultural harmony along with... 1
- What is the difference between the OPEC and APEC in terms of their functions? OPEC APEC (i) OPEC stands for Organisation of Petroleum Exporting Countries. APEC stands for Asia-Pacific Economic Cooperation (APEC). (ii)... 1
- State the objectives of WTO. WTO stands for World Trade Organisation. The main objectives of WTO are: To provide platform for negotiations in international trade. To han... 1
- Explain the nature of globalisation. Globalisation means aligning the economy of the country with the world economy. There is free trade and all restrictions on (foreign) invest... 1
- What are the main features (components) of the economy? The economy is a system related to the production, distribution and consumption of goods and services in a specific region. The main feature... 1
- Explain the nature of the Socialist Economy. There is no private ownership of the means of production as these belong to the society as a whole. There is total control of the State over... 1
- Explain the nature of the Capitalist Economy. The ownership and control of means of production is in the hands of the private individuals in the Capitalist Economy. There is no control o... 1
- Write a description of Economics given by Lionel Robbins. According to Lionel Robbins, “Economics is a science which studies human behaviour as a relationship between ends and scarce means which hav... 1
- Name the factors affecting an economy. The factors affecting an economy are: Geographical area and natural resources. Population Occupations Political Sovereignty 1