Explanation
In economics and marketing, product differentiation (or simply differentiation) is the process of distinguishing a product or service from others, to make it more attractive for a particular target market.
A process of centralised planning was introduced in Russia as the Russian economy had suffered losses in the civil war. There were targets set for five years to develop the economy. These were the five years long plans that boosted the economy and industrial growth in Russia.
Industrial democracy is an arrangement which involves workers making decisions, sharing responsibility and authority in the workplace. Industrial relations or employment relations is the multidisciplinary academic field that studies the employment relationship; that is, the complex interrelations between employers and employees, labor/trade unions, employer organizations and the state.
There are different methods adopted for capital budgeting. The traditional methods or non discount methods include: Payback period and Accounting rate of return method. The discounted cash flow method includes the NPV method, profitability index method and IRR. Discounted cash flow (DCF) is a valuation method used to estimate the value of an investment based on its future cash flows. DCF analysis attempts to figure out the value of an investment today, based on projections of how much money it will generate in the future.
Economic planning is a very old thought which existed in the ancient times when kings or leaders started planning their resources for the welfare of their kingdoms.
Plato prepared the ground for his famous plan of government for the Kings. He analysed the economic effects of war such as the spending or losses which were incurred by Kings in wars.
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