MS - 3 -Economic and Social Environment

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ASSIGNMENT



Course Code                                                               :                            MS - 3
Course Title                                                                 :                            Economic and Social Environment
Assignement Code                                                    :                            MS-03/TMA/SEM-I/2017
Coverage                                                                     :                            All Blocks



Note: Attempt all the questions and submit this assignment on or before 30th April, 2017 to the coordinator of your study center.


Question.1. a) Explain the reasons why a business manager be concerned with business environment?

Answer:A business cannot survive without management because management is its means of support. Management is concerned with acquiring maximum prosperity with minimum efforts. Management is essential wherever group efforts are required to be directed towards achievements of common goals.

In this management conscious age, the significance of management can hardly be over emphasized. It is said that any thing minus management amounts



b) Discuss how non-economic environment affects business decisions giving examples.

Answer:The economic environment consists of external factors in a business market and the broader economy that can influence a business. You can divide the economic environment into the microeconomic environment, which affects business decision making - such as individual actions of firms and consumers - and the macroeconomic environment, which affects an entire economy and all of its participants. Many economic factors act as

Question.2. What are the major factors of widespread sickness among the SSI units? How can sickness be identified? Suggest measures to enhance economic viability of the segment.

Answer:One of the adverse trends observable in the corporate private sector of India is the growing incidence of sickness. It is causing considerable concern to planners and policymakers. It is also putting a severe strain on the economic system, particularly on the banks.

There are various crite­ria of sickness. According to the criteria accepted by the Reserve Bank of India “a sick unit is one which has reported cash loss for the year of its operation and in the judgment of the financing bank is likely to incur cash


Question.3. Examine the progress of Indian economy towards globalization in the post reform years. Comment on the slow pace of progress of globalization and identify the major reasons.

Answer:Since the mid-1980s, India has slowly opened up its markets through economicliberalization. After more fundamental reforms since 1991and their renewal in the 2000s, India has progressed towards a free market economy.

In the late 2000s, India’s growth reached 7.5%,


Question.4. a) What are the major problems of fiscal policy? Describe.

Answer:Fiscal policy involves the decisions that a government makes regarding collection of revenue, through taxation and about spending that revenue. It is often contrasted with monetary policy , in which a central bank (like the Federal Reserve in the United States) sets interest rates and determines the level of money supply.




a) Is the growth of public expenditure in India justified? Discuss.

Answer:Several theories of taxation exist in public economics. Governments at all levels (national, regional and local) need to raise revenue from a variety of sources to finance public-sector expenditures. The details of taxation are guided by two principles: who will benefit, and who can pay.PUBLIC expenditure means the expenditure on the developmental and non-developmetal activity such as construction of road way, construction of dam and other activity.



Question.5. Explain major trends in volume, composition and direction of India’s foreign trade in recent years. Do you think that these trends portray a favorable trade environment in the country?

Answer:The Republic of India maintains an ongoing dialogue with the supranational Institutions of the European Union which is separate from the bilateral relations with sovereign member States of the European Union.

In Asia the positive public perception of Europe is highest in India.

India, the world's most populous democracy, has



Question.6. Write short notes on the following:

a) Balance of Payments

Answer:The balance of payments, also known as balance of international payments and abbreviated BoP, of a country is the record of all economic transactions between the residents of the country and the rest of the world in a particular period (over a quarter of a year or more commonly over a year). These transactions are made by individuals, firms and government bodies. Thus the balance of payments includes all external visible and non-visible transactions of a country. It is an important issue to be studied, especially in international financial


b) Role of Public Sector

Answer:Here we detail about the following nine important roles played by public sector in Indian economy, i.e., (1) Generation of Income, (2) Capital Formation, (3) Employment, (4) Infrastructure, (5) Strong Industrial Base, (6) Export Promotion and Import Substitution, (7) Contribution to Central Exchequer, (8) Checking Concentration of Income and Wealth, and (9) Removal of Regional Disparities.
1.       Generation of Income:


c) Economic Development and Economic Growth

Answer:Economic growth means an increase in real national income / national output.

·       Economic development means an improvement in quality of life and living standards, e.g. measures of literacy, life-expectancy and health care.
·       Ceteris paribus, we would expect economic growth to enable more economic development. Higher real GDP, enables more to be spent on health care and education.
·       However, the link is not guaranteed. The proceeds of economic growth could be wasted or retained by a small wealthy elite.


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