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Basic Economic Processes

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Published in: Economics
10,694 Views

Economic processes and types of economic systems

Roshan K / Hyderabad

2 years of teaching experience

Qualification: B.A (UNIVERSITY OF HYDERABAD - 2017)

Teaches: All Subjects, Hindi, Mathematics, Science, Geography, Social Studies

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  1. Basic Economic Processes Economic processes- Those activities, actions, and operations that involve the production and sale of goods and services. This includes the extraction of raw materials and natural resources. This framework element serves as a broad placeholder for all economic processes. Capital accumulation process - Economic processes that act upon the man-made capital like investment & capital accumulation. Production process Generating value addition through exploiting natural resources, human resources and man-made capital. Exchange process - exchanging goods and services and price determination Consumption process - possessing utility, satisfaction through utilizing goods and services The determining factors of economic processes Economic determinants ' Institutional determinants Socio-cultural determinants and structural determinants Economic determinants Extensive method of economic change (Access to natural resources)
  2. Basic Economic Processes Intensive method of economic change (Borrowing technology) The co-ordination of externalities (Increasing or constant returns) The nature and attitude of economic agents The role of income, saving and investments Existing production relations and instruments (mode of production) Access to resources, choice and preferences, participation and decision making The Cultural determinants The religious principles like belief structure play an important role in the formation of the structure of the society and social & political institutions. Institutional determinants The nature and structure of the political institutions like legislation, judiciary and public administration The co-ordination among the above three institutions and mechanisms in the implementation of policies and programmes The co-existence of de-jure and de-facto principles of the society
  3. Basic economic Process The nature of economic intuitions like industrial policies, marketing regulations, administrative procedures The role of religious and social institutions like Church/ Temple/Mazeed and formal vs informal The objective and curriculum of Education system The principles of Christianity in European countries; Buddhism and Confucianism in china, south Korea and Japan; Islam in Saudi Arabic countries and Hinduism in India and Nepal play an important role on working culture and economic principles of the people and communities On the other hand, the economic and political institutions also effect the religious principles of the society The Structural determinants Geographical structure of the economy Economic structure of the country Social structure of the economy Religious structure of the country The structure of access to basic facilities and right to participate Political and administrative structure of the economy
  4. cgctemc: 74 compari'0f( Name of the economic systeml Structure Mode of production Traditional and natural for self- sufficient Traditional exploitation for surplus Use of technology, Exploitation and promotion for surplus Use of technology Limited exploitation for development Use of technology (both labour & capital intensives) surplus and equity Generation of surplus Assigning right work to right person Exploitation of labour class or Kinship Feudalism Capitalism Socialism The production relations build by blood relations The production relations functions for surplus The production relations functions for surplus and expansion The production relations functions for overall development The production relations functions for overall development (growth with Use of surplus Depends on the decision of the head Depends on the tenant class without decision of the ownership class any incentives Exploiting labour class with less incentives Depends on the ownership class more workload with Depends on the Mixed& Democracy equity) incentives More work load with incentives State policy Depends on the State policy

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