Month: October 2020

Is a system where all major economic decisions are made by a government ministry or planning organisation. Here all questions about the allocation of resources are determined by the government. Features of this system The command economies relies exclusively on Read More …

The free market system is where the decision about what is produced is the outcome of millions of separate individual decisions made by consumers, producers and owners of productive services. The decisions reflect private preferences and interests. For the free Read More …

Economics is used in two important ways today. The first is to describe, explain and predict the behaviour of production, inflation, incomes etc. But for many, the fruit of such labours is found in a second task – to improve Read More …

The study of economics begins with understanding of human “wants”. Scarcity forces us to economise. We weigh up the various alternatives and select that particular assortment of goods which yields the highest return from our limited resources. Modern economists use Read More …

The modern word “Economics” has its origin in the Greek word “Oikonomos” meaning a steward. The two parts of this word “Oikos”, a house and “nomos”, a manager sum up what economics is all about. How do we manage our Read More …

Certain psychological and physical barriers between people may distort the communication process and cause misunderstanding and confusion. Hierarchical barriers Communication between superiors and subordinates tend to be rather cautious. The superior wishing to maintain authority and the subordinate protecting himself Read More …

There is no standard approach in preparing a business plan. There are many variations on the theme of what exactly goes into a successful business plan. All the variations however have the same basic elements. These are; A brief description Read More …

To be successful, every business will need to have a business plan. To communicate with other stakeholders, the entrepreneur will definitely need a business plan. This will enable him share his ideas with the people who will have an influence Read More …

A business plan is a detailed account of the conversion of the entrepreneur’s ideas and vision into a real, functioning business. It is a document that sets out how the entrepreneur intends to execute the ideas he has thought of Read More …

Entrepreneurs would really do with a bit of encouragement for them to succeed in their businesses. This comes in the form of incentives from the local and the central authorities. The incentives could come in a form that enables them Read More …