Many readers still consider this the single best introduction to economics for the intelligent layperson. give loans to industrialists, to the government, savings is paid a rate of interest by the banks�, give loans at a still higher rate of interest�, between interest charged on loans and the interest paid, to depositors constitute the earning of the nancial, Sometimes the households instead of depositing, their savings in a bank use their savings to buy shares, shares is that while the former deposit yields a xed, rate of interest, the income from the latter is variable, and is subject to an element of risk� However, average returns on shares is generally higher than the, returns on bank deposits to compensate for the risks, assumed by the investors investing in shares�, a critical one� It is this factor that coordinates the, activities of the other three factors� It is the duty of the, entrepreneur to utilize land, labor and capital and set up, surplus he earns over and above his costs constitute his, a reward for his organizing capacity and the risks, It is useful in economics to distinguish between an, innovative entrepreneur and an imitative entrepreneur, It is the former who ventures out in new directions and, entrepreneur makes use of challenging new discoveries, in science and technology and brings out unprecedented, innovations introducing new products in the market, and gives a practical shape to the theoretical and applied, innovations of scientists and technologists�, initiative in a new eld comes from the innovative, make a good fortune before the imitative entrepreneur, also enters the market copying the original innovation�. However, there are some iconic titles in economics that deserve their credit. The Cartoon Introduction to Microeconomics is a fun, engaging take on economic ideas – a kind of illustrated textbook and very well done. competition, need for conserving foreign exchange, need to restrict imports of non-essential goods, need to, As against the limited achievements of the WT, 1944 have a complementary role to play in the eld of, initially was to provide nance for the reconstruction of, this initial venture at reconstruction, the, subsequently took over the role as the most important, nancial institution in the world providing nance for, played an important catalytic role in international, economic development programs and its role can be, made more effective if its nancial capacity can be, strengthened by more support from the donor countries�, development nance, the role of the IMF is to provide, support of countries facing temporary balance of, payments crisis by providing short term nance to, regarding the IMF lending program is its conditionality, Every country receiving assistance from the IMF is, required to sign an agreement to adhere to a predetermined, program of economic adjustments and reforms relating, by the IMF have given rise to a great deal of controversy, relating to their effectiveness and their suitability in, relation to the needs of the program implementing, countries and compatibility with their political and social, A major innovation of the IMF during its limited, history has been the creation of SDRs or Special, Drawing Rights� SDR is a form of international currency, issued by IMF in favor of all its member countries, according to a predetermined formula� Once issued, SDRs can be used as a form of foreign exchange to be, used to make payments among IMF member countries�, However SDRs have not been permitted to be used for, day to day market transactions and its role in the world, use of SDRs can be liberalized if such an agreement is, arrived at by the member countries of the IMF, managed, the SDRs can play a major role in the, role is limited primarily because the quantum of SDR, allocations made so far is limited and also because of, The countries of the world can be divided into rich and, poor countries or developed and under-developed, countries are those with low per capita incomes and the, developed countries or advanced countries or the, industrialized countries are those with high per capita, necessarily those that are poor in natural resources or, developing countries in the world which are well, endowed in terms of natural and human resources; still, these countries have a very low per capita income and, their citizens do not enjoy a high standard of living� On, the other side, there are also several industrialized, countries of the world that are not very rich in terms of, natural resources but meet a large proportion of their, requirement of natural resources through imports�, of the advanced countries, of the world are today, located in the northern hemisphere of the world while, characteristics the developed countries of the world are, sometimes referred to as countries of the North while, developing countries are referred to as the Southern, conict between the rich and poor nations is sometimes, referred to as the North-South conict and the, negotiations between the two groups of nations is, an observed reality that the developed nations of the, world are concentrated on the northern side of human, settlements of our planet and the developing nations are, concentrated on the southern side, there is no scientic, justication to prove that the backwardness of the, developing countries has something to do with their, geographic location� Moreover there are indications, that these patterns are undergoing a change�, A prominent distinction between developed and, developing countries is that the former group of countries, are characterized by a high degree of industrialization, while the latter group of countries are industrially, the advanced countries is characterized by a higher, proportion of their total production or GNP being, accounted for by production in the industrial sector, The industrial sector in the advanced countries is also, characterized by a higher degree of technological, sophistication and mechanized production and higher.

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