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Politics, Ethics and Social Responsibility of Business
book

Politics, Ethics and Social Responsibility of Business

by Usha, Bhanu;Krishna, K. V. Murthy
October 2010
Intermediate to advanced content levelIntermediate to advanced
232 pages
9h 1m
English
Pearson India
Content preview from Politics, Ethics and Social Responsibility of Business
51
MARKETS AND GLOBALISATION |
The market solves the central problems in the following manner:
1. What to produce?
Goods and services that are in greater demand would have a higher price and hence this represents
the will of society. The high price ref ects the democratic decision to allocate resources towards the
preferred goods and services.
2. How to produce?
There are three basic resources that need to be combined in certain proportions, namely, land, labour
and capital. Each has its price or wage. The resource that has the highest price must be used the least,
if scarce resources of society have to be put to the best use. Here, the high price of a certain factor
of production is an indicator that it is a scarce ...
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Publisher Resources

ISBN: 9789332506497