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AN ECONOMY : EVOLUTION OF MODERN ECONOMY

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AN ECONOMY : EVOLUTION OF MODERN ECONOMY
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  nomy and Its Problems3 i AN ECONOMY : EVOLUTION OF MODERN ECONOMY £}. An Economy—A System tht !"o#$%es L$#$n& to the !eo'(e look around us reveals a few interesting things. We find people rushing out Heir homes, queuing up for buses, reaching their places of work and attending dr duties. Among these people, there are government servants who occupy their in the Secretariat, doctors who attend to their patients in clinics or hospitals, lessmen who transact the exchange of goods, ordinary unskilled workers who  perhaps in some construction or allied activity, etc. !he catalogue of occuptions be endless. "#eople engage in these different occupations with the explicit purpose of earning $  living. The occupations may look different and varied, but one thing which is to all the ways of earning one's living is the doing of work and getting paid %&an engages himself in either of these occupations'he works for somebody id gets paid for his services  income earned by him is the source of his lood. When someone works for somebody else, two immediate questions come rid ( Why should one work and for whom should one work ) and Why should the employer be ready to pay )  p !he first question is relatively easy to answer. A man works because he wants means for his living. whom should he work ) can work for a particular employer at a time, e.g., an executive working linistrative office of a company, or in a government department, is working i  particular employer, and getting paid for his services in the form of *wages*. man can divide his time and effort to serve two, three or more employers , upon thenumber of clients he is in a position to attract, e.g., a tutor, an fe, +ournalist, etc. Another possibility is that a man may work to serve a large *of customers that are attracted to him, e.g., a shopkeeper, a farmer, etc. ort, a man can work for a particular employer or for a number of employers ously. le second question is why should an employer be ready to pay ) Again, it to answer. iployer makes use of the services supplied to him these services help him i wants. When a patient is attended by a doctor, the patient gets the services tor, and his want for good health is satisfied. He should not mind paying ices of the doctor. !hus, the services of a truck-driver who transports goods lace to another, an electrician who mends a fuse, a tailor who stitches the shoemaker who repairsthe worn-out shoes, a dry-cleaner who washes the .,* directly satisfy human wants and are therefore directly paid for.  nomy and Its Problems3 i AN ECONOMY : EVOLUTION OF MODERN ECONOMY £}. An Economy—A System tht !"o#$%es L$#$n& to the !eo'(e look around us reveals a few interesting things. We find people rushing out Heir homes, queuing up for buses, reaching their places of work and attending dr duties. Among these people, there are government servants who occupy their in the Secretariat, doctors who attend to their patients in clinics or hospitals, lessmen who transact the exchange of goods, ordinary unskilled workers who  perhaps in some construction or allied activity, etc. !he catalogue of occuptions be endless. "#eople engage in these different occupations with the explicit purpose of earning $  living. The occupations may look different and varied, but one thing which is to all the ways of earning one's living is the doing of work and getting paid %&an engages himself in either of these occupations'he works for somebody id gets paid for his services  income earned by him is the source of his lood. When someone works for somebody else, two immediate questions come rid ( Why should one work and for whom should one work ) and Why should the employer be ready to pay )  p !he first question is relatively easy to answer. A man works because he wants means for his living. whom should he work ) can work for a particular employer at a time, e.g., an executive working linistrative office of a company, or in a government department, is working i  particular employer, and getting paid for his services in the form of *wages*. man can divide his time and effort to serve two, three or more employers , upon thenumber of clients he is in a position to attract, e.g., a tutor, an fe, +ournalist, etc. Another possibility is that a man may work to serve a large *of customers that are attracted to him, e.g., a shopkeeper, a farmer, etc. ort, a man can work for a particular employer or for a number of employers ously. le second question is why should an employer be ready to pay ) Again, it to answer. iployer makes use of the services supplied to him these services help him i wants. When a patient is attended by a doctor, the patient gets the services tor, and his want for good health is satisfied. He should not mind paying ices of the doctor. !hus, the services of a truck-driver who transports goods lace to another, an electrician who mends a fuse, a tailor who stitches the shoemaker who repairsthe worn-out shoes, a dry-cleaner who washes the .,* directly satisfy human wants and are therefore directly paid for.  nomy and Its Problems3 i AN ECONOMY : EVOLUTION OF MODERN ECONOMY £}. An Economy—A System tht !"o#$%es L$#$n& to the !eo'(e look around us reveals a few interesting things. We find people rushing out Heir homes, queuing up for buses, reaching their places of work and attending dr duties. Among these people, there are government servants who occupy their in the Secretariat, doctors who attend to their patients in clinics or hospitals, lessmen who transact the exchange of goods, ordinary unskilled workers who  perhaps in some construction or allied activity, etc. !he catalogue of occuptions be endless. "#eople engage in these different occupations with the explicit purpose of earning $  living. The occupations may look different and varied, but one thing which is to all the ways of earning one's living is the doing of work and getting paid %&an engages himself in either of these occupations'he works for somebody id gets paid for his services  income earned by him is the source of his lood. When someone works for somebody else, two immediate questions come rid ( Why should one work and for whom should one work ) and Why should the employer be ready to pay )  p !he first question is relatively easy to answer. A man works because he wants means for his living. whom should he work ) can work for a particular employer at a time, e.g., an executive working linistrative office of a company, or in a government department, is working i  particular employer, and getting paid for his services in the form of *wages*. man can divide his time and effort to serve two, three or more employers , upon thenumber of clients he is in a position to attract, e.g., a tutor, an fe, +ournalist, etc. Another possibility is that a man may work to serve a large *of customers that are attracted to him, e.g., a shopkeeper, a farmer, etc. ort, a man can work for a particular employer or for a number of employers ously. le second question is why should an employer be ready to pay ) Again, it to answer. iployer makes use of the services supplied to him these services help him i wants. When a patient is attended by a doctor, the patient gets the services tor, and his want for good health is satisfied. He should not mind paying ices of the doctor. !hus, the services of a truck-driver who transports goods lace to another, an electrician who mends a fuse, a tailor who stitches the shoemaker who repairsthe worn-out shoes, a dry-cleaner who washes the .,* directly satisfy human wants and are therefore directly paid for.
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