eChapters

13.1. Introduction
Knowledge regarding various relationships existing between costs and output is necessary to comprehend the concepts of equilibrium conditions of different firms under different market conditions. Basically we require data on output, fixed costs, variable costs and the prices of inputs and outputs. From this data we finally derive all the seven cost concepts, viz.,TFC, TVC, TC, AFC, AVC, AC and MC. These cost concepts would have implications for output expansion of the firms and equilibrium position of the firms in different time periods. In the cost theory, economists use different names for cost concepts under different context. They are money costs or nominal costs, real costs, opportunity costs, economic costs, implicit costs, explicit costs, deflated costs, social costs, short run costs, long run costs, separable costs, etc.
Nominal Costs or Money Costs
These are usually expressed in money terms at current prices. Nominal costs of production refer to per unit cost of production of output at current market prices.
Real Costs
When the costs of inputs and input services are expressed at constant prices they become real costs.

Introduction

Creativity and innovation are planned alternatives that an entrepreneur can use to promote his business. Business is a creative process. Success in business today requires constant innovation. Creating new solutions to problems, and the ability to create new products or services for a changing market, is part of intellectual capital. They also provide a company or business organization with a competitive advantage. Creativity is the basis of creativity. It is a process and skill that can be developed and managed throughout the organization.

Learning Objectives

• Describe the different types of creativity and Innovation

• Explain the process of creativity and phases of innovation

Creativity Definition

Creativity has different meanings. Many researchers have said that creativity is the generation of new ideas that include a creative process or a new solution to a problem and the original resolution of problems. It can also be said that the installation of the innovative solution is easy.

2.1 Introduction
As time passes, the customers are used to the practice of having short life for the products, which they buy and use. This is because of the globalization of business and growing global competition all over the world. The companies engaged in manufacturing and selling the products which are used at large volume by households and partly by industries, introduce new models to attract customers and to have more market share. This in turn has impacts on customer buying and retention decisions of those products. Though the companies introduce new models, they are expected to keep the prices of the products at affordable ranges so that there is always a larger customer segment to buy those products. This is like egg or chicken situation, because companies introduce many new models to out beat competition and in turn customers expect improved versions of those models in shorter time intervals. This forces companies to continuously engage themselves to come out with new models or improved models which have convergence of technologies to give maximal customer satisfaction. So, creativity in product design becomes an essential requirement of the product development teams of the companies.
2.2 Product Design
Product design aims to include the following tasks to solve the problems of the users or address expected needs of customers in a given market. These tasks are human intensive.
i. Understanding end-users’ requirements
ii. Imagining alternate product ideas to address their needs

Abstract

Most farmers in India lack capital. They need credit at the right time, from the right agency, and in adequate amounts to be productive. From the farmer’s perspective. When a farmer applies for a loan from an Institutional Financial Agency (IFA), the lender must be convinced of the 3 R’s, 5 C’s, and 7 P’s, which indicate the economic viability of the proposed investments.

Abstract

This chapter examines how agricultural credit is a vital input for all agricultural development programmes. Private moneylenders used to be the main source of agricultural credit. However, this source was insufficient, costly and oppressive. To overcome this, a multi-agency approach involving cooperatives, commercial banks and regional rural banks has been adopted to provide cheaper, timely and adequate credit to farmers.

3.1. Growth Analysis

Growth and development analysis of plants provides information related to influence of various factors either negative or positive on plant growth. The basic idea of this analysis is the estimation of crop growth at various stages and finally towards the yield. It will help us to understand the performance of a genotype as well as impact of agronomic practices on the crop at any stage of growth and also on final yield. This would also identify the factors responsible for high yield and thereby provide the basis to tailor agronomic practices. The most common parameters used in growth analysis are leaf area index, crop growth rate, relative growth rate, net assimilation rate and leaf area duration.

Comparison of different cropping systems with reference to land use and yield advantages is possible through various efficiency indices. The various cropping and farming systems practiced in an area have to be properly evaluated to decide their suitability and relative advantages. The comparisons can be made with reference to many factors viz., yield, monetary, water use efficiency, nutrient use efficiency, total dry matter production, intensity of land use etc., The cropping as well as farming systems research are being perused at national level with major focus for identification of location specific efficient systems since 1990. However, on perusal of research publications we find that the data of cropping systems are interpreted in different ways with major focus only on production and net return on hectare basis. In fact, these two aspects are not the indicator of the efficiency of a particular system. Many advances have been made in recent years to identify the efficient system for a particular location. Some of the methodologies, which are of concern to crop scientists in general and agronomists in particular, are highlighted here for ready reference to the researchers, agronomists and crop planners. Different indicators of system efficiency are as follows (Gangwar et al., 2003).

Crossandra is an important tropical flowering crop valued for its attractive flowers and continuous production of loose blooms. It has particular importance in southern India, where flowers are widely used for garlands, hair decoration and religious purposes. This chapter covers the crop’s botanical characteristics, origin, distribution, genetics and commercially important varieties. It explains propagation, nursery management, climate and soil requirements, land preparation, planting, irrigation and nutrient management. Important cultural practices and plant growth management are discussed for obtaining regular flowering and good-quality blooms. The chapter also addresses insect pests, diseases, harvesting and postharvest management, including the correct method of flower collection. It provides a comprehensive production package for growers and students.

Introduction

Financial markets play a critical role in the health and stability of a nation's economy. They act as a complex network where individuals, businesses and governments can exchange financial instruments, facilitating the flow of capital and fostering economic growth. According to the World Bank, the global stock market capitalization reached a staggering $93 trillion USD in 2022, highlighting the vast pool of resources circulating within these systems. At the heart of financial markets lies the ability to connect those who possess capital with those who require it (Karpova et al?, 2020). Companies seeking to expand their operations can raise funds by issuing stocks or bonds, essentially selling a piece of ownership or a promise to repay a loan with interest. Investors, on the other hand, can utilize these markets to put their money to work, seeking returns on their investments through dividends, interest payments, or capital appreciation. This efficient allocation of resources fuels economic growth by enabling businesses to invest, innovate and create jobs.

Deep learning emerged as a serious contender in the field from a 10-year explosive computational development. Deep learning is therefore a special form of machine learning, the algorithms of which are based on the structure and function of the human brain.

Machine learning VS Deep learning

Deep learning is arguably the most efficient form of machine learning. This is so important because they know the best way to solve the problem and how to fix everything. The following is a description of deep learning and machine Learning:

Demand & Sales Forecasting

Demand: Demand usually means effective desire/ willingness for a product. It normally refers to the quantity of a product or services which the buyers are likely to purchase at different prices in a given market at a given time.

The laws of demand states that the price and quantity demanded are inversely related, other things remaining the same (income, tastes, habits, weather, season, region, price of related commodity etc.).

Demand: Wants that are supported by a price at which they can be purchased are called demand. It is a relationship that, ceteris paribus, depicts the various quantities of a good that buyers would be able and willing to buy at various prices at a particular point in time.

Demand Schedule: It is a table that displays different quantities of a good that consumers would be willing and able to buy at different prices at a specific moment, ceterius paribus.

Demand curve: A demand schedule is a graph that displays the various quantities of a good that buyers would be able and willing to buy at various prices at a specific point in time, according to Ceterius peribus. It in turn fuels growth by increasing demand for industrial goods..

The arc slopes left to right in a descending direction.

5.1. Meaning
Demand in economics means a desire to possess a good supported by willingness and ability to pay for it. If you have a desire to buy a tractor, but do not have the adequate means to pay for it, it will simply be a wish, a desire or a want and not demand. Demand is an effective desire, i.e., a desire which is backed by willingness and ability to pay for a commodity in order to obtain it. In the words, “Demand means the various quantities of a good that consumer willing and able to purchase at various price during a particular period of time in a given place/market”. Thus, demand in economics implies both the desire to purchase and the ability to pay for a good.
5.2. Definitions
1. According to Prof. J M Keynes, “emphasized the importance of effective demand, which is the total amount of goods and services that consumers are willing and able to purchase at various price levels, taking into account their income and other factors”.
2. According to Alfred Marshall, “the amount demanded of a commodity is the amount that buyers are able and willing to purchase at a given price in a given time period.”
3. According to John Maynard Keynes: “demand as the total amount of goods and services that individuals, businesses and the government are willing and able to purchase at various price levels”.
4. According to Milton Friedman “demand as the quantity of a good or service that people are willing to buy at a specific price, influenced by their utility and income”.
5. According to Paul Samuelson “demand as the quantity of a product that consumers are willing to buy at different prices, holding other factors constant”.

Kaushik Kumar

Design Thinking

Design thinking has emerged as one of the skill set in the recent competitive environment.Basic science has been mainly involved in development of various models that fulfills the requirements of engineering domain.

However, the engineering graduates being produced did not possess the required industrial skills and hence were perceived by academia and industrialists as ineligible to be employed in various industries.

1.    Normally economic growth refers to ___________.

(a) Growth in actual nominal per capita output

(b) Growth in potential real per capita output

(c) Growth in actual real per capita output

(d) Growth in potential real per capita output

2.    Which one of the following is not true about economic development?

(a) Problem of under developed country

(b) Its discontinuous and spontaneous change

(c) It means more output only

(d) Its innovative process

4.1 Introduction

There are some mathematical tools that are applicable in solving the mathematical problems related to the subject matter on “Economic Theory”. Differential calculus is one of those mathematical tools. Hence the useful theory of differential calculus will be discussed in this chapter.

4.2 Differentiation

The mathematical term “Differentiation” is involved in finding the rate at which a variable quantity changes.

In the theory of “Differential Calculus” we are concerned fundamentally with the “Rate of Variation” in a function y = f(x) with respect to the change in other variable (Independent Variable X) on which the dependent variable ‘Y’ depends through a relation Y = f(x).

Introduction

In agriculture, plant diseases have always been a major problem, as they cause crop quality to decrease, resulting in yield. Plant disease has a range of effects from minor symptoms to serious damages in whole crop areas, which lead to high financial costs and significantly impact the agricultural economy, particularly in developing countries dependent on a single crop or on a few crops.

Various approaches have been developed to detect disease in order to avoid significant losses. Causal agents have been precisely defined by methods developed in molecular biology and immunology. However, for many farmers these techniques are inaccessible and require detailed knowledge of the field or substantial time and energy to be used. According to the United Nations Food and Agriculture Organization, most farms in the world are small and family-owned in developed countries. Such families provide food for a significant proportion of the population of the planet. However, hunger and food insecurity are not rare and there is restricted access to markets and services. For the above reasons, a great deal of work has been undertaken in order to establish methods that are sufficiently reliable and available to most farmers. Where Plant disease is an essential factor contributing to a major decline in plant production quality and quantity. Plant disease identification and classification are a significant role in improving plant production and economic development.

The economics of distribution “accounts for the sharing of the wealth produced by a community among the agents of the owners of the agents which have been active in its production”.

- Chapman

The division of the national dividend or aggregate national income among the different agents of production viz., rent for land, wage for labour, interest for capital and proft for entrepreneur is termed as distribution in economics.

Factor Market

A factor market is a market where factors of production are bought and sold. Factor markets allocate factors of production, including land, labour and capital, and distribute income to the owners of productive resources, such as wages, rents, etc.

In the factor market it is not acres of land which is being bought or sold but the services of land. Similarly neither the labour nor capital goods are being bought and sold but the services of labour and capital. Thus rent is not the price of land but

15.1. Meaning
While doing production of goods, the producer coordinates different factors of production i.e., land, labour, capital and management. In the process of distribution the returns obtained through the production activity are apportioned to these factors that are employed in the production process. Consequently land gets rent, labour gets wages and interest is paid to capital and finally organization is rewarded with profit. Such an apportionment of returns among different factors of production is called distribution. It is also called factor pricing.
15.1.2. Rent
Rent is the return for the fertility status of the land. In fact the land is defined in a broad sense. All the natural resources existing on the surface and beneath the surface of land like mines, rivers, etc., are also treated as land, from which rent is received. Some resources are publicly owned, while others are privately owned. Rent is almost zero for publicly owned resource because one cannot use it for one’s own purpose. These are meant for public welfare. Rent is expressed in two forms i.e., one is economic rent and the other is contract rent.
15.1.3. Economic Rent
Economic rent is the rent received exclusively from the use of land only. We use the term, exclusively because the rent of a building referred as the return obtained by the owner on the capital invested in the construction of building as well as the land. It is the return obtained from the combined values of both. In that case, it no longer qualifies as rent. In farming the rent paid by a tenant to the landlord is not economic rent.

Introduction

Floriculture is the branch of horticulture concerning cultivation of flowering and ornamental plants for gardens and floristry. It includes cut flowers, cut greens, bedding plant, houseplants, flowering garden and pot plants etc. It is a fast growing industry. Urbanization and rising living standards of the people has lead to steady increase in demand of flowers and flower products making floriculture as one of the most important commercial trades in Agriculture. It has been found that commercial floriculture has higher potential per unit area than most of the field crops and is therefore a lucrative business.