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Computer has become the nerve center of every business. Now computers have changed the way some businesses and industries function. Computers have become so fundamental to modern society that without them our economy would grind to a halt. They are such flexible tools that most people in the business community use them every day. Office workers use them to write letters, keep employee rosters, create budgets, communicate with business partners locally and internationally, find information, and manage projects and so on. You can send your letters, orders, and messages in any part of the world through e-mail, in seconds, with almost no cost. Businessman can communicate with foreign clients at any time. Computers are very vital in accounting departments. For organizing and manipulating large sets of numbers, which accounting department do daily, computers are now considered essential. Computers are used to juggle budgets, create purchase orders, track expenses and income. Any time we go to the bank, renew a subscription, call information for a phone number or buy something out of a catalog, we are benefiting from computers. Computers have assumed much importance in the modern business world.. In business they process and keep record, payrolls and do other jobs. They have helped in making credit cards issued by institutions like visa. Twenty first century is definitely an age of information technology. Such technology is now needed in all walks of life. This technology has become every much sophisticated and advanced in Western countries. If we want to keep pace with other nations of the world then we have to adopt his novel technology in our every walk of life.
205 B. COM – 2005EXTERNAL For details of each question please see relevant ChapterQ-1 (a) = Differentiate between economic growth and economic development. Explain factors responsible for economic development.DIFFERENCE BETWEEN ECONOMIC DEVELOPMENT AND GROWTHEconomic developmentmeans increase in output of goods and services in an economy. Economic development is more important than economic growth because economic development is wider and more comprehensive process than economic growth.Economic development is a process of economic transition involving structural transformation of an economy through industrialization, raising gross national product andper capita income. Economic development is a qualitative termsbecause it indicates continuous increase in the real national income and structural changes in the economy of a country.Economic growthis a quantitative termbecause it represents quantitative increase in production of goods and services in an economy. Economic Growth is a steady process by which the productive capacity of an economy increases overtime to bring about rising levels of national output and income. Economic growth is the name of moreproduction.