Is the process of planned development of a traditional and largely pastoral society-into a modern developed country through setting up of industries and adoption of superior technology in all spheres of the economy.

It is interested in the development of scientific principle that can be applied to obtain information about the group of data by testing only a small portion of the group.

A view that emphasizes the importance and worth of each individual. In economics it connotes that individuals serve the interest of the public best by aiming at furthering their own self-interest.

These are needs concerned with the individuals in the group and encompass knowing individuals personally and perceiving their abilities; also dealing with personal problems.

The scope of freedom from accountability to others.

Failure on the part of the members of the organization to comply with the rules, and regulations of the organization.

Tax levied on goods and services. As distinct from Direct Tax levied on individual or corporate income.

Material costs which are not charged directly to a product.

Materials which are required in the process of production or distribution but are not a part of the product.

Labour costs which cannot be charged directly to a product.

Any labour whose contribution cannot be directly related to a product or batch of products.

Expenses which are not charged directly to a product.

An expense that cannot directly be charged to a specific project or product.

Creation of new or improved technology internally by an establishment by means of its own research and development attempts.

An apex body at the national level comprising representatives of employees, employers, and the government that discusses and recommends decisions relating to labour.

A method for comparing the general level of a group of separate but related variables in two or more situations.

A variable that can be set either to a desired value or takes values that cancot be regulated.

A person or firm hired by an organization to carry out a specific job or service.

A method employed in capital investment appraisal where there is choice between two or more projects. The net cash inflow of project X is deduced from that of project Y and the rate of return is calculated on the incremental cash flow as a ratio of incremental investment.

A method employed in the preparation of ad hoc information where consideration is given to a range or graduated or stopped changes in the level or nature of activity, and the additional costs and revenues likely to result from each degree of change are presented.