What is inflation?how it can be controlled?

inflation

What is inflation? Describe its root causes. Also explain how it can be controlled? Inflation: Inflation means generally rising money prices of goods and services. To understand what inflation is and is not, consider the above definition in detail: Goods and services: This refers not to stocks or bonds of other financial assets, but to the tangible and intangible commodities economic agents produce and sell to one another. These are commodities to be consumed or held for future use; e.g. food, haircuts, shelter, houses, health care, schooling, cars, tractors, machine tools. Money prices: This refers to amounts of money, dollars and cents in the United States, per commodity unit, e.g., per pound of butter, gallon of gasoline, haircut, bus trip, kilowatt hours, or diesel engine. In contrast, imagine the barter prices at which one commodity trades for another; e.g., 3 gallons of a gas for 1 hour of labour, two […]

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Balance of Payment and Balance of Trade

Differentiate between balance of payment and balance of trade. Also discuss the role of International Monetary Fund in the economy of Pakistan. Balance of Payment : Balance of payments is a systematic record of all economic transactions of visible and invisible goods. The export receipts and import payments on visible goods are the balance of the trade account and is a part of the balance of payments. However, there • more to it i.e. The export receipts and import  payments. of all the services rendered is also a part of the balance of payments. Thus to add up this we may say that the balance of payments shows all the record of all the payments and receipts of a country in terms of foreign exchange. According to the original concept, the balance of international payments of a country (the home country) equalled the net receipts or payments, or changes in […]

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Different Theories of Social Change

Q.5 What is social change? Elaborate different theories of social change.                                                                        What is Social Change? Heraclitus said that it is impossible for a man to step into the same river twice. It is impossible for two reasons: the second time it is not the same river and the second time it is not the same man. In the interval of time between the first and the second stepping, no matter how short, both the river and the man have changed. Neither remains the same. This is the central theme of the Heralictean philosophy — the reality of change, the impermanence of being, the inconsistency of everything but change itself. The Social Order, 1970 (3rd ed.), Robert Bierstedt, P. 509 Social change is the alternation in pattern of social structure, social institutions, and social behaviour over time. Sociology, 1977, IAn Robertson, Worth Publishers, Inc. P. 539   There is distinction between […]

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Industrialism and Modernization

Define modernization. Explain social effects of modernization with relevant examples. Also explain different types of authority.               Industrialism and Modernization: Modernization is the process of economic and social change that is brought about by the introduction of the industrial mode of production into a society. The Process of Modernization: Only a few centuries ago, population consisted of a large, number of localized and isolated societies whose members lived on hunting, gathering, horticulture, or agriculture. The industrial revolution introduced an entirely new types of society, one that produced tremendous wealth. But, it also destroyed traditional forms of social organizations and created new ones in their place. This process of change in the early industrial societies of Europe was spread over several generations, and culture and social organizations were able to adapt to these changing conditions, but, in the less developed part of the world, change has come more rapidly and with more […]

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The Concept of Social Institution

What is meant by social institution? Elaborate the multidimensional functions and characteristics of family?   The Concept of Social Institution In every society there are certain basic social needs, it is a must for the society to meet these needs for the survival and satisfaction of its members. In each society, therefore, people create social institutions to meet these needs. What is an institution? The sociological concept of the term is different from its common usage. An institution is not a building; it is not a group of people; it is not an organization; An institution is a system of norms to achieve some goal or activity that people feel is important, or more formally, an organized cluster of folkways and mores centered around a major human activity. Institution are structured processes through which people carry on their activities. Institutions do not have members; they have followers. This is a […]

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Norms, Folkways, Values and Groups

Explain the following terms with your own examples.                             a)    Norms            b)    Folkways         c)    Values             d)    Groups   a)      Norms: Social norms are described by sociologists as being laws that govern society’s behaviors . Although these norms are not considered to be formal laws within society, they still work to promote a great deal of social control. Social norms can be enforced formally (e.g., through sanctions) or informally (e.g., through body language and non-verbal communication cues.) If people do not follow these norms then they become labeled as deviants and this can lead to them being considered the outcast of society. What is considered “normal” is relative to the location of the culture in which the social interaction is taking place. Norms in every culture create conformity that allows for people to become socialized to the culture in which they live. Sociology’s theorists such as Talcott Parsons and Karl […]

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