MGT602 Assignment 2 Solution 2021
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Solution
Following
Are Some Important Points
1.
Low of Living Standard
2.
Joint Family and Caste system
3.
Unproductive
Expenditure
4.
Customs and
Traditions
5.
Low Participation of Women
6.
In-efficient
Entrepreneur
1. Low of Living Standard
A low level of living is a hurdle
in the way of economic development. Our population is backward and its growth
rate is as high as 2.05 % Poor population is not provided appropriate
facilities to make a high standard of life. Low level of living, low income,
inadequate housing facilities, poor health etc. are the problems of economic
development.
2. Joint Family & Caste system
Joint family
system is also one of the main obstacles in the way of economic development. In
a joint family system, all the members of the family do not work. They depend
upon one another. Similarly, due to the caste system rich and superior class do
not work hard. 32.17 % population is working and 67.83 % is depending upon them
in Pakistan.
3. Unproductive Expenditure
Most of the expenditure of people
is unproductive like expenditure on various rural fairs and festivals. People
in developing countries prefer to keep resources in a cash form in lockers at
home. They invest in real estate and in gold and silver ornaments. These
resources can be used for economic development.
4. Customs & Traditions
In developing countries like
Pakistan, people spend a huge portion of their incomes on customs and
traditions. Sometimes they have to take part in the arrangements of rural
festivals that reduce their savings. People have to spend more on marriage,
birth and death times in our country.
5. Low Participation of Women
Almost 49 % population is female
in Pakistan and out of them only 20 '1/4, takes an active part in economic
activities. These facts are showing a little participation of women in economic
activity that is also an obstacle in the way of economic development. The woman
labor force is just 10.96 million
6. In-Efficient Entrepreneur
Due to illiteracy and lack of
training institution in our country entrepreneur is in-efficient. An in-
efficient entrepreneur is a cause of economic backwardness. The illiterate
entrepreneur cannot maintain the proper record of his business to earn maximum
profit.
