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MGT602 Assignment 2 Solution 2021

MGT602 Assignment 2 Solution 2021

MGT602 Assignment 2 Solution 2021

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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.