Routine Procedure

Computers perform all routine work more quickly than experienced clerks. They prepare pay rolls, keep track of inventories, bill customers. Computers must be supervised otherwise they will make the same mistakes over and over unless they are given the correct instructions. The computer cal also store and up to date an employee's personal file, catalog his promotions and job transfers and even keep track of the the he has clocked in late.

Accounting and Billing

Computer easily accurately and quickly records all transactions and prepare all sorts of sales accounts, bills and invoices. It can address the envelops and send reminders when payments is delayed. The computer can also name the items sold and dispatched, this information to the warehouse. In retail stores, the cash register tape is the first step at a unified composition controlled system. The cash register tape is fed into a memory input which not only records the amount of sale and tax connected, but kept track of inventory and send orders for replacement.

Routing

Routing may be defined as the selecting of routes over which each pile is to travel in transformed from raw material to the finished products. The object of routing is to determine the best and cheapest sequence of operations and to ensure that this sequence is followed. Foremen or engineers in advance factional production, how work is to be processed and which machines are to be used. It may be noted that routing is automatic in continuous industries.

Planning

This is the first step of production management. Productions is planned according to the regular and casual demands of the product. When an order from customers is received, the production manager breaks it down into a complete list of necessary material and processes to manager compare the list of requirements with the machinery in any department is made good and production is about to begin.

Guidance of Poloticians

Economics is called "Political Economy" also because Economics and politics are closely related. Political decisions influence economics while Economic decision influence political attitude. Study of economics enables a political to understand the economic problems of the people and to adopt the right policies to solve them. A successful and good politician is a good economist also.

Understanding the Other Subjects

Since economics is a social science therefore it has link with other subjects being studied in the society like history, geography, psychology, mathematics etc. When the comparative study of economics is launched, we come to know about subjects also.
Practical Importance:
Studying economics is advantageous theoretically only but is commands practical importance.

Reasoning Power

Study of economics develops reasoning power because this study creates the quality of crating relationship between the cause and effect. Whenever he says anything, it is supported by convincing reasons. If any statement is made supported by reason, it can't be refuse to accept.

Synchronization With Economic Situation

The modern society keeps every now and then, if we do not study, we would not be capable to adjust over selves with the rapidly changing conditions. For synchronization with the economic situations, it is necessary that we must be aware about inflation, balance of payment, unemployment, tax system, agriculture, industry, Fiscal Policy etc.

Thrifting Attitude

Through the study of theory of consumption, it is revealed that how one can increase in his individual satisfaction? In other words, it depends on austerity which increase savings and saving is the basic condition for investment and economic development.

Widening Mental Spectrum

The man, with the help of economic study, can understand the economic realities of life like what is relationship between savings and investments , what meant by price level and how fare this concept near to the reality, what advantages can be cultivated by promoting exports and restricting imports etc. The understanding of these topic widens the mental horizon and reasoning power.

Sense of Responsibility

Study of economics creates the sense of responsibility towards the society. The society needs goods and services therefore, economic study creates the sense that how to synchronize the human activities with the material resources so that the consumption need of the society can be fulfilled.

Importance for Bureaucrats

The basic problem of the under developed countries is that the head ship of economic institutions is assigned to those who does not know 'e' of economics. Consequently, their departments do not work properly due to which economic development and growth retards. The study of economics for the Government Officers, therefore, is of paramount importance.

Solution of Economic Problem

We are fully aware of that the economy of every country has been facing many economic problem like inflation, industrial backwardness, general poverty, foreign indebtedness, adverse balance of payments etc. The study of Applied Economics highlights the causes of these problems and suggests remedial measures to the Government of every country.

How to Create Awarness in Citizens and Voters

Studying national income makes us better and well informed citizens. If the national income increases, Government gas more money to spend. Therefore, we can demand higher wages, Studying national income help us evaluate the performance of the Government and we can hold Government responsible if the promised growth and its benefits are not transferred at the micro level to the lower and middle class citizens.

Theory of National Income And Employment

The aspects of the economy of this reference discussed under Macro-economics includes the determinants of national income and the determinants of the determinants of equilibrium level of national income and employment etc. The alternate name of this theory, In fact, is the Macro-economics.

Theory of International Trade

Under Macro-economics that foreign trade position of a country analyzed in the sense what are the exports and imports of a country, what is the position of Balance of Payment and Balance of Trade etc.

Theory of Trade Cycle

Trade Cycles refer to the fluctuations in the level of national income. National income fluctuates from time to time. In other words, some time the economy is in the grip of boom but next time in the grip of slump. It is analyzed under Macro-economics that what is the nature, causes and effects of Trade Cycle.

Political Stability

If a country is not stable politically, the dream of economic development can't be culminated into reality, because if the Government makes a plant of development to be completed in 5 years but it is forced to leave power just after 2 years of assumption of power, whatever investment has been made in two years, would be wasted because the new Government would implement its own policy abandoning the old plan. The Government can succeed in implementing the programmed which satisfy the people and the Government can complete its tenure. Economic stability, therefore, is necessary for political stability which is possible through the study of economics only.

Planning of Development

The developing countries of the world do face the shortage of resources but they also allocate resources wrongly making the problem more serious. One of the important and modern branch of economics is Economics of Development which reveals that in which sectors the scare resources would be preferred to allocated so that maximum advantage can be cultivated. Economic Planning, therefore, is common in all countries.

Maximum Use of the Resources

Every country faces the problem of scarcity of resources therefore, leaving the known resources unexploited means nothing but the waste of resources. The resources lie idle in the developing countries due to which they remain under developed. The study of Economics of Development and Growth teaches that how to acquire maximum benefit from the available resources. Maximum utilization of resources guarantees the improvement in the living standard of the masses.

Sources of Illegal Income

Illegal Sources of income in a country includes income from Smuggling, hoarding, bribery, Prostitution, black marketing etc, because they are not earned incomes, when we compute the national income of a country, these incomes are excluded from the computation. Economic study, therefore, encourages the earning from these illegal sources.

Changes In Social Values

The people of underdeveloped countries are the followers of orthodox lines of action. They follow the superfluous customers and traditions which cause the waste of scare and precious resources. They consume lavishly on the occasions of various festivals, marriages and deaths. Waste of resources keeps the economy backward and retard economic development. Study of economics reveals that which expenditure is necessary and which is unnecessary. Avoiding unnecessary expenditure may be the guarantee of economic success and development. Economic study, in this way, changes the social values.

Centralized Economy

All the decision making authority rests with the Government. No one else is given the authority to make the economic decision even for oneself. Everyone has to follow the commands of the Government and everyone is treated like an employee of the Government.

Planned Economy

The Government in its own wisdom solves the central problems of the economy. Decision like what to produce? How to Produce? When to Produce? For whom to Produce? and how much to produce? are all taken by the Government. All the economic planning and policy making rests with the Government.