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stimulating exports : increasing exports will be foreign currency and add to revenue of the country . steps like export promotion, export subsidies or discounts can be adopted. 2. import quotes - the quantity of imports is limited 3. import duties - high level of taxes on imp-- help to reduce imports. 4. import restrictions - the items which can be import are restricted, this lowers the level of imports. 5. import substitutions - whatever is important fr-- other countries have countries can start their production and control imports. 6. deflation- deflation means lack of money , which mean less demand less demand will lead to low imports. 7. devaluation - means lowering down the value of currency in terms of gold and foreign currency . Devaluation makes imports expensive. depreciation - Decline in rate of exchange of one currency in terms of another so reduction in value of money in terms of dollar makes imports expensive. 9. exchange control - is where government control the inflow and outlaw of foreign exchange through central bank and limits it to only licensed importers. 10. SEZ - special economic zones allotted by government to increase exports.

Role of Economics in decision making . / objectives of business firm/economics

1. profit maximization - most important objective. profit comes resources , profit=income , expenditure. so cast should be as minimum as possible . without profit the firm cannot continue . 2. sales maximization - sales mean increase in demand sales should rise continuously therefore even sales largest are given, so that people make effort to increase sales. 3. long run survival - every business aims to survive in a long term basis, fight, competition in the market ., build . goodwill, improve quality and satisfy customers. 4. consumer satisfaction - company must be loyal to its customers they must provide what they need. provide good quality products to the consumers. 5. social welfare - every firm has some social responsibilities for welfare of the society like employment removing poverty , increase the status of living , providing hygienic working condition, medical benefits , free education to employees children. 6. growth of a firm- every firm should try to increase , the growth rate of the firm , growth to should include , should rule the competitions . market and the industry. 7. maximum returns to shareholders - shareholders are the owners of the company every firm must earn enough profit to give di-- to its shareholders. the share price should rise 8. research and development - in level of high competition research is important to improve your products so that it is better than your competitor research should be done to find out ways to reduce cost. 9. quality enhancement - make efforts to provide a product which is best for its consumers . no compromise . should be done on quality or else . a firm may lose its customers. 10. management utility maximization - separate of ownership of management . managers may look per personal wintriest and of the company . so manager should be motivated to work for the organization. 11. invention and innovation - inventor is the introductory of a new and a better product. innovation is promoting new ideas and thoughts.

Objectives of WTO 1. Implementing of the new world trade system - WTO prepares an agreement trade based on economic policies, development of its member countries and requirements of exports and imports 2. Benefits to every country - the countries need to first register themselves as member countries . WTO frames policies in such a way so that every country can benefit. it makes special provisions for excise duties to undeveloped countries . 3. Developing countries secure better share -- WTO aims that developing countries secure better position in trade as compared to others developing countries have an expanded trade system, so they need to grow to support the expanded market. 4. Demolish all hurdles - hurdles like excess tariff charges, non cooperation by developed countries with undeveloped countries. rivalry due to competition .etc. occur in trade. WTO makes efforts to overcome them. 5. Enhance competitiveness - competition helps them to produce and manufacture better products. than its competitors to its benefits to the consumers 6. Increase in production and productivity - as WTO aims to increase trade so profits will increase, as profit will increase, production will increase and to increase production , we need employees so employment will rise. 7. Utilize world resources to the best - under WTO each country has its own strength and weakness, so the resources of one should be used to overcome the weakness of other nonprofitable or poor countries 8. Improve the level of living - level of living directly depends on income or profit of each country. so WTO tries to maximize this income and profit 9. Bring transparency - no members country should hide anything from other countries or from WTO , they should not make any more personal profits or gains ,. 10. Maintain world peace - increased trade increases competition , competition may result in rivalry . so WTO insures that no such acts take place in economy . 11. Research and development 12. Control excise duties