The economic value for a society is limited to the activities that are being carried out by this society. Such activities would promote the technological progress for the society. Thus, the definition of the economic value, in an absolute sense, will reflect the volume of effort exerted, and which is compatible with specific type (according to Leibniz). In other words, it's the value to be added by the societies in their labor force. Where, in companies, this duty is the responsibility of the production manager, conversely, his responsibility is to develop the technology that parallels the approach of these companies of skilful administrative staff. And this comes under the account of the national income that classifies the additional expenditure into three vocational classifications.
Objectives and target group
How do the expenditures in the society reflect its economic value?
For clarifying this point, we will learn about expenditure kinds:
Economic Expenditures: They are about the services and jobs that give the positive economic value for the society for its significance in the production processes and the financial and subsistence division for the society families, in conformity with the technological progress. And for clarifying this point, we will present the following examples which are listed within the economic expenditures:
- Medical services: for preserving the health of the society and population. - Educational services: which are based on foundations in match with the society culture. - Scientific and engineering services: which are associated with physical commodities production, or through developing the infrastructure that helps to produce and distribute these products and commodities.
Such as the expenditures that have been carried out by any government on the management of the army or the internal security and other administrative institutions. And in general, the governments are often ranked under the institutional expenditures in the society. However, it shall be distinguished that the governments' activities fall under the item of economic expenditures, as mentioned above including the maintenance and development of the infrastructure. On the other hand, the sale expenditures such as spending on trading transactions are part of the institutional expenditures or the financial fees and the financial management in general. Where, they are non-economic expenditures, but are required for the institution sustainability.
Economic loss expenditures:
Where, they are the negative economic value in the society, which based on the expenditures because of the unemployment, criminal activities In the society, in addition to the non-ethical activities. They usually require intensive physical efforts.
In a form that allows the definition of economic value with the final practical procedures of the scientific knowledge, to extend in the end of production lines. On the other hand, in a diverse form with the trend of the scientific discoveries, which contribute to the production continuity in order to make the meaning of the economic value reflective for the principles of scientific discovery.
The British Academy for Training and Development provides several courses in the field of trade such as A role in Trading Transactions Improvement, and Business Continuity Management and Crisis Management, as well as other courses that would help in improving the economic value added to the society.
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