Indian Economy Questions

The prime cost calculates the use of raw materials and direct labor, but does not factor in indirect expenses, such as advertising and administrative costs.

Supervisor's wages doesn;t come under prime cost.

IPR's stands for Intellectual Property Rights. Intellectual property is the product of the human intellect including creativity concepts, inventions, industrial models, trademarks, songs, literature, symbols, names, brands,....etc.

A command economy types of government decide which goods would be produced without any interference of the public.

Command economy ran in Germany during the rule of Adolf Hitler. 

A command economy tends to exist under a socialist government that provides a lot of regulation.