The natural resources, directly or indirectly, fulfill most of our basic needs.

Most of them cannot be used directly and need processing. The organised human effort to convert raw materials into useful products is called manufacturing. The development of industries is important for the economic growth of a country. Thus, almost all the countries in the world, big or small, rich or poor, developed or developing, are making sincere efforts to promote industrialisation. Industries help in removing poverty and unemployment. The Industrial Revolution in the 18th century, first to ok place in Great Britain and later on spread to Western Europe. It resulted in the growth and development of modern and big factories. This revolution brought in a new relationship between human beings, machines and natural resources.

Answer:
migration factors; research has it that majority of the people who migrate to foreign lands are more inclined to becoming self employed and most of them engage in businesses because of the following factors; - capital accessibility - availability of support networks - market accessibility - business experiences - employment history form previous industrial expertise. - government policies in the foreign country. upbringing factors; these may include family role models, experience got from receiving prizes etc such factors mainly look at the personal characteristics of an individual such can be; age, sex, income level, education level, place of residence. it may also include childhood experiences such as family tragedies like loss of parents, sustaining injuries e.t.c. Personality factors; these mainly look at the an individuals motivations, emotions, behaviors and personal attributes. motivations and emotions of an individual can be exhibited by the persons' desire to be independent, competitive and solver of problems. A person's behavioural characteristics can be exhibited in a person's desire to take risks, to be an achiever, to be opportunity oriented. A person's attributes are that person's preferred style e.g being an introvert or an extrovert, being a receiver or observer e.t.c..

Speculative Buying
When purchasing is done purely from the point of view of taking advantage of a speculated rise in price of the commodity it is called Speculative buying. The intent is not to buy for the internal consumption but to resell the commodity at a later date when the prices have gone up and to make a profit by selling. The items may be those that are needed for internal consumption but the quantity shall be much more than the requirement so as to take advantage of the coming price rise.

The economic benefits of speculation

Sustainable consumption level
Let's consider some of the principles that explain the causes of shortages and surpluses and the role of speculators. When a harvest is too small to satisfy consumption at its normal rate, speculators come in, hoping to profit from the scarcity by buying. Their purchases raise the price, thereby checking consumption so that the smaller supply will last longer. Producers encouraged by the high price further lessen the shortage by growing or importing to reduce the shortage.

Market liquidity and efficiency

A commodity speculator may exploit the difference in the spread and, in competition with other speculators, reduce the spread. Some schools of thought argue that speculators increase the liquidity in a market, and therefore promote [citation needed] an efficient market. But it is also true that, as more and more speculators participate in a market, underlying real demand and supply can become diminishingly small compared to trading volume, and prices can become distorted

Bearing risks[edit]
Speculators also perform a very important risk bearing role that is beneficial to society. For example, a farmer might be considering planting corn on some unused farmland. Alas, he might not want to do so because he is concerned that the price might fall too far by harvest time. By selling his crop in advance at a fixed price to a speculator, the farmer can hedge the price risk and is now willing to plant the corn. Thus, speculators can actually increase production through their willingness to take on risk.

Finding environmental and other risks[edit]

Hedge funds that do fundamental analysis "are far more likely than other investors to try to identify a firms off -balancesheet exposures", including "environmental or social liabilities present in a market or company but not explicitly accounted for in traditional numeric valuation or mainstream investor analysis", and hence make the prices better reflect the true quality of operation of the firms

Forward Buying : Forward Buying as the name suggests is the system under which buying is done with longer term in perspective. It is not meant for meeting the present consumption requirement. It is rather a commitment on part of both the buyer and the seller , normally for a period of one year. Depending upon the availability of the item, the financial policies, the economic order quantity, the quantitative discounts, and the

staggered delivery, the future commitment is decided. A few organisations do hedge, particularly in the commodity market by selling or buying contracts. Forward buying helps a firm in booking capacity of a supplier and thus often results into a safeguard against a competitor acquiring his capacity. It is usually done for Raw materials but is not limited to it. Now a days , with competition becoming globalised such an arrangement is a win-win situation for both , the buyer and the supplier.
It is a process related to retail inventories, wherein they are purchased in quantity excess to demand. This is practised by retailer when they find manufacturers selling the product at a discounted price and purchase the items bulk. Now when the price of the product is set to original price by the manufacturer, retailer can make profit by selling the item purchased at low price earlier. This is used when manufactures are overstocked and they want to clear the inventory. They give the discounts to the retailer and retailer also get benefited by getting better profit margins.

Essential Elements of a Contract

Minimum two parties :- Atleast two parties are needed to enter into a contact. One party has to make an offer and other must accept it. The person who makes the 'proposal' or 'offer' is called the 'promisor' or 'offeror'. While, the person to whom the offer is made is called the 'offeree' and the person who accepts the offer is called the 'acceptor'. Offer and acceptance :- There must be an 'offer' and an 'acceptance' to the offer, resulting into an agreement. Both offer and acceptance should be lawful. Legal obligations :- The parties must intend to create a legal obligation.The agreement sought to be enforced should contemplate legal relations between the parties to it. Lawful consideration:- A contract is basically a bargain between two parties, each receiving 'something' of value or benefit to them. This 'something' is described in law as 'consideration'. Consideration is an essential element of a valid contract. It is the price for which the promise of the other is bought. A contract without consideration is void. The consideration may be in the form of money, services rendered, goods exchanged or a sacrifice which is of value to the other party. This consideration may be past, present or future, but it must be lawful. Competent parties:- The parties making the contract must be legally competent in the sense that each must be of the age of majority, of a sound mind, and not expressly disqualified from contracting. An agreement by incompetent parties shall be a legal nullity. Free consent:- The contracting parties must give their consent freely. 'Consent' means that the parties must agree about the subject matter of the agreement in the same sense and at the same time. Consent is said to be free if it is not induced by coercion, undue influence, fraud,misrepresentation or mistake. The absence of free consent would affect the legal enforceability of a contract. Lawful object:- The object of the agreement must be lawful. An agreement is unlawful, if it is:- (i) illegal (ii) immoral (iii) fraudulent (iv) of a nature that, if permitted, it would defeat the provisions of any law (v) causes injury to the person or property of another (vi) opposed to public policy. Not expressly declared void:- An agreement expressly declared to be void under the Contract Act or under any other law, is not enforceable and is, thus, not a contract. The Contract Act declares void certain types of agreements such as those in restraint of marriage, or trade, or legal proceedings as well as wagering agreements. Certainity and possibility of performance:- The terms of a contract must not be vague or uncertain. If an agreement is vague and its meaning cannot be ascertained, it cannot be enforced. Also,the terms of a contract must be such as are capable of performance. An agreement to do an impossible act is void and is not enforceable by law. Legal formalities:- Generally, a contract may be oral or in writing. However, certain contracts are required to be in writing

and may even require registration. Therefore, where law requires an agreement to be put in writing or be registered, the same must be complied with. For instance, the Indian Trusts Act requires the creation of a trust to be reduced to writing.

Offer
There must be a definite, clearly stated offer to do something. For example: A quotation by sub-contractor to the main contractor and an offer to lease. An offer does not include ball park estimates, requests for proposals, expressions of interest, or letters of intent. An offer will lapse:
when the time for acceptance expires; if the offer is withdrawn before it is accepted; or after a reasonable time in the circumstances (generally the greater the value of the contract, the longer the life of the offer).

Acceptance
Only what is offered can be accepted. This means that the offer must be accepted exactly as offered without conditions. If any new terms are suggested this is regarded as a counter offer which can be accepted or rejected. There can be many offers and counter offers before there is an agreement. It is not important who makes the final offer, it is the acceptance of that offer that brings the negotiations to an end by establishing the terms and conditions of the contract. Acceptance can be given verbally, in writing, or inferred by action which clearly indicates acceptance (performance of the contract). In any case, the acceptance must conform with the method prescribed by the offerer for it to be effective.