Economy of a country includes all production, distribution or economic activities that relate with people and determines the standard of living. On the eve of independence Indian economy was in very bad shape due to the presence of British...
Economic Planning: Means utilisation of country's resources in different development activities in accordance with national priorities. Goals of Planning in India Long Term Goals(To be achieved over a period of 20 years) Short Term Goals(To be...
Economic reforms or structural adjustment is a long term multi dimensional package of various policies (Liberalisation, privatisation and globalisation) and programme for the speedy growth, efficiency in production and make a competitive...
Poverty is the inability to fulfill the minimum requirement of life like food, clothing, housing education and health facilities etc. Relative poverty refers to poverty of people in comparison to other people in different region or nations....
Human capital refers to the stock of skill, ability, expertise, education and knowledge in a nation at a point of time. Physical capital refers to assets which themselves have been manufactured and are used for production of other goods and...
Rural development is a comprehensive term which essentially focuses on action for the development of area which is lagging behind in overall development of village economy. Objectives of rural development: 1. Increasing productivity of...
Work plays an important role in our lives as an individual and as members of society. A worker is an individual, who is involved in some productive activity, to earn a living. An economic activity refers to the activity performed by people to...
Infrastructure refers to all such services and facilities, which are needed to provide different kinds of services in an economy and which are essential in raising the place of economic growth of a country. It contributes to economic development...
Environment is defined as the total planetary inheritance and the totality of all resources. It includes all the biotic and abiotic elements that influence each other. All living elements-the birds, animals and plants, forests, fisheries etc. are...
All the three countries started their development path at the same time. India and Pakistan got independence in 1947 and people's Republic of China was established in 1949. All the three countries had started planning their development strategies...
Goods :In economics a goods is defined as any physical object, manmade, that could command a price in the market and these are the materials that satisfy human wants and provide utility. Consumption Goods : Those final goods which satisfy human...
Money: Money may be defined as anything which is generally acceptable as a medium of exchange and at the same time acts as a measure, store of value and standard of deferred payment. Functions of Money: Primary Functions Medium of exchang Common...
Aggregate Demand refers to total value of all final goods and services that are planned to buy by all the sectors of the economy at a given level of income during a period of time. AD represents the total expenditure on goods and services in an...
Budget is a financial statement showing the expected receipt and expenditure of Govt. for the coming fiscal or financial year. Main objectives of budget are: (i) Reallocation of resources. (ii) Redistribution of income and wealth (iii) Economic...
The balance of payment is a comprehensive and systematic records of all economic transaction between normal residents of a country and rest of the world during an accounting year. Accounts of Balance of Payments: 1. Current Account: The current...
Macroeconomics is the part of economic theory that studies the economy as a whole, such as national income, aggregate employment, general price level, aggregate consumption, aggregate investment, etc. Its main instruments are aggregate demand and...
