What is the Production Possibility Curve.
Production Possibility Curve It refers to the graphical representation of various possible combinations of two goods and services that an economy can produce with the …
What is Economic System ?
Concept of Economy/Economic system It refers to the system by which people earn their livelihood (food, shelter, clothing, housing, health care, etc.) The economy is …
Scarcity and Central Problems of an Economy
Concept of Scarcity: The concept of scarcity was first given by ‘Lionel Robbins’. It refers to a situation where demand for goods and services exceeds …
What is Consumer’s Equilibrium? [2021 Update]
Consumer’s Equilibrium Consumer: A person who decides what and how much to consume in order to get the satisfaction of his wants. Equilibrium: The word …
Top 30 Money And Banking Important Questions
Money And Banking Important Questions. Q1. High powered money consists of: (a) Currency and Coins held by the public (b) Currency, …
CBSE Class 12th Indian Economy Most Important Questions
CBSE Class 12th Indian Economy Most Important Questions Q1) Why Despite abolition of Zamindari system, poverty continues to be Pervasive in Indian agriculture? Ans) Despite …
What Is Reserve Bank Of India And Its Functions :
Reserve Bank Of India It is central bank of India. It was established on 1 st April 1935, Kolkata. Initially it’s headquarter was in Kolkata. …
What Is The Difference Between Nominal And Real National Income?
National Income At Current Price (Nominal National Income)/ Nominal GDP • It refers to the money value of final goods and services produced by nominal …
What Are The 5 Important Points Of Government Budget [Explained]
The Government Budget The government budget is an annual statement, showing item-wise estimated receipt and expenditure of the government during a fiscal year. It is …