What is a circular flow of income? Q1. Explain the meaning and phase of the circular flow of income. Ans. Circular flow of income refers to the cycle of generation of income in thethe production process, its distribution among the…
Micro-Macro Paradox Explained Microeconomics depends on Macroeconomics Macroeconomics depends on Microeconomics Micro-Macro Questions [Paradoxes] The paradox is a seemingly absurd or contradictory statement, though, often atrue statement. Sometimes, there are paradoxes seen in Micro and Macroactivities. It means, an act…
Economic Policies pursued The economic policies pursued by the colonial government in India were concerned more with the protection and promotion of the economic interests of their home country rather than with thedevelopment of the Indian economy. Thus, at the…
GOOD AND BAD IMPACTS OF BRITISH GOVERNMENT EXPLAINED Good Impacts Of British Government (a) Commercial agriculture started showing green shoots. Farming gradually came to be accepted as a profitable venture rather than merely a means of subsistence. (b) Spread of…
Explain the British Rule In India – Systematic Exploitation of India. The various forms of exploitation by the Britishers on the Indian economy can be broadly analyzed with the following points. (i) India remained an agricultural country throughout the British…
Introduction of Indian economy on the eve of independence The Battle of Plassey fought in 1757 changed the destiny of our country.After this battle, India was under British rule which lasted for almost200 years or 2 centuries. India finally won…
What is Jobless Growth? FOR THE PAST MANY YEARS, I KEPT QUESTIONING MYSELF THAT DESPITE HAVINGWORLD’S THIRD-LARGEST ECONOMY IN TERMS OF GDP AND OF COURSE FORFOR SOME YEARS INDIA HELD THE RANK OF FASTEST-GROWING ECONOMY. WHY STILL INDIA IS IN…
FOREIGN EXCHANGE RATE MONEY: It refers to anything which is accepted as a medium of exchange. CURRENCY: It is a generally accepted form of money, including coins and paper notes, which are issued by the government and circulated within…
Economics as a social science INTRODUCTION TO ECONOMICS SCIENCE The word science is derived from the Latin word “Scientia” meaning knowledge. It is the intellectual and practical activity that circumscribe the systemic study of the physical and natural world through…
DEFINITION OF ECONOMICS WEALTH DEFINITION:– Adam Smith (1723-90). The great Scottish economist. WELFARE DEFINITION:- Alfred Marshall (1842-1924). The English economist. SCARCITY DEFINITION:- Lord Robbins (1898-1984). The British economist. GROWTH DEFINITION:-Paul Anthony Samuelson (1915-2009). An American economist. WEALTH DEFINITION:- Adam Smith’s…