DOMESTIC TERRITORY OR ECONOMIC TERRITORY: It refers to the political frontiers of a nation within which person, capital, and goods & services can move freely. WHAT IS INCLUDED IN DOMESTIC TERRITORY? Ships and aircraft are owned and operated by normal…
METHODS OF CALCULATING NATIONAL INCOME Value-added method Expenditure method Income method In India, The Central Statistics Office (CSO) calculates India’s GDP. It comes under the Ministry of Statistics and Program Implementation (MOSPI). It gathers data and maintains statistical records. On…
MEASURES OF BUDGETARY DEFICIT REVENUE DEFICIT: It refers to an excess of government revenue over its revenue receipts during the fiscal year. Symbolically, REVENUE DEFICIT= REVENUE RECEIPT- REVENUE EXPENDITURE IMPLICATIONS OF REVENUE DEFICIT It indicates a lack of savings on…
COMPONENTS OF GOVERNMENT BUDGET Components of government budget refer to the structure of the government budget. It shows the various sources by which the government generates its receipts and areas where the government has to incur expenditure to attain its…
BALANCE OF PAYMENTS BOP: The balance of payments of a country is a systematic record of all economic transactions b/w its residence and the rest of the world during a fiscal year. Significance of Balance Of Payments A/c: This shows…
Demand The term demand is used in a different sense in economics in the normal course of action the desire or wants to purchase a commodity is termed as a demand, for example, Mr. X wants to buy an Audi…
Questions Of Poverty ? Q1. Define Poverty? Ans. It refers to a situation where a person is unable to fulfill basic requirements of life such as food, shelter, clothing, health & education. Q2. Define “Headcount ratio”? Ans. When the no….
Questions on Human Capital Formation Q1. Define Human Capital? Ans. It refers to the stock of skill, ability, expertise, Education, and Knowledge in a nation at a point in time. It is a stock concept. Q2. Define Human Capital Formation…
Positive and Normative science explained Meaning of Positive Economics POSITIVE STATEMENTS :Positive statements/ Science/ Economics: – they are that statements in which analysis is confined to cause and effect relationship but it does not pass any value judgment. It deals…
Micro and Macro Economics Explained Microeconomics: – The term Microeconomics is derived from the Greek word “MIKROS”. Meaning “Small”. The term was first coined by economist Rangar Frish in 1933. Thus, it is the Micro Scopic study of an economy….