The budget set is the collection of all bundles of goods that a consumer can buy with her income at the prevailing market prices. The budget line represents all bundles which cost the consumer her entire income. The budget line is negatively sloping.
For an overview of Indian Economy, we should first go through the strengths of Indian economy.
Indian economy growth rate is estimated to be around seven to eight percent by year Dadabhai Naoroji was the first to calculate the national income of India. His theory is popularly called the Economic Drain Theory. Thats when economy of India came into discussion as an entity, prior to that it was just Economics notes scramble of princely states and colonisers.
Thats all the history there for time being. Introduction to Indian Economy: Inequalities in income distribution. Rapidly growing population with 1. Unemployment in India is mainly structural in nature.
Low rate of capital formation due to less saving rate. Dualistic Nature of Economy features of a modern economy, as well as traditional. Agriculture in Indian economy: This is because Indian economy is based on agriculture. According to the survey of Indian agriculture contributes India is the second largest sugar producer in the world after Brazil.
In tea production, India ranks first. Uttar Pradesh is the largest producer. Punjab and Haryana is then the second and the third largest producer of wheat. The principal food grain in India is rice.
West Bengal is the largest producer. Uttar Pradesh is the second largest producer of Punjab and is the third largest producer of rice.
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The national income is the sum total of the value of all the final goods produced and services of the residents of the country in an accounting year. Central Statistical Organization is under the Department of Statistics. CSO was founded by Prof.
Gross Domestic Product GDP is the money value of final goods and services produced in the domestic territory of a country during the accounting year. When the economic activity depends mainly on exploitation of natural resources then that activity comes under the primary sector.
When the main activity involves manufacturing then it is the secondary sector. When the activity involves providing intangible goods like services then this is part of the tertiary sector. The sector which carries out all activity through a system and follows the law of the land is called organized sector.
Moreover, labour rights are given due respect and wages are as per the norms of the country and those of the industry. Labour working organized sector get the benefit of social security net as framed by the Government.
Certain benefits like provident fund, leave entitlement, medical benefits and insurance are provided to workers in the organized sector. These security provisions are necessary to provide source of sustenance in case of disability or death of the main breadwinner of the family without which the dependents will face a bleak future.
Small shopkeepers, some small scale manufacturing units keep all their attention on profit making and ignore their workers basic rights. Companies which are run and financed by the Government comprises the public sector. After independence India was a very poor country.
India needed huge amount of money to set up manufacturing plants for basic items like iron and steel, aluminium, fertilizers and cements. Additional infrastructure like roads, railways, ports and airports also require huge investment. Companies which are run and financed by private people comprise the private sector.
Companies like Hero Honda, Tata are from private sectors.“The govt has given the MPC an inflation target of CPI 2.% +/ Therefore Monetary policy will be designed in order to achieve this goal ” Factors that might initiate and sustain a period of persistent inflation.“Inflation occurs when there is a continuous increase in the general price.
David A. Latzko Business and Economics Division Pennsylvania State University, York Campus office: 13 Main Classroom Building phone: () A system that coordinates choices about production with choices about consumption, and distributes goods and services to the people who want them.
Since economics exists to study the decisions made with limited resources, economists collect and analyze data on how individuals and societies utilize their .
1 MICROECONOMICS is about 1. Buying decisions of the individual 2. Buying and selling decisions of the firm 3.
The determination of prices and in markets. 1.
Introduction to Economics Lecture Notes 1. Economics Defined - Economics is the study of the allocation of SCARCE resources to meet unlimited human wants. a. Microeconomics - is concerned with decision-making by individual economic agents such as firms and consumers. b. Macroeconomics - is concerned with the aggregate performance of the entire.