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Explain the meaning of economics.
Introduction to Economics: Economics is often regarded as the queen of social sciences. As a starting point, it is essential and important, firstly to know what economics is about and what is the subject matter of economics. It seeks to explain systematically a large variety of questions pertaining to economic behavior of individuals, society and…
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What is Macro economics? explain its merits and demerits.
Introduction: Macro economics is a branch of economics that deals with the study of aggregate or behavior of the entire economy. Here we study the collective functioning of the entire economy. It deals with the aggregate of the economic system rather than with the individual parts of it. Hence it is called as aggregative economics.…
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What is Macro Economics? explain its Advantages and Disadvantages.
Introduction: Macro economics is that branch of economics which deals with the study of aggregate or average behavior of the entire economy. In it we study the collective functioning of the entire economy. It deals with the aggregate of the economic system rather than with the individual parts of it. Hence it is called as…
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Explain the NEP Policy. (A Review).
New Economic Policy (LPG Reforms): A Review In 1991, India introduced the New Economic Policy (NEP), marking a major work in its economic approach. This policy is also called as the LPG policy, which means Liberalization, Privatization, and Globalization. The reforms were initiated as a response to a severe economic crisis, aiming to strengthen the…
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Write a note on public debt.
Introduction: Public debt, also known as government debt or national debt, refers to the total amount of money that a government owes to external creditors and domestic lenders. It is the result of the government borrowing to finance its spending, especially when its expenditures exceed its revenues. Public debt plays a crucial role in economic…
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explain the heads of expenditure of central govt.
Introduction: Public expenditure is expenditure which is incurred by the government for its own maintenance and for prevailing the economic and social welfare of the people. Modern governments have to perform complex functions due to the increase urbanization and industrialized. According to Adolf Wagener a German economist the government activities whether economic or non economic…
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Explain the sources of central govt. revenue.
Introduction: The income of the government through all it sources is called public income or public revenue .The need for rising revenue arises from the necessity of increasing public expenditure the following are the various sources of public revenue. The sources of central govt. revenue are Sources of Revenue: Direct tax:- Taxes levied on the…
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What is balance of payment? explain the causes and measures to correct adverse balance of payments.
Introduction: The government prepares a balance sheet of foreign payments called balance of payment consisting of credit and debit terms for every year. The balance of payment statement is essentially a double entry system of record of all economic transaction between the residence of a country and the rest of the world carried out in…
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Explain the exceptions of law of demand.
Introduction: The term demand is different from desire, want; wish etc. in the language of economics the term demand has different meaning. Any want or desire will not constitute demand. Demand refers to the total or a given quantity of a commodity that are purchased by a consumer in the market at a particular price…
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Explain the composition and directions of India’s exports.
Introduction: While imports are increasing export to other countries should also increase as the exports are the payment to import. If this does not happen there would be a problem of making payment for import. If exports are not increase corresponding to increase the import, or if a country does not find out the method…