Basic Indian Economy PDF For UPSC Exams
Basic Indian Economy PDF For UPSC Exams
Today, we are sharing an Basic Indian Economy PDF For UPSC Exams . This Basic Indian Economy PDF is very useful for the upcoming competitive exams like SSC CGL, BANK, RAILWAYS, RRB NTPC, LIC AAO, and many other exams. This is Basic Indian Economy PDF For UPSC Exams very useful for the upcoming competitive exams like SSC CGL is very important for any competitive exam and this is very useful for it. this FREE PDF will be very helpful for your examination.
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Topics Include In
- Definition of Economy
- Types of Economy
- Determination of Prices In Market
- Classification of Other Countries According their Economy
- Different Factors of Production
- Different Sectors of Production
- Characterstics of Economy
- Problems of Poverty In India
- Concept of Poverty Line
- Different Measurements of Poverty
- Estimates of Poverty
- Causes of poverty
- Cyclic Flow Of Income
What is the definition of economy?
Put simply the economies involve all production and consumption-related activities as well as the trade of goods and services in a country. An economy is often synonym of the economic system. Therefore, it includes the distribution of resources to the factors of production as well the labor and capital required for the production factors to produce an output.
Also, based on the openness of an economy, it is classified as an open economy and closed economy, or a planned economy where the government has the entire control of the factors of production and how they will be allocated like for example in the ex-Communist countries.
Introduction of National income:- is an uncertain term which is used interchangeably with national dividend, national output and national expenditure. On this basis, national income has been defined in a number of ways. In common parlance, national income means the total value of goods and services produced annually in a country.
In other words, the total amount of income accruing to a country from economic activities in a year’s time is known as national income. It includes payments made to all resources in the form of wages, interest, rent and profits.
- Definitions of National Income
- Concepts of National Income
- Methods of Measuring National Income
- Difficulties or Limitations in Measuring National Income
- Importance of National Income Analysis
- Inter-Relationship among different concept of National Income
1. Definitions of National Income:
The definitions of national income can be grouped into two classes: One, the traditional definitions advanced by Marshall, Pigou and Fisher; and two, modern definitions.
The Marshallian Definition:
According to Marshall: “The labour and capital of a country acting on its natural resources produce annually a certain net aggregate of commodities, material and immaterial including services of all kinds. This is the true net annual income or revenue of the country or national dividend.” In this definition, the word ‘net’ refers to deductions from the gross national income in respect of depreciation and wearing out of machines. And to this, must be added income from abroad.
Though the definition advanced by Marshall is simple and comprehensive, yet it suffers from a number of limitations. First, in the present day world, so varied and numerous are the goods and services produced that it is very difficult to have a correct estimation of them.
Consequently, the national income cannot be calculated correctly. Second, there always exists the fear of the mistake of double counting, and hence the national income cannot be correctly estimated. Double counting means that a particular commodity or service like raw material or labour, etc. might get included in the national income twice or more than twice.
And Many More….
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