Economics is a science that studies human behavior which aims at allocation of scarce resources in such a way that consumer can maximise their satisfaction, producers can maximise their profits and society can maximise its social welfare. It is...
Scarcity means shortage of goods and resources in relation to their demand.
Scarcity is the root of all Economic problem.
Father of Economics Adam Smith provided wealth definition of economics( Book- The Wealth of Nations, 1776):- Economics...
What is Central Problems Of An Economy
An economic problem generally means the problem of making choices which occurs because of the scarcity of resources. The economic problem arises because people have unlimited desires but the means to...
An economic system is the combination of those devices and institutions that decide the way in which nation’s resources are allocated in order to satisfy human wants. There are three types of economies on the basis of ownership are: Capitalist...
Uneven distribution of natural resources, lack of human specialization and technological advancement etc., hinders the production of goods and services in an economy. Every economy has to face the problems of what to produce, how to produce and...
Economy of a country includes all production, distribution or economic activities that relate with people and determines the standard of living. On the eve of independence Indian economy was in very bad shape due to the presence of British...
Economic growth is the process whereby the real national income and real per capita income of a country increases over a long period of time. It has been defined by various eminent economists also. The characteristics of economic growth...
Economic development refers to the quantitative and qualitative changes in the economy. It is a multi-dimensional process. It involves changes in multiple areas, including development of human capital, infrastructure, environmental...
Sustainable Development refers to development meeting the needs of the present generation without compromising the ability of future generations to meet their own needs. Sustainable development requires that:Renewable natural resources are used...
Since independence we all have witnessed improvements in our country in almost every sphere. This improvement in country is the result of continuous and systematic planning. Planning is considered as panacea to various social and economic ills of...
The Indian economy has the characteristics of an underdeveloped economy, a developing economy and a mixed economy.The main features of Indian Economy as an Underdeveloped Economy are as follows: 1. Low per capita income
2. Inequalities...
Poverty is a condition in which an individual fails to earn enough income to buy basic necessities i.e. food, clothing, shelter. Poverty is the biggest challenge in India.The standard of living of poor is low. They do not have access to...
Agricultural Marketing refers to the mechanism through which agricultural produce reach to the consumers in different parts of the country. Agricultural marketing involves: assembling, storage, processing, grading, packing and transportation....
Sources of Human Capital
Human capital refers to the stock of health, knowledge, motivation, physical capital and skills of an individual that is used to produce economic value. Educationally qualified, healthy, trained and skilled workers...
When we are using a four-type typology, we say that the types of unemployment are structural, frictional, cyclical, and seasonal.
Causes of unemployment
Occupational immobilities.
Geographical immobilities.
Technological...
India and Pakistan became two independent countries of South Asia in 1947 whereas People’s Republic of China was formed in 1949. All the three countries initiated the five year plan pattern almost at the same time.The economic system that...
Statistics is a mathematical science pertaining to the collection, analysis, interpretation or explanation and presentation of data. It provides tools for predicting and forecasting the economic activities. It is useful for an academician,...
Data is a collection of facts and measurement.Data is a tool which helps in reaching a sound conclusion by providing information therefore. For statistical investigation, collection of data is the first and foremost.
Sources of Data1....
Arithmetic MeanAn average or central value is a single value that represents all the items in a series or a set of data. It is also called measure of central tendency. The main objectives or purposes of averages are: it represents the whole...
Range and QuartileThe extent to which the numerical data in any distribution differs from each other is known as dispersion. Objectives of measuring dispersion are: to test the reliability of an average, to serve as a basis for control of...
CorrelationCorrelation measures the relationship between two variables so that changes in the value of one variable are accompanied with the changes in the value of other variable. When there are two variables A and B and they change in such a...
An index number is a statistical device for measuring changes in the magnitude of a group of related variables. Index numbers are expressed in terms of percentages.They are expressed in numbers. Index number facilitates the comparative study...
Various concepts of economics and statistics are expressed in terms of numbers like, demand, supply, price, national income, etc. These economic variables are often related to each other. One way to express the relationship is functions. A...
