WELCOME TO YOU I heartily welcome you to read this post on "Few basic concepts in economics". ------------------------------ Economic Goods Simply Economic good refers to a thing which demands price for use, buy and exchange. Economic goods are manmade such as, Pen, book, computer etc. They have cost of production. They are always limited in supply which means less than to demand. The ownership can be transferred from one to another. That's why there is value in both exchange and use. all above points refers to economic goods. Capital goods These refers to goods which are used to produce other goods. Capital goods are also called as producer goods. They are used in production process. They satisfy human wants indirectly. for example, Machinery, Tools, buildings, equipment, etc. Intermediate goods The goods which are under the process of production are called as intermediate goods or Semi finished goods. They are again transferred to different industries and factories to m

WELCOME TO YOU I heartily welcome you to read the post on these concepts.  ------------------------------ National Income It is the total value of all goods and services which are produced in a country by all sectors in an year is called as national income. or It is the total market value of goods and services produced in a country, counted without duplication  is called national income. Per capita Income Per capita income = Total national income / Total population. It is the average income earn by all people in the country. When the level of per capita income is more, Automatically the economic growth that is output is also more and that leads to its economic development. Unemployment It is a situation when a labor doesn’t get employment despite of his ability and willingness to work at  the existing wage rate is called unemployment. -- when a labour is eligible and willing to work at a existing current market price, but not in a work is called as unemployment. It is an important meas

WELCOME TO YOU I heartily welcome you to read this post about analysing the terms "Economic growth and Economic development". Share your thoughts as they're very powerful. ------------------------------ Introducing both terms The two terms namely Economic growth and Economic development are the important indicators for measuring the rate of growth in the economy which leads to gradual development. If a country can produce More output, The level of employment will be very high which leads to high level of consumption, Demand, Supply, equal distribution of income, etc. as a result, Gradually there is an improvement in the infrastructure, well-being, growth in both social and economical dimensions. So, We can conclude that the measurement of economic growth is for short period. whereas, Economic development can be achieved with economic growth in long period or long-term. Economic growth Simply the term economic growth refers to an increase in the real output of the country

WELCOME TO YOU I heartfully welcome you to read this post. In previous posts, We've already written Concepts related to Industries. to read that post: Visit  https://economics-subject.blogspot.com/2021/06/concepts-in-industrial-sector.html With that knowledge we're going to read about:  Meaning of Industries Types, Importance in economic growth major problems faced by the industry, Measures to support and promote industrial growth, How government is involved to support industries. Importance of industries in a country.  Industry Industry is one of the major sector in the economy. It increases employment, efficiency in a labour, promotes regional development, education, infrastructure etc. Simply Industry deals with extraction, conversion and production of goods  Small Scale Industries If the process of manufacturing and production is done in small scale that means on smaller amount, it is called as a small scale industry. It has number of advantages like equal distribution of i

Welcome To You I heartfully welcome you to read this post on the topic "Environment, Planning and development". Let's begin. Its very short and simple concept. ------------------------------ Balanced regional Development The development of all regions according to their potentialities is called as Balanced  Regional Development.  --- Friends, It does  not equal in every region because, the availability of resources and facilities are not same in every area. That's why the rate of development of areas is based on the availability of resources, standard of living, Government concentration, geographical status etc. Inclusive growth Inclusive growth aims at providing economic benefits to high to neglected marginalised  sections so that the economy can move towards its equitable growth. Inclusive growth is  main objective of our 11th and 12th five-year plans. It means to develop backward states. Sustainable development Sustainable development can be defined as the developm

WELCOME TO YOU I Heartfully welcome you to read this post. Let us begin. ------------------------------ Introduction In the previous post we've already discussed about the different types of wages. So, with that knowledge let us move to another small topic which is about factors influencing real wages. that means how the real wages can increase or decrease for a labour. To read more about real wages: visit  https://economics-subject.blogspot.com/2021/06/meaning-and-types-of-wages.html Factors to influence or determine or change Real wages an individual can have more real wages than others based on various reasons such as type of Job, Salary, Area of work, Reputation, etc. Let us now have a clear look on different aspects. Price level  Price level also determines the real wages. if price level is more, real wages  are less and vice versa. Similarly if price level is less, real purchasing power of money will be high. So, Here the Price level refers to the value or cost of all goods a

Introduction We all know that full employment is a rare phenomenon or situation in a country. whereas, unemployment is a general phenomenon which means it happens continuously. There are number of reasons for occurring  unemployment such as lack of human resource, capital formation, Rate of Development of infrastructural facilities, political status, etc.  However, Unemployment is the major indicator to measure the rate of development in the country. Friends,  Practically speaking, A labour/employee  in any sector from agriculture to service sector experiences the various types of unemployment in different times and seasons. It will be understood shortly by reading following types of unemployment. ------------------------------ Unemployment It is a situation when a labor doesn’t get employment despite of his ability and willingness to work at  the existing wage rate is called unemployment. The number of employed in the labour force is divided by unemployed individuals is unemployment r

Welcome to you In this post we're going to know the different types of money. ----------------------------- What is money:  Money is an important economical unit which is used for transaction. Generally money is recognized by all in the markets as a physical commodity. it is the main function to cause a transaction. ------------------------------ Types of Money Following is a list that shows the different types of money. Commodity Money: It includes Metallic coins whose face value and inner value is same. It is also called as full bodied money. Representative money: It includes coins and paper money whose inner value is less than their face value. Legal tender money: The money which is accepted as per law by every one in payment for commodities is called as legal tender money.  Optional money: These money generally created by the commercial banks. For example, drafts, cheques. Now a days it is the common mode of transactions by using this kind of money. Metallic money: This money i

WELCOME TO YOU I heartily welcome you to this post. I've written following points based on my knowledge. I may not provide full information but I'm sure you will understand the theme of subject. ------------------------------ It looks like a very simple question, but there is a lot to know while searching the meaning and about economics subject. Economics is a Social science which means it focusses on the social issues. generally a social science studies and works for the welfare of the society. It plays a vital role in Managing Resources,  Choosing wisely between wants and decision making process and also distribution of wealth. So, it is the study about how humans, business organizations, governments, countries takes the decisions and uses the resources. For example, if you have 100 R.S, generally the wants will be more but you will prioritize the spending money on the things which you needed at that time. here the problem arises to spend the money and to take good decision.