WELCOME TO YOU I heartily welcome you to read about few important (Major) causes to explain  why India faced mass poverty.  Apart from this poverty Now a days, India is moving towards achieving economic development. The per capita income, per capita expenditure, ability to pay taxes, education, human resources are all improving. People are becoming more vigillent.  This topic is also important for 11th and 12 grade economics students. ---------- Meaning Poverty can be defined as a social phenomena in which, a session of the people in the society is enable to satisfy even their basic necessities of life. Living standards is also very low, that society is set to be with mass poverty. India is suffering from mass poverty even after 65 years of planning. Still 21.9% of population is below the poverty line.  Generally NITI Aayog is responsible to measure the poverty rates in India. Causes of poverty in India There are number of causes which are responsible for the mass poverty in India. som

Welcome To You I heartfully welcome you to read about Micro economics and Macro economics. Share your thoughts as they're very powerful. ------------------------------ Economics In previous posts, it already said that Economics is broadly categorised into 2 types or branches. Micro and Macro economics. One can say simply that micro economics is everything about Prices, Consumer behaviour, firms, households, each decisions, Individuals, etc. It mainly deals with prices and markets. Whereas, Macro economics is also another branch of economics which studies about all aspects of an economy as a whole or single unit. It studies overall performance, problems of economy, growth etc. It is based on 2 main perspectives. that is long-term and short-term analysis. Micro economics is developed by classical economists such as Adam Smith, Jean-Baptiste Say, David Ricardo, Marshall, Thomas Robert Malthus, John Stuart Mill, etc. Introduction of the terms Ragnar Frisch was the first economist to us

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