WELCOME TO YOU  I heartily welcome you to read about the concept of inflation, It's Types, causes along with measurements or precautions to control inflation and also the concept of trade cycles, causes/phases, Phillips curve (Related to inflation and employment), Deflation and Stagflation. Note Link each topic to the Economy and write the reasons equally which are responsible to a consequence such as inflation. recurring reasons to a topic is ok. Think wider because it is aggregate value. Relate each concept. ------------------------------ Concept of inflation Inflation refers to an increase in general price level is called as inflation. It is a situation in which general price levels rises. the purchasing power of money will decreases or the value of money falls down. It is a continues rise in price value due to more supply of money in the market.  simply, it's a situation where there is more availability of money than the availability of goods produced in the country. Inflat

WELCOME I  heartily welcome you to read about the various factors which are responsible to save income and to determine the level of aggregate consumption. It is Macro Economics so, all the concepts are considered as aggregate (Total) values.  Consumption function The concept of consumption function is introduced by J.M Keynes a British economist. That's why it is also called as "Keynesian consumption function". according to Keynes it is useful to find out the aggregate values of consumption and expenditure in an economy and to predict based on available data.  Consumption function refers to the functional relationship between total consumption and the total national income when other things remains constant. This can be expressed as a mathematical formula: C = f(Y) where C refers to the total consumption. f refers to the functional relationship  Y refers to the income or disposable income. classification of determinant factors J.M Keynes classified the determinants of co

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 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 on the concepts related to territory sector or tertiary sector. Recently I've posted concepts related to agriculture and industrial sector. You can check that also in previous ones. ------------------------------ Territory Sector The territory sector is the 3rd major sector in economy which provides all vital services for the  functioning of the economy. For example, trade, commerce, banking, insurance, personal services  like health, education etc. Friends, improvement in this sector results in a countries development along with adequate infrastructure, agriculture and industrial sectors. It indirectly supports economic development and output. Infrastructure In previous posts we've already discussed about the term infrastructure. irrigation, flood control, power, transport, marketing facilities helps agriculture and rural  development. Mining and manufacturing requires power, transport, banking, communication and  et

WELCOME TO YOU I Heartfully welcome you to read this post on concepts related to agricultural  sector. These basic concepts will give clear ability to analyze concepts in more productive way. Lets Begin. after --- symbol explanation of that particular concept is written. ------------------------------ Share of agriculture in national income: In 1950 to 1951 the share of agriculture and other sectors in national income of GDP was  56.5%and it declined to 24.7% in 2000 to 2001. And farther to 13.9% in 2012 to 2013. SHARE OF AGRICULTURE IN EMPLOYMENT A very huge force of labours are engaged in agricultural sector. It was 98 millions in 1951, and  increased to 235 millions in 2001. --- India is Well-known for its agricultural methods and engagement. heavy labour force is engaged in agriculture especially in rural areas. Many industries are directly interdependent on agriculture production. Capital Formation Economic development cannot be achieved unless capital formation increases to a hig

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 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.