🌺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 analyzing the rate of growth of population Which leads to development of human resource as well as development of economy. Previously I've posted concepts relating to population in economics. Once visit that post for thorough analysis. Lets move forward. ------------------------------ Causes for rapid growth of Population  (population explosion) General reference to India. In India the population is increasing at high rate that is at 1.87 percent per year. According to 2011  senses the total India’s population was 121 crores. Every year in India the population is increasing  that is of 2 crores. If the growth of the population is very high that is called as population explosion.  Causes for rapid growth of population or population explosion in India In India the population is increasing at high rate due to decrease in the death rate and increase in  the birth rates. a. Causes of decline in death rate:  the main causes for

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

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

WELCOME TO YOU I heartily welcome you to read this post on the topic " National Income ". share your thoughts in the comments because they're very powerful. ------------------------------ National income National income is the total value of all final goods and services which are produced in a country during in  a financial year.  --- Simply in other words, It is calculation of all final goods and services which are produced in a country generally in a period of 1 year without double count. Various methods of calculating national income There are 3 types of measuring national income. They are: Output Method Expenditure method Income Method Dame Frances Anne Cairncross, DBE, FRSE, FAcSS (born 30 August 1944 in Otley, England) is a British economist, journalist and academic.  According to Cairncross: national income can be looked in any one of the three ways. As the national income  can be measured by adding up everybodies output , by adding up everybodies income and by add

Welcome to you! Namaste, Friends Today we're going to read a simple and small topic which is about wages and its types. Note: Share your thoughts in the comments and together make the subject very easy and practical to understand. ------------------------------ Wages Wages are remunerations which are paid to a labour for both mental and physical work done by them. in simple words, it is the amount/Price  which is paid by the firm or any organization for contribution of a person in the process of production. It may be mental work or physical work. A labour is considered to be a significant factor in the production. without his contribution or efforts, The other factors such as land and organization will remain unutilized or unproductive. Types of wages Wages are classified into 4 types. They are: Time, Peace, Money and Real wages. Time wages  If the wages are paid according to the time it is called as a time wage. generally it is for short period and many employees receive their wag

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 We're going to know few important concepts relating to foreign sector and new reforms. #Economics. ------------------------------ liberalization  The term liberalization refers to the slackening of government regulations. It implies removal of  restrictions and barriers to free trade. -- it simply means to allowing other companies to sale and purchas , transferring income, labour etc by the government. Privatization The term privatization refers to the participation of private entities in business and services and  transfer of ownership from public or (government) sector to private sector. Globalization Globalization is the process of integrating the various economies of the world without creating any  hindrances in the free flow of goods and services that is technology, capital, labor or human capital. Disinvestment Privatization of public sector undertakings by selling of part of fully taking or equity of public sector  units to the general public, mutual funds, fi