Notes and Study material for Exams
The Intertwined Tapestry: GDP, Welfare, and the Quest for a Holistic Measure of Progress The pursuit of economic prosperity has long been a central goal for nations worldwide. Gross Domestic Product (GDP), a widely used metric, has served as the primary indicator of this prosperity, measuring the total value of goods and services produced within … Read more
The Power of Production: Understanding GVA at Basic Prices Gross Value Added (GVA) is a fundamental measure in economics, reflecting the value created by an industry or sector within a specific period. It represents the contribution of that industry to the overall economy, providing insights into its productivity and growth potential. While GVA can be … Read more
Understanding Gross Value Added (GVA) at Factor Cost: A Comprehensive Guide Gross Value Added (GVA) at factor cost is a crucial economic indicator that measures the value of goods and services produced within a specific region or industry, taking into account the costs of production. It provides a comprehensive picture of economic activity and is … Read more
Unveiling the True Picture: NNP at Factor Cost (NNPFC) and its Significance The Gross Domestic Product (GDP) is a widely used metric to measure a nation’s economic performance. However, GDP alone doesn’t tell the whole story. It fails to account for the depreciation of capital goods and the indirect taxes levied on production. To get … Read more
Understanding NDP at Factor Cost (NDPFC): A Comprehensive Guide The concept of Net Domestic Product at Factor Cost (NDPFC) is a crucial metric in macroeconomics, providing a comprehensive measure of a nation’s economic output. It represents the total value of goods and services produced within a country’s borders during a specific period, adjusted for depreciation … Read more
The Circular Flow of Income: A Vital Engine of Economic Activity The economy is a complex system, with countless transactions happening every second. To understand how this system functions, economists use models to simplify and visualize the relationships between different economic actors. One such model is the Circular Flow of Income, a fundamental concept that … Read more
The Quinary Sector: A New Frontier in the Global Economy The traditional economic sectors â primary, secondary, tertiary, and quaternary â have long served as the framework for understanding economic activity. However, the rapid evolution of the global economy, driven by technological advancements and societal shifts, has necessitated the emergence of a new sector: the … Read more
The Elasticity of Demand: Understanding the Responsiveness of Consumers The concept of elasticity is fundamental to understanding how consumers respond to changes in price. In economics, elasticity of demand measures the sensitivity of the quantity demanded of a good or service to changes in its price. This sensitivity is crucial for businesses, policymakers, and consumers … Read more
The Invisible Hand: Understanding the Law of Demand and Supply The concept of supply and demand is a fundamental principle in economics, shaping the prices of goods and services in a free market. It’s the invisible hand that guides the allocation of resources, determining what gets produced, how much, and at what price. This article … Read more
The Economics of Ecosystems and Biodiversity (TEEB): Valuing Nature’s Contributions to Human Well-being The natural world, with its intricate ecosystems and diverse biodiversity, is not merely a picturesque backdrop to human life. It is the very foundation upon which our societies and economies are built. From the air we breathe to the food we eat, … Read more