Notes and Study material for Exams
The Price We Pay: Understanding CPI vs. WPI and Their Impact on Our Lives The cost of living is a constant concern for individuals and a key indicator for policymakers. Two crucial metrics used to measure inflation and track price changes are the Consumer Price Index (CPI) and the Wholesale Price Index (WPI). While both … Read more
The Shifting Sands of Society: A Deep Dive into Social Change Social change, a constant and dynamic force shaping the fabric of human civilization, is a multifaceted phenomenon that encompasses a wide range of transformations in societal structures, beliefs, values, and behaviors. It is a process that can be gradual, incremental, or abrupt, driven by … 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
DECISION MAKING under uncertainty The area of choice under uncertainty represents the heart of decision theory. Known from the 17th century (Blaise Pascal invoked it in his famous wager, which is contained in his Pensées, published in 1670), the idea of expected value is that, when faced with a number of actions, each of which could give rise … Read more
Regressive Taxation: A Burden on the Poor and a Threat to Equality Taxation is a fundamental aspect of any modern society, serving as the primary means of funding public services and infrastructure. However, the way taxes are levied can have a profound impact on income distribution and social equity. One particularly controversial form of taxation … Read more
History of the world will include events from 18th century such as Industrial revolution, World Wars,Redrawal of national boundaries, colonization, decolonization, political philosophies like Communism,capitalism, Socialism etc.- their forms and effect on the Society. Prehistory Prehistory is the period of time before humans developed writing systems. It is a long and complex period, with many … Read more
Stagflation: A Modern Economic Enigma The term “stagflation” might sound like an oxymoron, a contradiction in terms. After all, how can an economy experience both stagnant growth and high inflation simultaneously? Yet, this seemingly paradoxical phenomenon has plagued economies throughout history, leaving policymakers and citizens alike grappling with its complexities. This article delves into the … Read more
The Current Account Deficit: A Tale of Two Sides The current account deficit (CAD) is a key economic indicator that reflects a nation’s financial health and its position in the global economy. It represents the difference between a country’s total earnings from exports and its total spending on imports. A deficit arises when a country … Read more
Balance of Payments is a systematic record of all economic transactions undertaken by residents of one country i.e. households, firms and the government with their counterparts in rest of the world. It consists of: 1. Current Account, 2. Capital Account and 3. Reserve Account. The Current Account covers transactions in goods and Services and transfers … Read more
Tissue culture Tissue culture, a method of biological research in which fragments of tissue from an animal or plant are transferred to an artificial Environment in which they can continue to survive and function. The cultured tissue may consist of a single cell, a Population of cells, or a whole or part of … Read more