Functions of Money: Money is one of the greatest inventions of man. It represents generalized purchasing power. So it has become the object of man’s desire throughout the ages. The importance of money has been highly recognized by all the…
Adam Smith’s Definition of Economics: The set of definitions given by various economists falls into three broad classes, that view economics (i) as a science of wealth (ii) the science concerning the material welfare of man, and (iii) a science…
The Role of the Multiplier in an Underdeveloped Economy – A multiplier is an important tool of analysis in Keynesian economics. It is the basis of the theory of income generation and the mechanism through which income gets propagated. The…
Importance Of Money In The Modern Economy: The modern economy is monetary. Money occupies an important place in all the branches of economies such as consumption, production, exchange, distribution, and public finance. In the words of Marshall, “Money is the…
Actually, the meaning of the term law is quite comprehensive as there are various kinds of laws. Every science has its laws. Since economics is a science it has got its own laws. Economic laws deal with the behavior of…
Local sales tax (LST) is a number that is issued by the sales tax department for the sales of goods/business inside the state by any seller. This would differ from state to state. VAT is an indirect tax on the…
NEFT, RTGS, and IMPS are the most common payment and settlement systems in India. If you’re a business owner in India and you want to start implementing digital transactions in your business, so you should have knowledge about net banking…
The marginal efficiency of capital along with the rate of interest determines the amount of new investment. which in turn, determines the volume of employment, given the propensity to consume. In the fundamental equation Y = C +I, given by…
Green Revolution in India: The “green revolution” new agricultural strategy was adopted by the Govt. of India on the recommendation of the ford foundation of England. The new strategy was introduced in agriculture in need of 60. The strategy was…
The theory of demographic transition is a theory that throws light on changes in birth rate and death rate and consequently on the growth rate of the population. This theory explains the transition of population from one period to another…