Scribd Logo
Upload

Welcome to Scribd!

  • 28 views

    Economics 01

    Uploaded by

    vasundharavasun0215
    This document provides an introduction to economics. It defines economics as the study of production, distribution, and consumption of goods and services. It notes that Adam Smith is considered the father of economics. It also outlines the key sectors of the Indian economy including the primary, secondary, and tertiary sectors. Finally, it discusses features that characterize India's economy as a developing, mixed economy with a historical reliance on agriculture.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Economics 01

    Uploaded by

    vasundharavasun0215
    28 views5 pages
    This document provides an introduction to economics. It defines economics as the study of production, distribution, and consumption of goods and services. It notes that Adam Smith is considered the father of economics. It also outlines the key sectors of the Indian economy including the primary, secondary, and tertiary sectors. Finally, it discusses features that characterize India's economy as a developing, mixed economy with a historical reliance on agriculture.

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document provides an introduction to economics. It defines economics as the study of production, distribution, and consumption of goods and services. It notes that Adam Smith is considered the father of economics. It also outlines the key sectors of the Indian economy including the primary, secondary, and tertiary sectors. Finally, it discusses features that characterize India's economy as a developing, mixed economy with a historical reliance on agriculture.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    28 views5 pages

    Economics 01

    Uploaded by

    vasundharavasun0215
    This document provides an introduction to economics. It defines economics as the study of production, distribution, and consumption of goods and services. It notes that Adam Smith is considered the father of economics. It also outlines the key sectors of the Indian economy including the primary, secondary, and tertiary sectors. Finally, it discusses features that characterize India's economy as a developing, mixed economy with a historical reliance on agriculture.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    ECONOMICS - 01

    INTRODUCTION OF ECONOMICS
    • OIKONOMIA - ANCIENT GREEK WORD - management of a household
    ECONOMICS
    • processes that govern the production, distribution and
    consumption of goods and services in an economy.
    • study of labour, land and investments of capital, income and
    production and taxes and government Expenditures.
    ADAM SMITH - Father of Economics
    The science relating to the laws of production, distribution
    and exchange.
    ECONOMY
    • It represents production, distribution or trade and consumption
    of goods and services in a given geographical area by different
    agents, which can be individuals, businesses, organisation or
    governments.
    BRANCHES OF ECONOMY
    1.MICRO ECONOMICS
    2.MACRO ECONOMICS
    TYPES OF ECONOMICS
    1.OPEN ECONOMY
    2.CLOSED ECONOMY
    SECTORS OF INDIAN ECONOMY
    1.PRIMARY SECTOR – NATURAL RESOURCE ORIENTED
    2.SECONDARY SECTOR- MANUFACTURING
    3.TERITIARY SECTORS - SERVICES
    MIXED ECONOMY
    NATURE OF INDIAN ECONOMY
    • It is an economy, where both public and private sector co-exist.
    • The term Mixed economy was coined by JM Keynes.
    DEVELOPING ECONOMY
    Following features shows that Indian economy is a developing economy
    ✓ Low per capita income.
    ✓ Occupational pattern is primary sector dominated.
    ✓ (Heavy population pressure.
    ✓ Prevalence of chronic unemployment and underemployment.
    ✓ Steadily improving rate of capital formation.
    ✓ Low capital per head.
    ✓ Unequal distribution of wealth/assets.
    AGRARIAN ECONOMY
    • An agrarian economy is a type of economy that relies primarily on
    agricultural industry including livestock farming or corp production.
    NATIONAL INCOME OF INDIA
    • National Income (NI) is the net value of all the final goods and services
    produced by its nationals during a financial year. It is a flow concept.
    • In India, the financial year is from 1st April to 31st March. The national
    income is calculated annually.
    NATIONAL INCOME COMMITTEE (1949)
    • A national income estimate measures the volume of
    commodities and service turned out during a given
    period counted without duplication.
    NATIONAL INCOME AT CONSTANT PRICE
    National Income is measured at the base year price
    NATIONAL INCOME AT CURRENT YEAR PRICE
    National income is measured at the current year price
    • When NNP is calculated at Factor Cost (FC) it is
    called National Income.
    • This measure is calculated by deducting indirect
    taxes and adding subsidies in NNP at Market Price
    (MP).
    • The CSO released the ‘New series’ of national
    accounts with base year 2011-12 instead of the
    base year 2004-05.
    • The revisions happen every 5 years.
    • In India, Central Statistical Organisation/ Office
    (1949) has been formulating National Income.

    You might also like