ECONOMY CLASS 6-09/08/2021
INFLATION: · Inflation refers to the rise in the prices of most goods and services of daily or common use, such as food, clothing, housing, recreation, transport, consumer staples, etc. Inflation measures the average price change in a basket of commodities and services over time. · Rise in general level of prices of goods and services in an economy over a period of time. · Money loses its value or purchasing power of currency is falling. · Too much money chasing too less goods. TYPES OF INFLATION: 1.…
Economy - Class 5 - 04/08/2021
Recall last class - GNP (Gross National Product) GNP = GDP + NFIA Let, II = Income from Indians residing in India IF = Income from foreigners residing in India NRI = Income from Non-residential Indians So, GDP = II + IF and NFIA = NRI - IF Hence, GNP = [II+IF] + [NRI -IF] GNP = II + NRI, thus GNP is an indicator of the quality of goods made by Indians. Q: When net factor income from abroad is zero, which of the following is correct? Gross National Product is equal to Net National Product Gross Domestic Product is equal to Gross National Produc…
Economy CLASS 4 - 28 / 07/ 2021 LEO Club of CEG
Yesterday we saw the basic concepts related to the calculation of National Income Expenditure method of calculating the National Income : Y= C + I+ G + X -M Where, C- consumption expenditure I - Investment expenditure G- Government expenditure X- expenditure done by foreign players ( or) export expenditure M- expenditure done on foreign goods and services ( or) Import expenditure . Income method of calculating the National lncome: Y= W+ P+In+R Where, W- Wage received by labour P- profit earned by entrepreneur In- …
Economy Class -1 ( 26- 06-2021)
Economy Class 1: Economics: It is the study of management of resources. It involves a detailed study at micro level. Economy: It is the study of production,distribution and consumption of goods,services, wealth,tax etc within a country and between different countries and its effect on world resources ,people and associated factors. It involves a macro level study. The word economy is derived from a Greek word ' Okonomia' ,which means ' House management ' . Three broad classifications of resources: 1) Natural resource 2) Huma…
