What is the Demand Schedule?

The demand may be defined as the amount of some product a consumer is willing and able to purchase at each price where; The price is what a buyer pays for a specific good or service per unit. The willingness to purchase suggests a desire, based on what economists call tastes and preferences.  Being able…

Recent International Economic Issues

Some recent international economic issues include: Financial conditions: Financial conditions are tightening in most regions.   War: The war between Russia and Ukraine has triggered an energy and food crisis.  COVID-19 pandemic: The COVID-19 pandemic has hurt the global economy, especially low-income households.  Inflation: Inflation has increased significantly in several countries across the world. Between…

Difference between the sectors: Primary, secondary, tertiary, quaternary, and quinary sectors

The primary, secondary, tertiary, quaternary, and quinary sectors represent various business types and the goods they procure and sell in an economic setup. They differ in the following ways:The primary sector comprises the basic industries for providing basic materials to other industries. This sector encompasses the extraction of raw materials from the environment, such as…

Jurisdictions, complaints, appeals and punishments under Consumer Protection Acts

Consumer Protection Division, under the Ministry of Consumer Affairs, Food & Public Distribution is mandated to implement the Consumer Protection Act, 2019, and Rules/Regulations made under the ibid Act. It is entrusted with the framing of policy related to the protection of the interests of the consumers particularly those grievances arising in the post-sale of goods and services. Jurisdictions: The…

Objectives of Economic Planning

Economic planning is the procedure through which a State makes or influences key economic decisions.  The Indian government has come up with various objectives such as utilizing the country’s human resources by increasing employment level, economic development, self-sufficiency, and social justice, in its economic planning. Economic Development and self-sufficiency are the major objectives of Indian…

Definion of Economic Planning

It is not possible to give any precise or universally acceptable definition of Economic Planning. There is no unanimity among political thinkers and economists about the concept of planning. Different economists across the world have defined economic planning in a variety of ways. Mrs.Brbara Wooton the Director of studies in economics at Girton defines  “Economic…