In an inflationary atmosphere, unevenly rising prices inescapably reduce the purchasing power of some consumers, which can lead to erosion of real income. Some people, who purely live on interest income such as retirees, may find it challenging to keep up with rising prices, potentially diminishing their purchasing power. When prices rise, each unit of…
Inflation is caused by a variety of causes such as increase in wages, increase in the price of raw materials, increase in taxes, decline in productivity, supply chain disruptions, rising fuel prices, increase in money supply etc. The main causes of inflation can be grouped into three broad categories viz. Demand-pull inflation, Cost-push inflation, and…
Yes. UPI can be done without the internet. Think there can be situations where we desperately need to make a payment, but the internet connection doesn’t work. You need not worry, you can make UPI payments without the internet by dialing *99#. This service can be availed on any type of phone. It works across…
We know that when demand and supply curves shift, prices adjust to maintain a balance between the quantity of a good demanded and the quantity supplied. However, if prices did not adjust to changes in demand and supply quantity, this balance could not be maintained. Under the circumstances that shift the demand curve or the…
Supply is defined as the specific product available to the market for consumption. Demand is the amount of a specific product a consumer can purchase at each price. The supply and demand are deeply correlated. These two concepts of supply and demand are tangled to create market equilibrium which defines the availability of goods in…
Equilibrium is the state in which market supply and demand balance each other, and prices become stable. Generally, an over-supply of goods or services causes prices to go down, which results in higher demand—while an under-supply or shortage causes prices to go up resulting in less demand. When the quantity demand exceeds the quantity supplied,…
The income tax department has now rolled out new functionality in the Annual Information Statement (AIS) to display the new status information confirmation process. The statement is available to all registered Taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). AIS provides details of the following large number of financial transactions undertaken by…
Demand schedules and Demand curves are tools used to summarize the relationship between quantity demanded and price. Demand schedules/ curves relate the prices and quantities demanded assuming other factors remain constant. This is called the ceteris paribus assumption. If you neither need nor want something, you will not buy it. So the demand schedule reflects…
Bank customers can now withdraw cash from ATMs without using physical cards. Even if you do not hold debit cards from your bank, still you can easily use this facility to withdraw money. Multiple banks in India have introduced interoperable cardless cash withdrawal (ICCW) enabled ATMs. The cash withdrawal transaction will be facilitated through a…
We may observe 4 types of economic planning by the Governments of different parts of the world. They are Planning by Direction and Inducement, Physical and Financial Planning, Imperative and Indicative Planning, Fixed & Rolling Plans, and Decentralized and Centralized Planning These economic systems practiced through economic planning can be classified as Traditional Economies, command…