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…
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…
Economists may define the subject of economics in several ways considering different aspects of the economy. In simple words, economics is fundamentally about managing scarce resources in the most satisfactory manner possible. It includes studying how societies use limited resources to satisfy unlimited wants and needs. Economics is classified into two significant parts: (i) Microeconomics…
Priority sector lending is lending to those sectors of the economy that may not otherwise receive timely and adequate credit. These sectors of the economy are identified by the Government of India and the Reserve Bank of India which consider them as important for the development of the basic needs of the country and are…
(This post elucidates Poverty Alleviation, Jobless growth, Rising Inequalities, Migration and excessive pressure on resources, possible remedies, and Pandemic situations) Poverty has many dimensions, but its causes include unemployment, social exclusion, and the high vulnerability of certain populations to disasters, diseases, and other phenomena that prevent them from being productive. Poverty Alleviation is the set…
The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. The Global Goals are a set of 17 commitments made by 193 world…
The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity. India along with other countries has signed the declaration on the 2030 agenda…
Global issues are problems of economic, environmental, social, and political concerns that affect the entire world as a community. As globalization advances, the number of issues like Clean Water, Food Security, Health, Human rights, maternal health, Girls’ access to education, digital access, Foreign Aid Budgets, Women’s Rights, Refugees, and so on has been increasing. These…
Sustainable development or ‘Sustainability for development’ refers to the development that is done without damaging the environment and other resources. In other words, Sustainable development is a development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Sustainable development simply means that resources should be…
The World Bank was established in 1944 in the name of the International Bank for Reconstruction and Development (IBRD) to help rebuild Europe and Japan after World War II. The Bank began operations in 1946, it had 38 members. At present this international development organization has members of 187 countries. The World Bank aims to…