Explained: Supply, supply schedule and supply curve
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…
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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…
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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…
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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…
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NCDRC and Consumer Disputes Redressal Commissions in India
The National Consumer Disputes Redressal Commission is in short known as NCDRC. It is a quasi-judicial commission in India established in 1988 under the Consumer Protection Act of 1986 with its head office in New Delhi. The commission is headed by a sitting or retired Judge of the Hon’ble Supreme Court or sitting or retired…
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…
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