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Ask QuestionPosted by Nishita Panchal 5 years, 11 months ago
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Yogita Ingle 5 years, 11 months ago
Externalities refer to the benefits or harms that a firm or an individual causes to another for which they are not paid.
For example, river pollution created by an oil refinery has disastrous effects on aquatic life.
It reduces the overall welfare of the society and create negative externality.
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Yogita Ingle 5 years, 11 months ago
Devaluation is the decrease in the value of domestic currency corresponding to foreign currency as planned by the Central bank, in a case, when exchange rate is not determined by the demand and supply forces but is fixed by the government of varied nations.
Depreciation is the decrease in the value of domestic currency corresponding to foreign currency, in a case, when exchange rate is determined by the forces of supply and demand in the international money market. Both depreciation and devaluation will result in the value of domestic currency in terms of foreign currency. However, the devaluation causes desired fall in the value of rupee which in turn boost the exports. The depreciation causes undesired fall in the value of rupee where the import bill of the government may become too high leading to a rise in fiscal deficit to unmanageable limits.
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Yogita Ingle 5 years, 11 months ago
Latent resources refer to potential resources. these are the resources which remain hidden and therefore idle. these are hidden simply because they are not finding any use.
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Yogita Ingle 5 years, 11 months ago
The circular flow of income and expenditure refers to the process whereby the national income and expenditure of an economy flow in a circular manner continuously through time.
The various components of national income and expenditure such as saving, investment, taxation, government expenditure, exports, imports, etc. are shown in the form of currents and cross-currents in such a manner that national income equals national expenditure.
Assumptions of the Model:
The circular flow model in a two-sector economy is based on the following assumptions.
1. The economy consists of only two sectors namely, the households and the firms.
2. It is assumed that there is no government sector in the economy, so no taxes and transfer payments.
3. The economy considered is a closed economy i.e. it is assumed that there is no foreign sector. In other words, there is no external trade in the form of imports and exports.
4. The households spend the entire income received on the goods and services. In other words, it is assumed that there is no saving in the economy.
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Yogita Ingle 5 years, 11 months ago
Autonomous consumption is the minimum consumption expenditure that an individual incurs irrespective of his income. It is the consumption of basic goods and services i.e consumption of those goods and services that are essential for living. For example, food, medicines, clothes etc. Such a consumption cannot fall to zero as it is essential for survival.
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Yogita Ingle 5 years, 11 months ago
The Industrial Policy Resolution (IPR) 1956 was adopted in order to achieve the aim of a socialist state with government controlling the major strategic industries of the economy. According to this resolution, industries were classified into following three categories Category 1 Those industries that were established and owned exclusively by the public sector. Category 2 Those industries in which public sector would perform the primary role while the private sector would play the secondary role i.e., the private sector supplements the public sector In these industries and new units could be set up only by public sector. Category 3 Those industries that are not included in Category 1 and Category 2 were left to the private sector. The government kept an indirect control on the industries in the private sector through the policy of industrial licensing. In order to initiate a new industry or expand existing capacity, private entrepreneurs were supposed to obtain license from the government. Apart from licensing, imposition of tax, tax exemptions and subsidies were used by the government to regulate private industries and bring about a reduction in regional disparities in industrial development and to keep a check on the production of goods that are socially undesirable. Hence, the government fully controlled the private sector either directly or Indirectly through the IPR 1956.
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