Absolute poverty is a defined base, whereas relative poverty can change based on the society you are observing. So although relative poverty in the US can define part of the population as in poverty, they can still be living above the absolute poverty line. Absolute Poverty is used to describe a condition where an individual does not have the financial means to obtain commodities to sustain life. Relative Poverty refers to the standard of living compared to economic standards of living within the same surroundings.

Poverty is said to exist when people lack the means to satisfy their basic needs. ... Poverty has been associated, for example, with poor health, low levels of education or skills, an inability or an unwillingness to work, high rates of disruptive or disorderly behaviour, and improvidence. Inadequate food and poor or limited access to clean water- relocation in search of food and clean water drains limited resources (especially in poor economies), causing the poor to get poorer as they seek basic necessities for survival. ... Illiteracy fosters poverty.

Lack of basic amenities	Most poor households do not have access to basic amenities like safe drinking water, electricity, etc. Their primary cooking fuel is firewood and cow dung cake.
Starvation and hunger	Starvation and hunger are the main issues of the poorest family. The basic amount of food is also not available.
Malnutrition	Malnutrition is another alarming issue for the poor household. Unhealthy health, disability, and serious illness are a few reasons that make poor people physically weak.
Bigger family size	Poor families are bigger in size. They believe that more children will increase their earning capacity in the future. This makes their economic condition worse.
Limited economic opportunities	The poor lack basic literacy and skills. They do not fix employment. They have very limited economic opportunities.
Debt Trap	Rural poor generally borrow from local moneylenders at a high rate of interest. Poor people are not able to repay these debts and this pushes them into chronic indebtedness.

full employment

Full employment

In an economy directly exchange of goods and services with out involved of money

In an economy Exchange of goods and services with involvement of money

in this system we exchange goods with another goods to fulfil our wants without using money

This is the system in which we exchange goods for our daily wants without using money . This is also called double coincidence of wants.

The system in which goods are directly exchanged without the use of money.

The limitations of the barter system:

(i)Lack of Double Coincidence of Wants: Barter system can work only when both buyer and seller are ready to exchange each other’s goods.

(ii)Lack of Common Measure of Value: In the barter system, all commodities are not of equal value and there is no common measure (unit) of value of goods and services, in which exchange ratios can be expressed. 

(iii)Lack of Standard of Deferred Payment: The borrower may not be able to arrange goods of exactly same quality at the time of repayment.

When banking habits of people improve, they start holding less money as cash-in-hand. Instead, more and more money is deposited with the commercial banks. Accordingly, cash reserves of the commercial banks start rising. Higher cash reserves of the banks enable them to deposit more funds with the RBI as CRR deposits. If CRR remains constant, higher CRR-deposits with the RBI give the commercial banks legal authority to create more credit by way of loans /credit. Accordingly, availability of credit from the commercial banks is increased. 

Economic development is a process of targeted activities and programs that work to improve the economic wellbeing and quality of life of a community by building local wealth, diversifying the economy, creating and retaining jobs, and building the local tax base. Economic development includes initiatives that improve infrastructure, enhance our education system, better our public safety, improve parks, and foster endless ways to incentivize and attract new businesses and jobs.

•  Institutional sources include loans given by co-operatives, commercial banks including the SBI Group and RBI.
• Institutional sources have proper systematic legal procedure while giving loans.
• The interest rate charged in non institutional sources is very high as compared to institutional sources and people are exploited in institutional sources.

A jump in the US dollar might bring smiles and sorrow to different people such that a jump in US dollar reflects the appreciation in US dollars and depreciation in the domestic currency. So, this will be good news for the exporters of the domestic country since now the domestic products will become cheaper in the market and they will be able to sell more. On the other hand, it will bring sorrow to the importers as now the imports will decline. This is because with an appreciation of US dollars, the foreign goods will become more expensive. So, all in all the exports will increase and the imports will decline.

Legal reserve ratio refers to the minimum fraction of deposits which the banks are mandate to keep as cash themselves. The legal reserve ratio is fixed by Central bank. Legal Reserve Ratio has two components:

Cash Reserve Ratio (CRR)-It refers to cash reserves of Commercial Banks with the Central Bank as a percentage of their deposits.

Statutory Liquidity Ratio (SLR) refers to reserves in the form of liquid assets (including (i) cash, (ii) gold, and (iii) approved securities) with the Commercial Banks themselves, as a percentage of their total deposits.

Both CRR and SLR are fixed by the Central Bank, and both are a legal binding for the Commercial Banks. In this sense, both CRR and SLR are legal reserve ratios.

Distress sale refers to a situation when the farmer sell their produce immediately after the harvest

The Central government in India made a law for the Right to work in 200 districts of India is called National Rural Development Guarantee Act 2005 (NREGA, 2005). It is also known as Mahatma Gandhi National Rural Development Guarantee Act 2005 is an Indian labour law and social security measures that guarantees work. People who are able to and are in need of work are guaranteed 100 days of employment in a year by the government under this Act and the government give unemployment allowances to the people, if they fails to provide employment.

Quartiles divide the entire set into four equal parts. So, there are three quartiles, first, second and third represented by Q₁, Q₂ and Q₃, respectively. Q₂ is nothing but the median, since it indicates the position of the item in the list and thus, is a positional average. To find quartiles of a group of data, we have to arrange the data in ascending order.

Apka. Phone number kaha se milega overboard question paper send krne ke liye

I think stock concept coz invertory is measured at a point of time....isn't it??

Flow concept

Also the source of foreign exchange

1. Brings in financial resources for economic development.
2. Brings in new technologies, skills, knowledge, etc.
3. Generates more employment opportunities for the people.
4. Brings in a more competitive business environment in the country.
5. Improves the quality of products and services in sectors.

Mere pas h to economics ka preboard ka question paper 2020-21 ka pr kaise send kre

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Differentiate between labour force and work force.

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Labour force refers to the number of people who are able to work and willing to work at the existing wage rate whereas work force refers to the number of people actually in employment.

Which subject or which chapter

As an influential member of WTO, India is at the lead of building fair global laws, statutes and shields and supporting the concerns of the developing system. India has fulfilled its promises towards the liberalisation of trade, made in the WTO, by eliminating quantitative limitations on imports and decreasing tariff charges.

Code : 7/12/2020 PRE BOARD EXAMINATION ECONOMICS Time Allowed : 3 hrs Maximum Marks : 80 General Instructions: 1. This question paper contains two parts: Part A - Macro Economics (40 marks) Part B - Indian Economic Development (40 marks). 2. Marks for questions are indicated against each question. 3. Question No. 1-10 and Question No. 18 – 27 (including two Case Based Questions) are 1-mark questions and are to be answered in one word/sentence. 4. Case Based Questions (CBQ’s) are Question No. 7-10 and Question No. 24-27. 5. Question No. 11-12 and Question No. 28 – 29 are 3 marks questions and are to be answered in 60 - 80 words each. 6. Question No. 13-15 and Question No. 30 – 32 are 4 marks questions and are to be answered in 80-100 words each. 7. Question No. 16-17 and Question No. 33 – 34 are 6 marks questions and are to be answered in 100-150 words each. 8. Answers should be brief and to the point and the above word limit be adhered to as far as possible. PART A- MACRO ECONOMICS Q1. If factor cost is greater than market price, it means that (1) a) Indirect taxes < Subsidies b) Indirect taxes > Subsidies c) Indirect taxes = Subsidies d) Subsidies = 0 OR A farmer produces wheat without incurring cost of inputs and sells for Rs 1000 to a miller who grinds wheat into flour and sells for Rs. 1,200 to a baker. The baker sells bread to consumers for Rs. 1600. Calculate total value added. (1) a) 1,600 b) 2,200 c) 1,000 d) 1,400 Q2. Loans offered by commercial banks are equal to deposits received by them. True/ False. Give reason. (1) Q3. Which of the following statement is correct? (1) a) Supply of money refers to stock of money held by public at a point of time. b) Supply of money is a flow variable. c) Supply of money includes cash reserves of banks. d) Supply of money refers to bank money.

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Delhi region k h

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Bhai mumbai region ka hai... first preboard ka...

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Hey i got mumbai region's first preboard Ques.paper...want..!??

Paradox of thrift. Since start of human civilisation it was considered a virtue to keep consumption level at the minimum but the lasting effects and chain reactions of keeping consumption in check were not realised. People were taught that thrift or savings are good because a penny saved today will bring increased income. In this connection, Keynes pointed out paradox of thrift and showed that as people become more thrifty, they end up saving less or same as before. If all the people of an economy increased the proportion of income which is saved (i.e., MPS), the value of savings in the economy will not increase, rather it will decline or remain unchanged. Let us understand this statement with the help of the figure (a).
In Fig (a), initial saving curve is SS and investment curve is II. Economy attains equilibrium (saving = investment) at E and equilibrium level of income is OY. Now, suppose the society decides to become thrifty and increases saving by, say, AE. As a result saving curve shifts upward to S₁S₁ intersecting investment curve II at E₁ Unplanned inventories will increase and firms will cut down production and employment and move to new equilibrium E₁ The Figure shows that in the end, planned saving has fallen from AY to E₁Y₁. Notice at new point of equilibrium E_1,, the investment level and also realised saving remain the same (E₁Y₁) but level of income has fallen from OY to OY_1. The decline in equilibrium level of income shows the paradox of thrift as the reverse process of multiplier has worked on reducing consumption expenditure. In fact, increased saving is virtually a withdrawal from circular flow of income.

Banker’s bank functions of the Central Bank:
The Central Bank is an apex bank of all banks in the country. It has almost the same relationship with other banks in the country as a commercial bank has with its customers. The Central Bank keeps some cash balances of the commercial banks as a compulsory deposit. This is to help them during financial crises. In this way, the central bank acts as a custodian of cash reserves of commercial banks. It assists these banks through discounting of approved securities and bills of exchange.

Encouragement of Indian economy