Pre independence India had a flourishing economy based on agriculture and handicrafts. The quality of workmanship in field on textiles and precious stones was high leading to a worldwide base for Indian products. The British policy was to turn India into an exporter of raw materials and consumer of finished goods. British economic exploitation, the decay of indigenous industries, the failure of modern industries to replace them, high taxation, the drain of wealth to Britain and a backward agrarian structure leading to the stagnation of agriculture and the exploitation of the poor peasants by the zamindars, landlords, princes.

Green Revolution refers to an increase in the production of food grains due to the use of high yielding variety (HYV) seeds, use of fertilisers, pesticides and irrigation facilities.
Reasons for implementation of Green Revolution:
At the time of independence, a large chunk of farmers were dependent on the monsoon due to which they faced innumerable problems in farming activities.
The technology and machinery used in farming were obsolete which resulted in low agricultural productivity.
Famines affected agricultural productivity in the 1940s.
Indian agriculture suffered from low productivity of food grains as more emphasis was given to cash crops during the colonial rule. This resulted in the shortage of food grains in India.
Indian farmers were dependent on landlords and rural money lenders to meet their credit requirements. Landlords and lenders exploited farmers.
The Green Revolution ensured food security to the Indian population. The motive behind implementing the Green Revolution was to increase agricultural productivity. This was possible because nearly 75% of the country's population was engaged in this sector. This resulted in a significant increase in the production of food grains.
Benefits to farmers:
Availability of inputs: It enabled farmers to use HYV seeds, pesticides, fertilisers and well-developed agricultural methods in areas where the supply of water was regular.
Scientific rotation of crops: It allowed the farmers to harvest more than two crops in a year through the initiation of short-term HYV seeds for major crops.
Credit facility: It provided farmers with sufficient credit facilities and package of inputs before the sowing season through government programmes.
Minimum support prices: It ensured farmers with reasonable prices for their produce through minimum support prices and prevented income fluctuations.

GDP per capita is nothing but GDP per person; the country's GDP divided by the total population. ... While the GDP measures only the production and services within a country, GNI also includes net income earned from other countries. Per capital GNI or per capita income is the GNI divided by the population. Faster growth in gross domestic product (GDP) expands the overall size of the economy and strengthens fiscal conditions. Broadly shared growth in per capita GDP increases the typical American's material standard of living.

Direct tax is imposed directly on the taxpayer and is paid by the taxpayer directly to the government. The incidence and impact of the tax is on the same person.

Its burden cannot be transferred to other person

It doesn't affect the prices.

For example - Income tax, property tax etc.

Agricultural credit plays an important role in agricultural development. ... In fact, facilitation of access to credit can raise amount of productive investment. Credit has a crucial role for elimination of farmer`s financial constraints to invest in farm activities, increasing productivity and improving technologies. As an important factor of production, credit must play a pivotal role in fostering an equitable distribution of the increasing agricultural income. It must be used to create productive employment for absorbing the growing numbers of underemployed in the agricultural sectors.

Rural development is important because around two-thirds of India’s population lives in rural areas. India’s development is not possible without the development of the rural sector.

A regulated market is a market over which government bodies or, less commonly, industry or labor groups, exert a level of oversight and control. Market regulation is often controlled by the government and involves determining who can enter the market and the prices they may charge. By non-regulated market we mean a market only subject to ordinary competition regulation where the degree of competition may vary. ... In the non-regulated market, the firm has no profit regulation.

In economics, the marginal propensity to consume (MPC) is defined as the proportion of an aggregate raise in pay that a consumer spends on the consumption of goods and services, as opposed to saving it. In economics, the marginal propensity to consume (MPC) is a metric that quantifies induced consumption, the concept that the increase in personal consumer spending (consumption) occurs with an increase in disposable income (income after taxes and transfers). The proportion of disposable income which individuals spend on consumption is known as propensity to consume. MPC is the proportion of additional income that an individual consumes. For example, if a household earns one extra dollar of disposable income, and the marginal propensity to consume is 0.65, then of that dollar, the household will spend 65 cents and save 35 cents. Obviously, the household cannot spend more than the extra dollar (without borrowing).

Four sectors of the economy as follows:

1. Producer sector: It includes those involved in productive activities. It includes all producing firms in the economy. To produce goods and services, the firm hires the factors of production from the households.
2. Government sector: It acts as a welfare agency involved in maintaining law and order, defence and other services of public welfare. It also produces goods and services in public sector enterprises.
3. Household sector: It includes consumers of goods and services and also the owners of factors of production.
4. External sector: It involves in export and import of goods and the flow of capital between the domestic economy and other countries of the world.

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.

HRD Minister Ramesh Nishank announced a major CBSE syllabus reduction for the new academic year 2020-21 on July 7 which was soon followed by an official notification by CBSE on the same.

Considering the loss of classroom teaching time due to the Covid-19 pandemic and lockdown, CBSE reduced the syllabus of classes 9 to 12 with the help of suggestions from NCERT.

The CBSE syllabus has been rationalized keeping intact the learning outcomes so that the core concepts of students can be retained.

Click on the given link:

<a data-toggle="collapse" href="http://cbseacademic.nic.in/Revisedcurriculum_2021.html#collapse12">Revised Languages - (Group-L)</a>

<a data-toggle="collapse" href="http://cbseacademic.nic.in/Revisedcurriculum_2021.html#collapse13">Revised Academic Electives - (Group-A)</a>

<a data-toggle="collapse" href="http://cbseacademic.nic.in/Revisedcurriculum_2021.html#collapse14">Co-Scholastic Areas</a>

<a data-toggle="collapse" href="http://cbseacademic.nic.in/Revisedcurriculum_2021.html#collapse15">Curriculum Deduction Details (Deleted Portion only for the purpose of Annual Examination-2021) This has to be read along with the revised syllabus and also with the Alternative Calendar of NCERT</a>

 Flow Variables. A flow is a quantity which is measured with reference to a period of time. Thus flows are defined with reference to a specific period (length of time), e.g., hours, days, weeks, months or years. It has time dimension. National income is a flow. It describes and measures flow of goods and services which become available to a country during a year. Similarly all other economic variables which have time dimension, i.e., whose magnitude can be measured over a period of time are called flow variables. For instance, income of a person is a flow which is earned during a week or a month or any other period. Likewise investment (i.e., addition to the stock of capital) is a flow as it pertains to a period of time. Other examples of flows are : expenditure, savings, depreciation, interest, exports, imports, change in inventories (not mere inventories), change in money supply, lending, borrowing, rent, profit, etc. because magnitude (size) of all these are measured over a period of time.

GDP limits its focus to the value of goods or services in an actual geographic boundary of a country, where GNP is focused on the value of goods or services specifically attributable to citizens or nationality, regardless of where the production takes place. Over time GDP has become the standard metric used in national income reporting and most national income reporting and country comparisons are conducted using GDP.

GDP can be evaluated by using an output approach, income approach, or expenditure approach.

Formula: GDP (gross domestic product) at market price = value of output in an economy in the particular year – intermediate consumption at factor cost = GDP at market price – depreciation + NFIA (net factor income from abroad) – net indirect taxes.

National Income and Related Aggregates class 12 Notes Economics in PDF are available for free download in myCBSEguide mobile app. The best app for CBSE students now provides accounting for partnership firm’s fundamentals class 12 Notes latest chapter wise notes for quick preparation of CBSE board exams and school based annual examinations. Class 12 Economics notes on chapter 5 accounting for partnership firm’s fundamentals are also available for download in CBSE Guide website.

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<a href="https://mycbseguide.com/blog/national-income-related-aggregates-class-12-notes-economics/" ping="/url?sa=t&source=web&rct=j&url=https://mycbseguide.com/blog/national-income-related-aggregates-class-12-notes-economics/&ved=2ahUKEwiy1M_F6rXsAhWZ7HMBHb5sCWoQFjADegQIAhAC" rel="noopener" target="_blank">National Income and Related Aggregates class 12 Notes ...</a>

A market economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand. A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses. A market economy is a system where the laws of supply and those of demand direct the production of goods and services. Demand includes purchases by consumers, businesses, and the government. Businesses sell their wares at the highest price consumers will pay.