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direct tax is not shiftable on otherd but indirect is shiftable direct tax imposed on income etc.but indirect tax imposed on goods and services

Direct taxes are taxes on income, property, capital gains etc. On the other hand, indirect taxes are taxes on goods and services. ... Now, in the case of indirect taxes, the rich and poor should pay equal tax rate while they purchase a commodity. Here, indirect taxes don't consider the income of the consumer. While direct taxes are imposed on income and profits, indirect taxes are levied on goods and services. A major difference between direct and indirect tax is the fact that while direct tax is directly paid to the government, there is generally an intermediary for collecting indirect taxes from the end-consumer.

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A standard definition of economics could describe it as: a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses. In its most simple and concise definition, economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services. ... Macroeconomics - the branch of economics that studies the overall working of a national economy.

Protectionism, policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors. Tariffs refers to a tax on imports. Subsidies – If a government subsidizes domestic production this gives them an unfair advantage over competitors. Administrative barriers – Making it more difficult to trade, e.g. imposing minimum environmental standards.

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The Green Revolution in India refers to a period when Indian agriculture was converted into an industrial system due to the adoption of modern methods and technology such as the use of high yielding variety (HYV) seeds, tractors, irrigation facilities, pesticides, and fertilizers. The Green Revolution was a technology package comprising material components of improved high yielding varieties of two staple cereals (rice and wheat), irrigation or controlled water supply and improved moisture utilization, fertilizers, and pesticides, and associated management skills.

Life expectancy was 32 years but at current its 68 years

Measures initiated by the government to improve agricultural marketing are as follows:

1. Regulation of market is required to create orderly and transparent marketing conditions. In regulated markets, sale and purchase of the produce is checked by the Market Committee consisting of representatives of government, farmers and the traders.
2. Improvement in physical infrastructure is to improve the agricultural marketing. As the current existing facilities such as roads, railways, warehouses, processing units are not sufficient to meet the growing demand. Hence, government ensures the improvement in physical infrastructure.
3. Cooperative marketing is the measure taken by the government in realising the fair prices for farmer products. Farmers, as members of these societies, bargain well for better prices for their produce through collective sale.
4. The supportive policy instrument are assurance of Minimum Support Prices (MSP) for agricultural products, maintenance of buffer stocks of wheat and rice by Food Corporation of India (FCI) and distribution of food grains and sugar through Public Distribution System (PDS).

Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people. The skills provide economic value since a knowledgeable workforce can lead to increased productivity. Capital formation increases investment which effects economic development in two ways. Firstly, it increases the per capita income and enhances the purchasing power which, in turn, creates more effective demand. Secondly, investment leads to an increase in production.

During periods of growth, output rises, increasing the demand for labor and thereby decreasing the unemployment rate. Likewise, during periods of contraction, output declines, meaning companies need to lay off employees, which obviously increases the unemployment rate. Low unemployment means the proportion of jobs available is relatively high compared to the number of workers competing for those positions. Because fewer people are looking for work, employers have to offer higher wages to entice people to work for them, meaning incomes go up.

Multiplier is a double-edged weapon. It works in the backward direction as much as in the forward direction. The process of income propagation through multiplier does not work in the forward direction only. ... The higher the MPC, the greater the value of the multiplier and greater the cumulative decline in income. In economics, a multiplier broadly refers to an economic factor that, when increased or changed, causes increases or changes in many other related economic variables. In terms of gross domestic product, the multiplier effect causes gains in total output to be greater than the change in spending that caused it.

The process of money creation by the commercial banks starts as soon as people deposit money in their respective bank accounts. ... The remaining portion left after maintaining cash reserves of the total deposits is then lend by the commercial bank to the general public in form of credit, loans and advances. The money creation process is the movement of reserves from bank to bank, with each bank using excess reserves to make loans (and checkable deposits), then keeping a fraction of the reserves to back up newly created deposits.

Economic infrastructure refers to the facilities, activities and services which support operation and development of other sectors of the economy. These facilities, activities and services help in increasing the overall productivity of the economy. Infrastructure development such as transport improves productivity significantly. ... association between infrastructure and GDP growth is observed in many studies. These studies have indicated that 1 per cent growth in the infrastructure stock is associated with 1 per cent growth in per capita GDP. Natural resources are essential inputs for production in many sectors, while production and consumption also lead to pollution and other pressures on the environment. Poor environmental quality in turn affects economic growth and wellbeing by lowering the quantity and quality of resources or due to health impacts, etc.

Government budget is a statement that shows estimated reciepts and expenditure of government of one year . OBJECTIVE :-1 reallocation of resources : under this resources are allocate at that manner which is⁷ benifitical for private sector in profit making and also for government in social welfare 2:-Reduce poverty : eliminating of poverty is another objective under this govt make progessive tax and use tax in providing subsidies to poor 3:-Empolyment oppertunities :budgetary policy focus on providing more employment oppertunities best example is (mngera ) due to this many people are employed 4:-balanced regional growth :mostly backward regions are underdeveloped .under this priority is given to backward areas. This is achivied through libreal tax law. DIRECT TAX : it is tax which is paid by person to whom it is imposed 2. Burden cannot be shift 3.it is levied on indiviual 4.example :income tax INDIRECT TAX :it is tax which is imposed on one person but paid by another . 2 burden can be shift 3it is levied on goods and services 4.example :gst Hope this helpful

Objectives of a Government Budget. Briefly put, promoting rapid and balanced economic development with equality and social justice has been the general objective of all our policies and plans. General objectives of a government budget are as under:
(i)    Economic growth. To promote rapid and balanced economic growth so as to improve living standard of the people. Economic growth implies increasing capacity of the economy to produce more goods and services. Public welfare is the main guide.
(ii) &nbsp;&nbsp;&nbsp;Reduction of Poverty and Unemployment. To eradicate mass poverty and unemployment by creating maximum employment opportunities and providing maximum social benefits to the poor. Social welfare is the single most objective of the government. Every Indian should be able to meet his basic needs like food, clothing, housing along with decent health care and educational facilities.
(iii)    Reallocation of Resources. (A 2010, D 2011) To reallocate resources in line with social and economic objectives, government has to allocate resources into areas where private sector is not coming, e.g., sanitation, water supply, rural development, education, health, etc. Moreover, government provides more funds to productive sectors and draws away resources from some other sectors to promote balanced economic growth of different regions.

(iv)    Reduction of inequalities/Redistribution of income. To reduce inequalities of income and wealth government can influence distribution of income through levying taxes on the rich and granting subsidies to poor. Government uses progressive taxation policy, i.e., high rate of tax on rich people and lower rate on lower income group. Government provides subsidies and amentities to people whose income level is low. More, emphasis is laid on equitable distribution of wealth and income. Economic progress in itself is not a sufficient goal but goal must be equitable progress.

(v)    Price Stability/Economic stability. Government can bring economic stability i.e. can control fluctuations in general price level through taxes, subsidies and expenditure. For instance when there is inflation (continuous rise in prices), govt. can reduce its expenditure and when there is depression characterised by following output and prices, govt. can reduce taxes and grant subsidies to encourage spending by people.

Money supply: The volume of money held by the public at a point of time, in an economy, is referred to as the money supply. Money supply is a stock concept.

Bcuz lack of making depreciation reserve fund implies lack in replacement investment , overall investment will fall , fall in investment implies fall in output which will result in fall in income and unemployment will rise ...

Maybe for emergency purpose

NIT = indirect tax - subsidies Deprication is loss of value of fixed assets due to (a) normal wear and tear (b) accidental damages (c) expected obsolescence OR deprivation = Gross investment - Net investment

Fiscal Deficit It refers to the excess of total expenditure over the sum of revenue receipts and capital receipts excluding borrowings. It is calculated as
Fiscal Deficit = Total Budget Expenditure – Total Budget Receipts (excluding borrowings)
^or
Fiscal Deficit = [Revenue Expenditure + Capital Expenditure] – [Revenue Receipts + Capital Receipts (excluding borrowings)]
or
Fiscal Deficit = Borrowings

Definition: The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings needed by the government

Worker who works on daily wage basis is known as casual wage worker. For example:- Labour who do loading unloading of trucks daily

(i) Formal sector : All public sector and private sector establishments which employ 10 or more hired workers are called formal sector establishments. Those who work in such es-tablishments are called formal sector workers.
(ii) Informal sector: In this sector there is no hired worker. Thus, informal sector includes millions of farmers, agricultural labourers, owners of small enterprises and people working in those enterprises are self-employed.

Demand is desire backed by ability to pay and ability to spend

Demand=desire+ability to pay+ability to spend

Law of Demand The law states that other things remaining constant, quantity demanded of a commodity increases with a fall in its own price and diminishes with a rise in its own price, i.e. there exist a inverse relationship between price and quantity demanded. Geometrically, it is represented by a downward sloping demand curve.

Following table shows the distinction between a worker in formal sector and worker in the informal sector.

Basis of distinction	Formal sector worker	Informal sector worker
(i) Sector	A worker in the formal sector works in organised sector i.e., public sector establishments and big and medium-sized private establishments	A worker in the informal sector works in unorganised sector i.e., small-sized private establishments.
(ii) Nature	A worker in the formal sector is a regular worker because he is protected by various labour laws.	A worker in the informal sector is a casual worker because he is not protected by labour laws and is subject to uncertainties.
(iii) Status	A worker in the formal sector is entitled to various rights such as social security benefits, trade union etc.	A worker in the informal sector is not entitled to any rights.

A casual worker is a worker on a temporary employment contract with generally limited entitlements to benefits and little or no security of employment. ... Casual workers differ from other non-permanent workers in that they may often possess fewer rights and less protection. Casual workers refer to those workers who do not work throughout the year. They only work for few months in order to get remuneration for the work done.

Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people. ... The concept of human capital is the realization that not everyone has the same skill sets or knowledge. Also, the quality of work can be improved by investing in people's education. Human capital benefits not only the owner but also the society in general. This is called external benefit. An educated person can effectively take part in a democratic process and contribute to the socio-economic progress of a nation.

The definition of macroeconomics is a branch of economics that deals with the relationship of the major factors in an economy. An example of macroeconomics is the study of U.S. employment. Macroeconomics is a vast subject and a field of study in itself. However, some quintessential concepts of macroeconomics include the study of national income, gross domestic product (GDP), inflation, unemployment, savings, and investments to name a few.

The average income earned per person in a given area in a specified year know as per capita income

Per capita income is the measurement of money earned per person in a certain zone. In layman terms, we can say that “Per Capita income is the Income supposedly earned by a single person in a country.” It is calculated by dividing country's national income by its population. It should not be misunderstood by average income (because it includes non-employed and kids population), rather it serves as a pointer to a country's living standards. It can be applied to the average per-person income of a village, city, state or country. It can be used as a means of gauging the living circumstances and quality of life of citizens.

A fast food restaurant, also known as a quick service restaurant (QSR) within the industry, is a specific type of restaurant that serves fast food cuisine and has minimal table service. The food served in fast food restaurants is typically part of a "meat-sweet diet", offered from a limited menu, cooked in bulk in advance and kept hot, finished and packaged to order, and usually available for take away, though seating may be provided. Fast food restaurants are typically part of a restaurant chain or franchise operation that provides standardized ingredients and/or partially prepared foods and supplies to each restaurant through controlled supply channels. The term "fast food" was recognized in a dictionary by Merriam–Webster in 1951.

Arguably, the first fast food restaurants originated in the United States with White Castle in 1921. Today, American-founded fast food chains such as McDonald's (est. 1940) and KFC (est. 1952) are multinational corporations with outlets across the globe.