Expenditure Method By this method, the total sum of expenditures on the purchase of final goods and services produced during an accounting year within an economy is estimated to obtain the value of domestic income.

A drawing of a graph or network diagram is a pictorial representation of the vertices and edges of a graph. The problem gets worse if the graph changes over time by adding and deleting edges (dynamic graph drawing) and the goal is to preserve the user's mental map. A diagram is a drawing to show the structure of anything or its working whereas a graph is a diagram showing the relation between variable quantities, typically of two variables, each measured along with one of a pair of axes at right angles.

HYV SEEDS

Miracle seeds or High yielding variety (HYV) seeds are helpful in increasing the production of food grains. The use of this seeds requires the use of fertilisers and pesticide in the correct quantities and regular supply of water.

Miracle seeds are the high yielding variety of seeds which combined with assured water supply fertilizer insecticides etc. would result in high production levels.

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 term multiplier is usually used in reference to the relationship between government spending and total national income. Multipliers are also used in explaining fractional reserve banking, known as the deposit multiplier.

Foreign investment adds to supply of foreign exchange. Demand remaining unchanged, it brings downward influence on the exchange rate. An increase in FDI will increase the demand for the currency of the receiving country, and raise its exchange rate. In addition, an increase in a country's currency will lead to an improvement in its terms of trade, which are the ratio of export to import prices. (See: Terms of Trade).

Infrastructure refers to all such services and facilities, which are needed to provide different kinds of services in an economy and which are essential in raising the place of economic growth of a country.

It contributes to economic development of a country both by raising the productivity of factors of production and improving the quality of life of its people.

It provides supporting services in the main areas of industrial and agricultural production, domestic and foreign trade and commerce.

The major factors responsible for high growth of the service sector are as under :
(i) Development of means of transport and communication due to globalization.
(ii) Development of banking and insurance sector due to the policy of privatization.
(iii) Expenditure on the development of infrastructure.
(iv) Investment in different service sectors due to
indigenous and foreign institutional investment.
(v) Rapid industrialisation.
(vi) Development of agriculture due to Green Revolution.

People become resource by using their skills, knowledge, productivity and abilities.When human resources is further developed by becoming more educated and healthy,we call it human capital formation.

Economic factors - some countries have very high levels of debt . This means that they have to pay a lot of money in interest and repayments and there is very little left over for development projects. Environmental factors - some places experience environmental issues, which can prevent them from developing. Differences in the economic growth rate of nations often come down to differences in inputs (factors of production) and differences in TFP—the productivity of labor and capital resources. Higher productivity promotes faster economic growth, and faster growth allows a nation to escape poverty.

• Human capital refers to the stock of skill, ability, expertie, education and knowledge in a nation at a point of time.
• Its mobility is restricted by nationality and culture.
• It though depreciates with ageing but can be made up through continuous investment in education and health.

Gross domestic product is the best way to measure economic growth. It takes into account the country's entire economic output. GDP is an accurate indicator of the size of an economy and the GDP growth rate is probably the single best indicator of economic growth, while GDP per capita has a close correlation with the trend in living standards over time.

Circular flow of income refers to the unending flow of activities such as production, income generation and expenditure involved in all the sectors of the economy.

Three Phases of Circular Flow

 The flows of production, income and expenditure form circularity with no end and beginning. Thus it is called circular flow.  Production aspect states the flow of goods and services in the economy or the process of value adding. Income or distribution aspect states the distribution of income in terms of wage, rent, interest and profit. Expenditure or disposition aspect states the disposal of income in terms of consumption expenditure or investment expenditure.

 Two-Sector Economy without Financial Market

In a simple economy, there are firms and household sectors economic activity. People from households render factor services to firms and firms hire factor services from households. Households spend their earned income completely on consumption. Products which are produced by firms are sold to consumers. Assume that there is no external trade and government in an economy. Total production of goods and services by firms are equal to the consumption of goods and services by households. Factor payments by firms are equal to the factor incomes of the household sector. Consumption expenditure of household sector is equal to income of the household sector. Money flows are opposite to real flows because factor services flows from households to firms are real flows and the factor payments made by firms to households are money flows.

• National income studies show how national expenditure is divided between consumption expenditure and investment expenditure. It enables us to provide for reasonable depreciation to maintain the capital stock of a community. Too liberal allowance of depreciation may prove harmful as it may unnecessarily lead to a reduction in consumption.
• National income statistics enable us to have clear idea about the structure of the economy. It enables us to know the relative importance of the various sectors of the economy and their contribution towards national income. From these studies we learn how income is produced, how it is distributed, how much is spent, saved or taxed.
• National income estimates help us to divide the national product between defence and development purposes. From such figures we can easily know how much can be spared for war by the civilian population.

The path and direction in the movement of goods throughout the world or placement within the supply chain. In the circular flow of the economy, money is used to purchase goods and services. Goods and services flow through the economy in one direction while money flows in the opposite direction. The factors of production include land, labor, capital and entrepreneurship.

Macroeconomics is concerned with issues, objectives and policies that affect the whole economy. All economic analysis that refers to aggregates is macro. The UK unemployment rate, the UK inflation rate, the rate of economic growth in the UK; these are all UK aggregates and therefore macro issues.

The four major objectives are:

1. Full employment
2. Price stability
3. A high, but sustainable, rate of economic growth
4. Keeping the balance of payments in equilibrium.

The main features of Industrial Policy Resolution 1956 can be identified as follows:
(1) Categorization of industries in three schedules:
Schedule A : Industries were made the exclusive responsibility of the states.
Schedule B : Industries were to be progressively state owned.
Schedule C : Industries were left open to private enterprise.
2. Due to the significance of cottage and small scale industries in the Indian economy, the state was bound to promote the use of these industries.
3. Emphasis was laid on removal of regional disparities.
4. Training of technical and managerial personnel was to receive special attention.
5. Provision of improved living and working conditions to workers was emphasised.

petition. The policy of protection is based on the notion that industries of developing countries are not in a position to compete against the goods produced by more developed economies. It is assumed that if the domestic industries are protected they will learn to compete in the course of time. Our planners also feared the possibility of foreign exchange being spent on import of luxury goods if no restrictions were placed on imports. Nor was any serious thought given to promote exports until the mid-1980s.

The budget set comprises of all bundles that are obtainable to the customer. The customer can pick his or her utilisation bundle from the set of budget.

The customer can manage to afford product B, but that point is that the product on a lower indifference curve and therefore, furnishes the customer less contentment. The optimal constitutes the best combination of utilisation of Pepsi and Burger obtainable to the customer.

In economics, it is presumed that the customer picks her utilisation bundle on the basis of her preferences and taste over the bundles in the set of budget. It is normally assumed that the customer has well interpreted preferences over the set of all possible bundles. She can compare any two bundles. In other words, between any two bundles, she either prefers one to the other or she is indifferent between the two.

It is normally presumed that the customer is a logical individual. A logical individual certainly would be aware of what is good or what is bad for him or her and in any given case, the customer always attempts to attain the best for themselves. Not only does a customer have distinct preferences over the set of obtainable bundles, they also behave according to their proclivity. From the bundles which are obtainable to them, a logical customer always picks the one which gives them utmost contentment.

National income (income method) = Compensation of employees + Profits + Rent + Interest + Mixed income of self employed - Net factor income to abroad = 700 + 600 + 200 + 310 + 350 - 10 = 2150 crores

National income (expenditure method) = Govt. final consumption expenditure+Net domestic capital formation+Net exports+Private final consumption expenditure-Net indirect taxes-Net factor income to abroad=750 + 385 - 15 + 1100 - 60 - 10 = 2150 crores.

This is a open ended question and student should use his own creative skills. A format is as below:

Format of a formal invitation

The format shall include-

1. Name of the host
2. Standard expression (E.g., request the pleasure of your company, solicit your gracious presence)
3. Purpose of the invitation
4. Name of the honouree
5. Day, date and time of the event- Dates must be written in letters and you should not use abbreviation.
6. Name of the place, location with complete address- Enter the address, the venue of the party or event
7. RSVP (Respond if it pleases you)- Include an RSVP - this elegant abbreviation comes from the French phrase "Répondez, s'il vous plait"; which in English means "Please respond". An RSVP is essential at parties where you need to know exactly who will come, so you can organize things accordingly on the basis of their convenience.
8. Telephone or mobile number or address of the host
9. Any other relevant details

Petrol price on June 19 was hiked by 56 paise per litre and diesel by 63 paise a litre, taking the cumulative increase in rates to ₹7.11 and ₹7.67 per litre respectively in less than two weeks.

Click on the given link for the article from "THE HINDU" newspaper :

<a href="https://www.thehindu.com/business/Industry/in-13th-day-hike-petrol-price-increased-by-56-paise-diesel-by-63-paise/article31866916.ece">https://www.thehindu.com/business/Industry/in-13th-day-hike-petrol-price-increased-by-56-paise-diesel-by-63-paise/article31866916.ece</a>

An entity is something that exists by itself, although it need not be of material existence. In business, an entity is a person, department, team, corporation, cooperative, partnership, or other group with whom it is possible to conduct business.  Examples of an entity are a single person, single product, or single organization. Entity type. A person, organization, object type, or concept about which information is stored.