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Yogita Ingle 5 years, 7 months ago
- Reallocation of Resources – It helps to distribute resources keeping in view the social and economic advantages of the country. The factors that influence the allocation of resources are.
- Allowance or Tax concessions – The government gives allowance and tax concessions to manufacturers to encourage investment.
- Direct production of goods and services – The government can take the production process directly if the private sector does not show any interest.
- Minimize inequalities in income and wealth – In an economic system, income and wealth inequality is an integral part. So, the government aims to bring equality by imposing a tax on the elite class and spending extra on the well-being of the poor.
- Economic Stability – The budget is also utilized to avoid business fluctuations to accomplish the aim of financial stability. Policies such as deficit budget during deflation and excess budget during inflation assist in balancing the prices in the economy.
- Manage Public Enterprises – Many public sector industries are built for the social welfare of the people. The budget is planned to deliver different provisions for operating such business and imparting financial help.
- Economic Growth – A country’s economic growth is based on the rate of investment and saving. Therefore, the budgetary plan focuses on preparing adequate resources for investing in the public sector and raise the overall rate of investments and savings.
- Decrease regional differences – It aims to diminish regional inequalities by implementing taxation and expenditure policy and promoting the installation of production units in underdeveloped regions.
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Yogita Ingle 5 years, 7 months ago
Money solves the problem of double coincidence of wants by acting as a medium of exchange. Double coincidence of wants implies a situation where two parties agree to sell and buy each other’s commodities., i.e., what one party desires to sell is exactly what the other party wishes to buy. Money does away with this tedious and complex situation by acting as a medium of exchange that can be used for one and all commodities. For example, if an ice-cream vendor wants a bicycle but the bicycle manufacturer wants clothes, and not ice-creams, then the vendor can use money to obtain a bicycle. He does need to adhere to the bicycle man’s needs because money acts as the common medium of exchange. Similarly, the bicycle manufacturer can then use the money to buy clothes.
Posted by Arya Dewangan 5 years, 7 months ago
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Yogita Ingle 5 years, 7 months ago
Consumer goods are purchased by the consumer for the satisfaction of their wants. They are the final users of food stuffs, dress material and other accessories. Final users of consumption goods are consumer households, general government or government welfare agency and non-governmental organisations.
Capital goods are purchased by the producers in the production process for several years and are of high value. These goods are fixed assets of the producers such as land, building and machineries.
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Himanshi Kumari 5 years, 7 months ago
Meghna Thapar 5 years, 7 months ago
Stagnation is a prolonged period of little or no growth in an economy. Stagnation can occur as a temporary condition, such as a growth recession or temporary economic shock, or as part of a long-term structural condition of the economy.
Posted by Lakshmi R 5 years, 7 months ago
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Meghna Thapar 5 years, 7 months ago
Our economy had been a victim of enormous exploitation. Our natural resources, iron ores, gold mines, wealth and manpower was subject to intense exploitation. Due to these atrocities, the Indian economy on the eve of independence showed poor/low economic growth.
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Yogita Ingle 5 years, 7 months ago
The main cause of food shortage in India after partition was that the food surplus areas of West Punjab and Sindh went to Pakistan.
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Sneha Manchanda 5 years, 7 months ago
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