Absolute poverty:

• When a household does not have sufficient income to sustain even a basic acceptable standard of living / meet basic needs
• Absolute poverty thresholds will vary between developed and developing countries
• The extreme poverty measure now used by the World Bank is the percentage of the population living on less than $1.90 a day (PPP)

It is very difficult to assess the value of goodwill, as it is an intangible asset. In case of sale of a business, its value depends on the mutual agreement between the seller and the purchaser of the business. Usually, there are three methods of valuing goodwill:
1. average profit method
2. Super profit method
3. Capitalization method

Ozone layer is a protective layer in the stratosphere. It protects the earth's inhabitants from the harmful UV rays of the sun which if not blocked may cause skin cancer. The ultraviolet rays split the oxygen molecule into free oxygen atoms, these free oxygen atoms combine with the oxygen molecule to form ozone. This salient layer lies at distance of 12-15 miles beyond the earth surface.

Demand is a quantity of a commodity which a consumer wishes to purchase at a given level of price and during a specified period of time.
In other words, demand for a commodity refers to the desire to buy a commodity backed with sufficient purchasing power and the willingness to spend.

Money or Credit Creation by Commercial Banks Commercial banks increases the flow of money in an economy by credit creation. This process of credit creation is an outcome of its two primary functions, i.e. acceptance of loans and advancement of deposits. The banks issue loans from their cash reserves with the confidence on their historical experience that all depositors will not withdraw their funds at the same time. In this way, commercial banks create credit many more times than their cash reserves and contributes to increase money supply in the economy. It depends on initial level of deposits and money multiplier.

Money creation is determined by :
(i) The amount of the initial fresh deposits.
(ii) The Legel Reserve Ratio (LRR) is the minimum ratio of deposits legally required to be kept as cash by the banks.
(iii) Money Multiplies = 1/LRR

Total Money Creation = Initial Deposits x 1/LRR

e.g. Let the LRR be 20%

Fresh deposits = Rs.  10000
Amount required by the banks to keep = Rs. 2000 as cash suppose the banks lend the remaining amount of Rs. 8000. The commercial banks also know by way of their historical experience that all the depositors would not show up in the banks to withdraw all their deposits at a point of time. Those person who borrow, use this money for making payments, also all the transactions will be carried out through banks.
Further, it is also assumed that, those who receive fresh deposits of Rs. 8000, the banks again keep Rs. 1,600 as cash and lend Rs. 6,400, which is also 80% of the last deposit, the money again comes back to the banks leading to a fresh deposit of Rs.6,400. In this way, the money goes on multiplying and ultimately total money creation is Rs.50,000.
As, according to the formula
Total money creation =10,000 x 1/20 x 100 = Rs.  50,000

Centralization of authority means the power of planning and decision making are exclusively in the hands of top management. It alludes to the concentration of all the powers at the apex level. Involves Systematic and consistent reservation of authority. Best suited for small sized organization .

Aggregate Supply (AS) It is the money value of the final goods and services or national product produced in an economy during one year. It is equal to income generated.

• Components of Aggregate Supply

(i) Consumption expenditure (C)                               (ii) Saving (S)
Thus, Aggregate Supply can also be written as AD = C + S