Daily archives: 15 December 2017

The HDI was created to emphasise that people and their capabilities should be the ultimate criteria for assessing the development of a country, not economic growth alone. The HDI can also be used to question national policy choices, asking how two countries with the same level of GNI per capita […]

Human Development Index

15 December 2017 in Economics / General Studies tagged civil services / Economics / General Studies / IAS / UPSC by Team Infinity

There exist various indices to measure development of an economy in addition to GDP. They are: Human Development Index (HDI) Social Progress Index(2015) Green GDP Gross National Happiness(GNH) Genuine Progress Index (GPI) Click on each of the above indices to learn about them in detail

Important indices related to development

15 December 2017 in Economics / General Studies tagged civil services / Economics / General Studies / IAS / UPSC by Team Infinity

Methods for Measuring National Income The national income of a country can be measured by three alternative methods: (i) Product Method (ii) Income Method, and (iii) Expenditure Method. Product Method: In this method, national income is measured as a flow of goods and services. We calculate money value of all […]

Methods in measuring National Income

15 December 2017 in Economics / General Studies tagged civil services / Economics / General Studies / IAS / UPSC by Team Infinity

Base year Year used as the beginning or the reference year for constructing an index, and which is usually assigned an arbitrary value of 100. The estimates at the prevailing prices of the current year are termed as "at current prices", while those prepared at base year prices are termed […]

Base Year, Current and Constant Prices

15 December 2017 in Economics / General Studies tagged civil services / Economics / General Studies / IAS / UPSC by Team Infinity

Factor Cost(FC) and Market Price(MP) Factor cost refers to the actual cost of the various factors of production and it includes government grants and subsidies but it excludes indirect taxes. Whereas market price refers to the actual transacted price and it includes indirect taxes- custom duty, excise duty, sales tax, […]

What are Factor Cost and Market Price?

15 December 2017 in Economics / General Studies tagged civil services / Economics / General Studies / IAS / UPSC by Team Infinity

Difficulties faced in Estimating National Income (1) Problems of Definition: What should we include in the National Income? Ideally we should include all goods and services produced in the course of the year, but there are some services which are not calculated in terms of money, e.g., services of housewives. […]

What are the problems faced in calculating National Income?

15 December 2017 in Economics / General Studies tagged civil services / Economics / General Studies / IAS / UPSC by Team Infinity

Closed Economy Closed economy is an economy, which does not have any sort of economic relation with rest of the world but is confined to itself only. A closed economy does not enter into any one of the following activities.It neither exports goods and services to the foreign countries nor […]

Closed and Open Economies

15 December 2017 in Economics / General Studies tagged civil services / Economics / General Studies / IAS / UPSC by Team Infinity

What is National Income? National income is the money value of all the final goods and services produced by a country during a period of one year. National income consists of a collection of different types of goods and services of different types. Since these goods are measured in different […]

What is National Income Accounting?

15 December 2017 in Economics / General Studies tagged civil services / Economics / General Studies / IAS / UPSC by Team Infinity

Trade off Tradeoffs involve making choices in policy making wherein there is a compromise on one goal to achieve another goal. It is a way of balancing among desirable goals. In order of one’s preference and priority, it may be necessary to forego one alternative over the other. For example, […]

What is trade-off in Economics?

15 December 2017 in Economics / General Studies tagged civil services / Economics / General Studies / IAS / UPSC by Team Infinity

In this page, you will find the most important news to read for IAS(UPSC Civil Services) Exam. Help yourself save time by following only the relevant and important news from the civil services and state services exams perspective Instructions: The titles of the important news are listed below For standardisation purposes, we follow the Delhi […]

Daily important news from The Hindu,15 Dec 2017

15 December 2017 in Hindu News daily tagged IAS Current Affairs / important news / The Hindu by Team Infinity