Economy – Basic Concepts For Depository Fiscal Establishment Exams

GNP (Gross National Product)
The Market Value (in Money terms), of all the in conclusion goods together with services that are produced inward a twelvemonth past times the citizens of a country. It includes the value of exports minus imports.
GDP (Gross Domestic Product) 
The Market Value (in money terms), of all the in conclusion goods together with services that are produced inward a twelvemonth inward a country. It does non reckon the value of exports together with imports. 
GVA (Gross Value Added)

The Market Value (in Money terms), of all the in conclusion goods together with services that are produced inward a twelvemonth inward a province minus the toll of all inputs together with raw materials that are straight used inward the production of them. 
GSDP (Gross State Domestic Product)
The term is by together with large used to announce the income produced inward a detail province of our province inward a year. 
DSDP (District State Domestic Product)
The term is by together with large used to announce the income produced inward a detail District of a province of our province inward a year.
Per Capita Income
The income of an private earned inward a twelvemonth on an average. It is calculated past times dividing the National Income past times the amount population of a country. 
Disposable Income
It is the income, equal to Personal Income minus Personal Taxes (Direct Taxes).
What is NSO ?
National Statistical Office (NSO), the statistical fly of Ministry of Statistics together with Programme Implementation of Govt. of India. It consists of CSO (Central Statistical Office) together with NSSO (National Sample Survey Office). 
What is Statistics Day?
In recognition of the notable contributions made past times (Late) Professor Prasanta Chandra Mahalanobis inward the plain of economical planning together with statistical development, the Government of Bharat has designated 29th June every year, coinciding alongside his nativity anniversary, every bit the Statistics Day inward the category of Special Day to survive celebrated at the national level. 
What is MPLADS ?
Member of Parliament Local Area Development Scheme, initiated inward 1993. At present, the annual entitlement per MP/Constituency is five crores. 
What is Economy ?
Economy is a homo made organization to render goods together with services, employment, income for a society. Basically, it consists of Primary Sector (Agriculture etc.,), Secondary Sector (Industrial sector etc.,) together with Services Sector (Banks, Insurance, Professionals etc., ) Ex. World economy, Indian economy, AP economic scheme etc., Economic Activities are the hateful solar daytime to hateful solar daytime activities of a guild alongside the assistance of money together with to brand money. 
What is the master copy finish of an Economy ?
The basic finish of an economic scheme is to accomplish Growth/development inward the economy. The growth inward economic scheme is helpful inward providing to a greater extent than employment, income together with goods together with services. This procedure when combined with* protection of surroundings together with futurity generations needs also, it is unremarkably known every bit Sustainable Development. 
What are the goods together with services ?
Goods examples : food, machinery, hateful solar daytime to hateful solar daytime needs items to satisfy our requirements. They are visible together with handmade or produced alongside the assistance of machines. 
Services examples : cable tv, jail cellular telephone telephone service, bank, insurance, teacher, lawyer, physician services etc.They are invisible together with mostly rendered alongside the assistance of human intellectual capabilities together with non alone on machines. 
In before days, people are satisfied alongside express seat out of goods together with services together with exchanged them amidst themselves through barter system. But, now-a-days, people are interested inward large scale production of goods together with extensive services together with are exchanging alongside the assistance of money every bit a medium of exchange. (Monetary System). Production of to a greater extent than goods together with services has larn out the master copy finish of whatever society. 
What is Growth together with What is Development ?
In Economics, both economical growth together with economical evolution are used every bit synonyms some of the times. But ‘economic growth’ is a term broadly used to announce the increase inward the National Income inward a twelvemonth every bit compared to the previous fiscal year. It is mostly a quantitative phenomenon. Whereas, the term ‘economic development’ has a deeper meaning. It represents the qualitative changes inward an economic scheme relating to technological together with institutional changes (human rights, press freedom, autonomous institutions similar RBI, Election Commission, proficient policy making etc., ) 
For a province to accomplish amount employment, high levels of availability of goods together with services both growth together with evolution are necessary. They are inseparable together with for for certain academic purposes, nosotros distinguish them.
What is SDG ?
UN formulated Sustainable Development Goals (SDGs) to conduct all the countries to accomplish sustainable development. These SDGs consist of 17 goals together with 169 measurable targets to survive achieved past times 2030. 
What happens inward the absence of economical growth/development ?
If the economic scheme is non able to accomplish the needy growth, the province of affairs is known every bit underdeve-lopment or backwardness. To accomplish growth the economic scheme needs investment. But, if the money circulation exceeds it may Pb to inflation. If the degree of investment together with economical activities decline, it may Pb to recession. 
How does the Monetary Policy assistance an economic scheme ?
The policy to command the involvement rates together with money circulation inward an economic scheme is known every bit Monetary together with Credit Policy of RBI. In the absence of proper monetary policy, the economic scheme may appear upward either inflation or recession. 
What is Fiscal Policy ?
The activities/policies related to the collection of revenue past times the Govt. inward the shape of taxes together with Public Expenditure past times the Govt. together with Public Debt (loans past times the govt.) are collectively known every bit Fiscal Policy.The annual Budget past times the Govts. is an indicator of Fiscal Policy. This policy mainly aims at achieving higher economical growth, reduction inward social/economic/regional inequalities, provision of infrastructure (roads, electricity, H2O etc.,).

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