Found 107 Articles for Articles / Tutorial Titles

Introduction: Government Budget Also known as the annual financial statement, the government budget is a financial statement of revenues and expenditures of the government on behalf of the nation. It is presented in the Lok Sabha every year at the beginning of the fiscal year. Like a personal budget, the government budget notes the income and expenditures of the government for the coming financial year. A government budget is not just a note of government expenses and collections. It is the lifeblood of an economy. In order to achieve holistic economic growth, the government must prepare a good ... Read More

What is Public Finance? Public finance refers to the study of the role of the government in an economy. This branch of economics especially considers government expenditure and government revenue of public authorities. The aim is to adjust expenditure and revenue to bring about a desirable change in the economy or avoid an undesirable one. That means public finance is the study of government’s expenditure and revenue with an aim to bring a positive change in the economy. The role of the government in public finance can be discussed under the following three categories: An efficient allocation ... Read More

What is National Income? National income in simplest terms refers to the wealth of a nation. The wealth of an economy is measured by the value of goods and services produced in the economy. It is the total monetary value of goods and services produced in a nation within a financial year. It may include payments made to all types of resources in the form of rent, wages, profits, and interests. National income is a concept that comes under the purview of macroeconomics. It helps economists and policymakers in the preparation of budgets and various economic policies. ... Read More

Introduction The index numbers define the levels of variables in regard to a particular period of time span. Although index numbers are statistical in nature, they are used widely in economics and other subjects. In economics, index numbers play a pivotal role to express various factors’ changes’ effects in real terms. What is an Index Number? Index numbers measure the change in a variable or group of variables with the change in time, geographic location, and other such features. Index numbers show a general relative change and they are not expressed as a direct measurable figure. Index numbers are ... Read More

What is a Sector in an Economy? Businesses in the same or similar business activities, products, or services form sectors in the economy. Sectors usually present a large group of companies that are involved in similar business activities. Examples of sectors include the extraction of natural resources and mining. Dividing economies into sectors help economists judge the condition of the businesses that are included in the sectors. They can understand whether businesses in a sector are expanding or contracting by analyzing sectors. This is specifically called sector analysis. In financial markets, sectors are further divided into sub-sectors, such ... Read More

Introduction It is sometimes necessary to have an intermediary for trade among nations. There may be regulatory and legal disputes among nations regarding trade and business. In such cases, a non-biased third party is necessary to resolve the disputes. The World Trade Organization (WTO) is such an organization. What is WTO? The WTO is an institution that oversees the rules for trade among nations. It was created in 1995. The WTO superseded GATT or General Agreement on Tariffs and Trade which was formed in 1947 after World War II. The WTO has 164 member nations that have signed the ... Read More

Introduction India is one of the growing economies that has been impacted by globalization profoundly. From economy to culture and politics, India has witnessed a large-scale impact of globalization. Many analysts argue that globalization has a net positive effect on India as the Indian economy has got many new opportunities to progress due to the spread of globalization in the country. The impact of globalization can be discussed under various circumstances, but we will limit the impact on the economic sector in this article. Effect of globalization on the Indian economy The effect of globalization on the Indian economy ... Read More

Introduction Over the last few millennia, the interconnectedness of economies and cultures has increased at an unprecedented speed. Trade and businesses have transcended borders and the world has been transformed into a global village. This is where globalization’s impact is felt most profoundly. As globalization brings lots of varieties of products and services and there are many efficient players, it makes competition rife in the global markets. What is meant by Globalization? Globalization is used to describe how the world has transformed into an interdependent place when it comes to social, economic, and business practices. The term also ... Read More

Introduction When we say something is in equilibrium, we mean that there is a static phase where no changes need to be made. Equilibrium can be obtained in the case of consumption too. In the case of consumption, when a consumer does not require more items or when his/her satisfaction is at the maximum level given his/her income and the price of the product in the market; he/she is said to have attained a consumer’s equilibrium phase. Consumer equilibrium is an important concept in economics. It helps consumers maximize their utility while they consume one or more goods or ... Read More

Introduction It is sometimes important to know how much data or a data set has repeated itself in a given number of functions that include the data. Such inferences help the examiner to identify whether some data sets are predominant or whether some data has repeated itself for lower times than expected. For such inferences, frequency distribution comes in handy. Frequency Distribution: Definition Frequency distribution gives the number of observations of data in tabular or graphical form. The representation of observations is done within specified intervals in the frequency distribution. Therefore, frequency distribution must have specified intervals that are ... Read More