MPPSC Prelims and Mains Notes, MPPCS Test Series
The economy is a complex system that is constantly changing. It is important to understand the basics of economics in order to be successful in the MPPSC exam. This article will provide you with an overview of the economy, including its structure, components, and functions. It will also discuss some of the key economic concepts that you need to know for the exam.
The economy is a system that produces and distributes goods and services. It is made up of three main sectors: the primary sector, the secondary sector, and the tertiary sector. The primary sector is responsible for extracting raw materials from the environment, such as agriculture, mining, and forestry. The secondary sector is responsible for manufacturing goods, such as construction, manufacturing, and utilities. The tertiary sector is responsible for providing services, such as retail, finance, and healthcare.
The economy is also made up of different markets, such as the goods market, the labor market, and the financial market. The goods market is where goods and services are bought and sold. The labor market is where workers are hired and paid. The financial market is where money is borrowed and lent.
The economy is constantly changing. These changes can be caused by a variety of factors, such as changes in technology, changes in government policy, and changes in consumer demand. It is important to understand how the economy works in order to be successful in the MPPSC exam.
Here are some of the key economic concepts that you need to know for the exam:
* Supply and demand: Supply and demand are the two forces that determine the price of a good or service. Supply is the amount of a good or service that is available for sale, while demand is the amount of a good or service that people are willing and able to buy. The price of a good or service will adjust until supply and demand are equal.
* Inflation: Inflation is a general increase in prices over time. It can be caused by a variety of factors, such as an increase in the money supply, an increase in government spending, or an increase in demand for goods and services.
* Unemployment: Unemployment is the percentage of the labor force that is unemployed. It can be caused by a variety of factors, such as a recession, a decline in demand for goods and services, or a mismatch between the skills of workers and the skills that employers are looking for.
* Economic growth: Economic growth is an increase in the amount of goods and services that a country produces. It can be caused by a variety of factors, such as an increase in the labor force, an increase in capital investment, or an increase in productivity.
* Economic development: Economic development is the process of improving the standard of living of a country’s population. It can be achieved through a variety of means, such as increasing economic growth, reducing poverty, and improving education and healthcare.
These are just some of the key economic concepts that you need to know for the MPPSC exam. By understanding these concepts, you will be better prepared to answer questions on the exam and succeed in your career.
SERVICES SECTOR Introduction The services sector continued to be the key driver of India’s economic growth contributing almost 72.5% of gross value added growth in 2017-18 while providing employment to around 30% of population (ILO estimates, 2016). The government has initiated many reforms to boost the sector which is expected to grow at … Read more Manpower Based Industries
Gender equality Gender equality describes the absence of obvious or hidden disparities among individuals based on gender. Disparities can include the discrimination in terms of opportunities, resources, services, benefits, decision-making power and influence. It is important to note that Gender is a social construct which is based on social roles, not sexual differences … Read more Gender Equality
Human Development Index The HDI is an average measure of basic human development achievements in a country measured by UNDP. It is an average of long-term progress in three basic dimensions of human development viz. a long and healthy life, access to knowledge and a decent standard of living. India has been placed … Read more Human Development Index
After the rural job guarantee programme, the government is now focusing on an ambitious National Food Security Act aimed at drawing more people into the food security net. It has made a strong pitch for providing 35 kg of cereal at Rs 3 per kg every month to the poor of this country. The … Read more Food Security Scheme
Availability of Skilled Human Resources in India Skilling the youth is the new buzzword in the government, and all the experts agree that it clearly needs a more skilled approach to implement what has been drawn up in a policy paper. It was roughly a year ago the government rejigged the UPA’s Skill … Read more Availability Of Skilled Human Resources In India
Insufficient Financial Resources and Deficiency Of Capital The financial sector and its role in the process of economic development has attracted notable attention since the early 1990s. In particular, the crucial need for a stable banking system was highlighted in the wake of the Asian financial crisis … Read more Insufficient Financial Resources And Deficiency Of Capital
Government market borrowings, loans and grants There are two types of borrowings : Internal borrowings External borrowings There is third mean of public loan i.e. other liabilities Internal borrowings Internal debt or domestic debt is the part of the total government debt in a country that is owed to lenders within the country. … Read more Government Market Borrowings
ORIGIN The Department of Agriculture has been created mainly to provide Agricultural Extension services to farmers and to transfer the latest technical knowledge to the farming community, introduction of high yielding varieties, laying demonstrations, imparting training to farmers to improve skills & knowledge to boost up the agricultural Production and productivity. The other … Read more AGRICULTURE DEVELOPMENT
: Steps taken by the Government to reduce it. Regional imbalance is the disparity in economic and social development of two regions. One region/city/area is stronger than another region/city/area. Regions develop when investments are made to set up industries, service sectors, educational institutions, health care facilities etc. Income inequality is the unequal distribution of household or individual income across the … Read more Regional Imbalances And Income Inequalitiies In India
Tax Laws: Laws relating to income, Profits, Wealth Tax, Corporate Tax The Income-tax Act, 1961 The Income Tax Act, focusing on the rules and regulations of tax regulation, was initially put into existence in the year 1961. Under this act, everything related to taxation and more are mentioned which also includes collection and … Read more Tax Laws