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.
: 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
In India, government expenditure – as per the provision in the Constitution – is divided into revenue expenditure and capital expenditure. However, the adoption of economic planning shifted emphasize on the division of expenditure into Plan and Non-Plan. The share of Non-Plan expenditure has remained close to 70% and that of Plan at 30% … Read more
: 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
State finances The constitution (73rd and 74th) Amendment Acts, 1992 and Article 280 (3) (c) have altered the erstwhile fiscal devolution system and framework between the states and local governments. Under the new fiscal devolution system every state government is required to constitute, once in five years, a Finance Commission under articles 243 (I) … Read more
Change in composition of domestic product or change in national income by industry of origin refers to change in relative significance (share) of different sectors of the economy. Generally, an economy is divided into three major sectors viz. primary, secondary and tertiary sectors. Primary sector includes agricultural and allied activities, secondary sector includes manufacturing … Read more
ADMINISTERED PRICES INCLUDING MSP AND PROCUREMENT PRICES Historical context The emergence of agricultural Price Policy in India was in the backdrop of food scarcity and price fluctuations provoked by drought, floods and international prices for exports and imports. This policy in general was directed towards ensuring reasonable food prices for consumers by providing food … Read more
is the exchange of one currency for another or the conversion of one currency into another currency. also refers to the global market where currencies are traded virtually around the clock. transactions encompass everything from the conversion of currencies by a traveler at an airport kiosk to billion-dollar payments made by corporations, financial … Read more
(GDP) and Employment Historically, India has classified and tracked its economy and GDP in three sectors: agriculture, industry and services. Agriculture includes crops, horticulture, milk and animal husbandry, aquaculture, fishing, sericulture, aviculture, forestry and related activities. Industry includes various manufacturing sub-sectors. India's definition of services sector includes its construction, retail, software, IT, communications, hospitality, … Read more
Objectives: To create high quality world class infrastructure facilities in the State and enhance connectivity to the National Capital Region (NCR) and other leading markets. To provide single window facilitation in the State to expedite project clearances and provide an investor friendly climate. To provide and facilitate expeditious land availability for setting Industrial ventures … Read more
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