Economics

Human Development Index (HDI) Human Development Index was formulated in 1990 by the economist Mehboob-ul-Haq associated with the United Nations Development Program (UNDP) and his associate economist Prof. Amritya Sen and Singer Hans. It is published based on the parameters of life expectancy, education, and income. The HDI report was first released in 1990. After […]

Law of Demand and Supply Generally, the price of a commodity is determined on the basis of its demand and supply. If the demand for a commodity increase too much and its supply in the market remains constant or does not increase in proportion to the rate at which its demand is increasing, the price

Law of Demand Every consumer pays the price of any commodity on the basis of its utility, and for any commodity, he will not pay more price/money than its utility, and utility will decrease with the increase in consumption, so any person can consume or demand any commodity only when its value falls. Thus we

Where is the elasticity of demand, given the change in the price of a commodity in response to a change in its price (e.g., a 5% decrease in its price and a 15-20% increase in its demand). In addition, objects can be elastic and inelastic. Elastic Goods – When a fall in the price causes

Law of Supply – The supply of goods in the market is done by the producer or seller. Supply refers to the quantity of a commodity to be supplied by the producer (seller) of the commodity at different prices. Any supplier will supply an item in excess at a higher price or will supply less

Taxes are an important source of income for the government. It’s the income of the government imposes on an individual or corporates directly or indirectly so as to generate revenue or to keep in check any black money activities in India. The tax on incomes, customs duties, central excise, and service tax is levied by