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ECONOMICS - Coggle Diagram
ECONOMICS
- Inequality and Development
- High Rate of Unemployment
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- Underutilization of Natural Resources
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- Factors of Production Factor Income
- Inequality is of two types
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- Measurement of Inequality in India
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- Lorenz Curve and Gini Coefficient
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- Oxfam International Report
- Reason Behind Inequality in India
- Measures to Reduce Inequality
- Economic Growth and Development
- Economic growth refers to the increase in the production of goods and services in an economy over time.
- It is often measured by the growth of Gross Domestic Product (GDP), which is the total value of all goods and services produced in an economy in a given period.
- Economic development refers to a broader concept that encompasses not only economic growth but also social and human development.
- It includes improvements in the standard of living, education, healthcare, and other indicators of well-being.
- Economic development is a more holistic and sustainable approach to improving the overall welfare of a population.
- Is Economic Growth Possible Without Economic Development?
- Basic Features of Economic Development
- Positive change in the living standard.
- Economic development reduces poverty & inequality.
- Structural change in the economy.
- Positive infrastructural changes in the economy.
- Economic development is a never-ending process.
- Economic Development Based on the Five Pillars
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- Measures of economic development
- Human Development Index (HDI)
- Long & Healthy life - Assessed by Life Expectancy at birth.
- Access to knowledge - Measured by mean years of schooling and expected years of schooling.
- Decent standard of living - Measured by per capita income.
- Purchasing Power Parity (PPP)
- PPP is the measurement of the price of specific goods in different countries & it's used to compare the purchasing power of the country's currency.
- PPP is the rate of currency conversion that tries to equalize the purchasing power of different countries by eliminating the differences in price level between the countries.
- The Green GDP is an economic growth index that qualifies and calculates the environmental consequences of that growth.
- Green GDP monetizes the effects of the loss of biodiversity and the cost of climate change.
- Gross National Happiness (GNH)
- Gross National Happiness implies that sustainable development should tackle a holistic approach towards national progress and also to give equal importance to non-economic well-being.
- The GNH is a single number index developed from 33 indicators categorized under 9 domains.
- "Sustainable development" is development that meets the needs of the present, without compromising the ability of future generations to meet their own needs.
- The concept of sustainable development can be interpreted in many different ways, but at its core is an approach to development that looks to balance different, and often competing, needs against an awareness of the environmental, social, and economic limitations we face as a society.
- World Happiness Report, 2023
- Gender Inequality Index (GII)
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- Introduction to the Indian Economy
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- Difference Between Economics and Economy
- Nature of Indian Economy or Key Features of Indian Economy
- Money and Monetary Systems
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- Standard of Deferred Payment
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- Acceptance as Legal Tender
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- Real GDP versus Nominal GDP
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- Gross Domestic Product (GDP)
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- Net Domestic Product (NDP)
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- Gross National Product (GNP)
- Net National Product (NNP)
- The difference between Price and Cost
- Difference between Customer and Consumer
- Discount, Subsidy, and Direct Benefit Transfer
- Factor Cost and Market Price
- Aggregates of National Income
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- The National Statistical Office (NSO)
- Eight sectors/categories of GVA data
- Methods of National Income Computation
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- Issues with National Income Computation
- First-time National Income of India
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- National Income Accounting and Aggregates-III
- Personal Disposable Income
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- National Income - Income of the whole Nation