The State and Economic Development
The state plays an important role in the development of an economy by generating employment for the poor and promoting their social welfare.
Economics Applications Class 10
Nature and Structure of Markets
A market structure refers to the number of firms operating in the industry, the nature of competition between them and the nature of the product.
Elementary Theory of Demand
Demand for a good refers to the desire to buy a good backed with sufficient purchasing power and the willingness to spend. Individual demand for a commodity is the quantity of a commodity which an individual household is willing to buy at a particular price during a specific period.
Inflation
Inflation is a sustained increase in the aggregate price levels. It refers to a state of rising prices and not a state of high prices. The types of inflation observed in an economy depend on the rate of increase in the price levels
Theory of Supply
The supply of a commodity is the quantity of the commodity which producers desire to sell to consumers. Thus, it is a desired flow. It indicates how much firms are willing to sell per period of time and not how much they actually sell.
Factors of Production
Factors which are used to carry out the process of production are called factors of production. In the modern economy, economists classified these factors into two categories.
Commercial Bank
A commercial bank is a financial institution which provides services such as accepting deposits, giving business loans, mortgage lending and basic investment products such as savings account and certificates of deposit.