Chapters

Economy

An economy is a system of organizations and institutions that is responsible of the production and distribution of goods and services in a society. Economies determine how resources are distributed among members of a society, they determine the value of goods or services and they even determine what sorts of things can be traded for those services and goods. Adam Smith is widely regarded as the father of modern economics. 

Types of Economies

  1. Capitalist or Private Economy
  2. Socialism
  3. Communism
  4. Mixed Economy

Capitalist Economy

Capitalism is an economic system in which capital goods are owned by private individuals or businesses. It is based on private ownership of the means of production and their operation for profit.

Socialist Economy

Socialism refers to the government ownership of the means of production, planning by the government and income distribution. Socialist means the system under which economic system is controlled and regulated by the government so as to ensure welfare and equal opportunity to the people in a society.

The idea of socialism is first introduced by Karl Marx and Fredric Engles in their book, ‘The Communist Manifesto’.

Communist Economy

Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided.

Mixed Economy

An economic system combining private and state enterprise. It is a golden mixture of capitalism and socialism. Under this system there is freedom of economic activities and government interferences for the social welfare. Hence it is a blend of both the economies. The concept of mixed economy is of recent origin.

The developing countries like India have adopted mixed economy to accelerate the pace of economic development. Even the developed countries like UK, USA, etc. have also adopted ‘Mixed Capitalist System’. 

Economies on basis of Sector

  1. Primary Sector: Primary sector is based on natural resources, Agriculture activities, dairy farming, fishing, mining, Horticulture are some primary sector activities.
  2. Secondary Sector: It is also called as Industrial sector. Activities of primary sector are used as raw material for secondary sector. Like cotton is turned in fabric in industries.
  3. Tertiary Sector: The tertiary industry is the segment of the economy that provides services to its consumers; this includes a wide range of businesses such as financial institutions, schools and restaurants. It is also known as the tertiary sector or service industry/sector.

Economies on basis of Development

  1. Developed Economies
  2. Developing Economies
  3. Underdeveloped Economies

 

Developed Economies

A developed economy refers to a country with a relatively high level of economic growth and security. Common criteria for evaluating a country's degree of development are per capita income or gross domestic product (GDP), level of industrialization, general standard of living, and the amount of widespread infrastructure. Eg: US/Japan

  1. Technology – Highly Developed.
  2. Natural Resources – Utilised.
  3. GDP – Max Contribution by service sector.
  4. Literacy - Maximum

Developing Economies

A developing economy is one where people have a lower standard of living and less developed industries than other countries. Eg: India

  1. Technology – Developing.
  2. Natural Resources – Utilising.
  3. Literacy – Moderate.

Underdeveloped Economies

In economics, underdevelopment is when resources are not used to their full socio-economic potential, with the result that local or regional development is slower in most cases than it should be, specially compare with the investment and innovation in countries that surround it. Eg: Sudan

  1. Technology – Backward.
  2. Natural Resources – Not Utilised.
  3. Literacy – Very low.

Latest Current Affaris

Current affairs 05/06/2019
Current affairs 05/06/2019

1). Comptroller and auditor general Rajiv Mehrishi has been appointed as the external auditors of World Health Organisation (WHO) for a four year term from 2020-23. 2).World Environment Day is observed on 5 June(Theme: The Air Pollution). 3). Madhya Pradesh cabinet has passed a resolution to increase reservation of OBC's 27%.

करंट अफेयर्स 03-04/06/2019
करंट अफेयर्स 03-04/06/2019

1. नयब बुकेले को ईआई सल्वाडोर के राष्ट्रपति के रूप में चुना गया है। (ईआई सल्वाडोर की राजधानी: सैन सल्वाडोर, मुद्रा: संयुक्त राज्य अमेरिका डॉलर) 2. राष्ट्रीय सुरक्षा सलाहकार (NSA) अजीत डोभाल की दोबारा अपने पद पर नियुक्ति हुई। NDA सरकार के दूसरे कार्यकाल में उन्हें कैबिनेट रैंक दिया गया है। 3. 3 जून को विश्व साइकिल दिवस मनाया जाता है।

Current affairs 03-04/06/2019
Current affairs 03-04/06/2019

1. Nyaib Bukele has been Sworn in as the president of  EI Salvador ( EI Salvador's capital: San Salvador, currency: United States Dollar). 2. National Security Advisor (NSA) Ajit Doval reappointed to his post and given Cabinet rank in the second term of the NDA government. 3. World Bicycle Day is observed on 3rd June .

Current Affairs Quiz

डेली जीके क्विज 17/05/2019
डेली जीके क्विज 17/05/2019

1. भारतीय नौसेना प्रमुख का नाम बताएं? 2. हाल ही में ICC द्वारा पहली महिला मैच रेफरी के रूप में किसे नियुक्त किया गया है? 3. हाल ही में एक हल्के खेल विमान (एलएसए) में अटलांटिक महासागर को पार करने वाली दुनिया की पहली महिला कौन बनी है?

Daily Gk Quiz 17/05/2019
Daily Gk Quiz 17/05/2019

1. Name the Indian Navy Chief? 2. Recently who has been appointed as first female match referee by ICC? 3. Recently who has becomes the world’s first woman to cross the Atlantic Ocean solo in a light sports aircraft (LSA)?

डेली जीके क्विज 29/09/2018
डेली जीके क्विज 29/09/2018

प्रश्न 1)। हाल ही में एशियाई विकास बैंक (एडीबी) ने राज्य में रोजगार को बढ़ावा देने के लिए मध्य प्रदेश में पहला बहु-कौशल पार्क स्थापित करने के लिए 150 मिलियन डॉलर के ऋण को मंजूरी दे दी है। एडीबी के अध्यक्ष कौन हैं? प्रश्न 2)। परकर्म परव किस अवसर पर मनाया जा रहा है? प्रश्न 3)। भारत की लाइव स्टॉक जनगणना 1 अक्टूबर से शुरू होने वाली है। इस तरह की कितनी जनगणना पहले आयोजित की गई है और यह कौन सी जनगणना है?