Study materials

  Poverty:                The poverty line is the threshold line that defines the minimum requirement of income required by an individual to fulfil his/her basic necessities. If a person is below the poverty line, then he won’t be able to meet his needs for survival. Types of poverty:    There is are two types of poverty,they are: 1.Absolute poverty.              Absolute Poverty is used to describe a condition where an individual does not have the financial means to obtain commodities to sustain life. 2.Relative poverty:              Relative Poverty refers to the standard of living compared to economic standards of living within the same surroundings. Poverty Measurements of india: The various endeavors have been made in India to measure the poverty. Some of these are: • ...

  Green Revolution is a unique event in the agricultural history of Independent India. This has saved us from the disasters of hunger and starvation and made our peasants more confident than ever before But there are Some of the major demerits or problems of green revolution in India are discussed below: 1. Inter-Crop Imbalances: The effect of Green Revolution is primarily felt on food-grains. Although all food-grains including wheat, rice, jowar, bajra and maize have gained from the Green Revolution, it is wheat which has benefited the most. Major commercial crops like cotton, jute, tea and sugarcane are also almost untouched by the Green Revolution. The rate of growth in production of pulses has declined from 1-39 per cent per annum in the pre-Green Revolution period to only 0–79 per cent per annum during the period from 1967-68 to 1994-95. This is not good for a balanced growth of Indian agriculture. 2. Regional Disparities: Green Revolution technology has given birth to g...

  What is Say’s Law of Market Say’s Law of Markets is the core of the classical theory of employment. An early 19th-century French Economist, J.B. Say, enunciated the proposition that “supply creates its own demand.” Therefore, there cannot be general overproduction and the problem of unemployment in the economy. Say's Law implies that production is the key to economic growth and prosperity and the government policy should encourage (but not control) production rather than promoting consumption. Criticisms of Say’s Law: J.M. Keynes in his General Theory made a frontal attack on the classical postulates and Say’s law of markets. He criticised Say’s law of markets on the following grounds: 1.  Supply does not create its Demand: Say’s law assumes that production creates market (demand) for goods. Therefore, supply creates its own demand. But this proposition is not applicable to modern economies where demand does not increase as much as production increases. It is also not ...