Hi friends! I am Abhijeet is here. First of all I would like to welcome to all of you on our website techliebe. Techliebe is a germen word which means love for technology. I am here to make fun & to make some serious business with all of you.
Nowadays, there is so much halla bol about our economy & about depreciating rupee etc. There is very much chaos & confusion around, about slowdown & about our very own sabse bada rupaiyaa. These economic concepts are quite confusing and difficult to understand. So I am not claiming here that I am going to teach you that big word called Economics. I cannot & I am shall not. But I am here to share with all of you those basic economic concepts which are spreading rumors about so called ‘Mandi’.
Let us see some basic economic concepts.
Micro Economics: It is a one branch of economics. It is individualistic in its approach. This means it deals with the household income, production of a firm etc. It does not study jungle but studies individual tree. It is a study of particular sector of the economy rather study of whole economy.
Macro Economics: It is second branch of the economy. It is exactly opposite of the above. It is aggregate in its approach. This means it deals with the national income, total production in the economy. It is the study of whole economy instead of particular sector of the economy. It is the study of jungle and not individual trees.
Economic Growth: It is associated with the industrialization. It is the rate of increase in the amount of goods and services produced by an economy in a given period of time usually in a financial year. It is a successive and stable process of growth. It is concerned with further development of countries already developed. It is the concept which is used in respect of both economically backward as well as economically developed countries.
Economic Development: It includes appropriate developments in the sphere of economic, social, cultural, political and psychological aspects that would promote and encourage steady and substantial increase in national and per capita income of people in a country under a period of time.
Gross Domestic Product (GDP): It is macroeconomic concept. It is a market value of all goods and services produced by the economy in a given period of time.
Gross national Product (GNP): It is again macroeconomic concept. It is the total value of goods and services produced by the enterprises of the country established in the county as well as in the abroad.
Inflation: It is the constant rise in the prices of the commodity. If prices rises and then falls and again rises then it cannot be termed as inflation. For having inflation there must be consistent rise in the prices of the commodities. There should be 3 to 4% inflation for the good health of the economy.
There are thousands of concepts in the economics. But I have taken selected concepts here which are often use by all of us in our day today lives. I will be back with some more interesting economic concepts and lots of fun till then good bye! Shabba khair! Aadab! And Namashkar!!!