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Subjects of Union, State, and Concurrent Lists

Union List: The Constitution of India provides for a division of powers between the Union (Centre) and states. It divides all the subjects into 3 lists – Union List, State List, and Concurrent List the Union List describe the subjects under the control Centre Government, the State List describes the subjects under the jurisdiction of

Black Market, Grey Market and White Market

Black market deals with the banned, counterfeit or stolen items which are sold in the market illegally. It deals with the trade of stolen items, lawfully banned or counterfeit items. Therefore, these goods or services are also traded in an illegal manner. For example, weapons and drugs are two most commonly traded black market items.

Different Types of goods

Public good Goods or services that are collectively consumed; it is not possible to exclude anyone from enjoying their benefits and one person’s consumption does not reduce that available to others. Free goods and economic goods: Free goods are free gifts of nature. They are available in abundance i.e. in unlimited quantity and the supply

Consumer Goods Vs Capital Goods

Consumption goods: Goods which are consumed by the ultimate consumers or meet the immediate need of the consumer are called consumption goods. It may include services as well. Capital goods: Goods which are bought not for meeting immediate need of the consumer but for producing other goods. Durable Vs Non-Durable Goods: Consumer durables Consumption goods

Intermediate Goods Vs Final Goods

Final Goods: Final goods refer to those goods which are used either for consumption or for investment. Final Goods include: Goods purchased by consumer households as they are meant for final consumption (like milk purchased by households). Goods purchased by firms for capital formation or investment (like machinery purchased by a firm). It must be

Sectors of an Economy

Sectors of an economy: All economic activity can be classified into one of three sectors: the primary sector, the secondary sector and the tertiary sector. As a rule of thumb, we say the more advanced an economy is, the more its focus shifts from the primary, through the secondary to the tertiary sector. In recent

Capitalism Vs Socialism

The 3 different types of economies: Traditional Economies Market Economies Command Economies Traditional economy is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution. Countries that use this type of economic system are often rural

Three Central Problems of an Economy

Three central Problems of economy: Every human society – whether it is an advanced industrial nation, a centrally planned economy, or an isolated tribal nation – must confront and resolve three fundamental economic problems. Every society must have a way of determining what commodities are produced, how these goods are made, and for whom they

Police state, Laissez faire state & Welfare state

What is police state? Police state is a term denoting a government that exercises power arbitrarily through the power of the police force. It is an undesirable state of living, characterized by the overbearing presence of the civil authorities in every walk of life. It is a state where the state controls all economic activities

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