The Producer Price Index (PPI) is a weighted index of prices measured at the wholesale, or producer level. The PPI shows trends within the wholesale, manufacturing industries and commodities markets. All of the physical goods-producing industries that make up the economy are included, but imports are not. The PPI measures the average changes over time […]
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WPI is the index that is used to measure the change in the average price level of goods traded in wholesale market. WPI in India is published by the Office of Economic Adviser, Ministry of Commerce and Industry. An, important point to take note of is the wholesale price index (WPI) does not includes the
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A type of persistent inflation caused by deficiencies in certain conditions in the economy such as a backward agricultural sector that is unable to respond to people’s increased demand for food, inefficient distribution and storage facilities leading to artificial shortages of goods, and production of some goods controlled by some people. It is prevalent in
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Sustainable development is a process that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. It involves harmonizing three core elements: economic growth, social inclusion, and environmental protection. These elements are interconnected and are crucial for the well-being of individuals and societies https://www.youtube.com/watch?v=Dc8xpt0T_RY&list=PLUe0zmntFqG4Zm1zqv79fts4xHuCM3qi7&index=13 Sustainable Development Goals of
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Economic growth is a measure of a country’s national income or output, while economic development is a broader term that measures the quality of life for its citizens. Economic growth A country’s gross domestic product (GDP) increases, which is the total value of its goods and services produced over a period of time. Governments can try
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The green gross domestic product (Green GDP) is an index of economic growth with the environmental consequences of that growth factored into a country’s conventional GDP. It’s a measure of how a country is prepared for sustainable economic development. Green GDP measures GDP growth along with the environmental consequences of that growth factored in.The Green
Factors of production are the resources used to produce goods and services, and are the building blocks of an economy. Economists categorize these resources into four types: The four factors of production Land By land in economics we mean all that is given to us free by nature, on or below or above the surface of the
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Resources or means of production remain either in private ownership with full individual freedom to use them for the profit motive or they can be in collective ownership (government control) and can be used for the collective welfare of the society as a whole. Based on the criterion of degree of individual freedom and profit
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Economics is the science of decision making, it deals with how scarce resources are efficiently utilised for production, consumption of goods and services.
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