(i) Giffen goods: Sir Robert Giffen explained the exceptional nature of inferior goods. So these inferior goods (eg) ragi are called Giffen goods.
(ii) When the price of an inferior good falls, the poor will buy less and vice versa.
(iii) It is an exception to the law of demand.

An indifference curve is the locus of different combinations of 2 commodities which gives the consumer the same level of satisfaction.

(i) Income is included in HDI and excluded in PQLI.
(ii) HDI represents physical and financial attributes of development. PQLI has only physical aspects of life.

Rapid adaptation of nuclear families; no proper water supply nor proper disposal of sewage.

Cottage industry are carried out by artisans in their own homes, these industries are traditional, with no or little power.

(i) Open unemployment is found among agricultural labourers, rural artisans and literate persons.
(ii) Here the unemployed people are identified as they remain without work.

(i) Firms will supply less at lower prices and more at higher prices.
(ii) As price of the commodity increases, the amount supplied also increases.
(iii) So, supply curve has a positive slope from left to right.

(i) Production function refers to the relationship among units of the factors of production (inputs) and the resultant quantity of a good produced (output).
(ii) Q = f(N, L, K, T);
Q = Quantity of output, N = Land, L = Labour, K = Capital, T = Technology

(i) Land and labour are the primary factors.
(ii) Capital and organisation are the secondary factors.

Kalpakkam Nuclear Power Plant & Koodankulam Nuclear Power Plant.

Mega Food Parks; Integrated Cold Chain; Value Addition Preservation Infrastructure; Modernization of Slaughterhouse; Scheme for Quality Assurance; Codex Standards; Research and Development and other promotional activities.

(i) Reduction in fertilizer subsidy.
(ii) Abolition of subsidy on sugar.
(iii) Disinvestment of a part of the government's equity holdings in select public sector undertakings.

Privatization means transfer of ownership and management of enterprises from public sector to private sector through denationalization, disinvestment and opening exclusive public sector enterprises to private sector.

(i) Pure competition is a narrower term for perfect competition.
(ii) Its features are presence of large number of buyers & sellers; homogeneous products and free entry and exit of the firms.

(i) In deductive method we move from general to particular.
(ii) It is also called as analytical (or) abstract method.

(i) Form utility
(ii) Time utility
(iii) Place utility
(iv) Service utility
(v) Possession utility
(vi) Knowledge utility

(i) Goods are tangible and have physical dimension.
(ii) Goods are transferable and have value in exchange.

(i) Economics means management of households.
(ii) It comes from the Greek word oikonomikos.

(i) Profit is earned by the entrepreneur for his entrepreneurial function.
(ii) It is the amount left with the entrepreneur after he has paid for all the other factors.

It is the payment made for the efforts, pain and sacrifices of all factor owners in production.

(i) Uneconomic holdings with subdivisions and fragmentation.
(ii) Low levels of water availability for crops.
(iii) Excess population pressure on agriculture due to fewer industries.
(iv) Absence of capital and autonomy in currency policy.

Resources that are exhaustive and cannot be regenerated is called non-renewable energy.
Eg: fossil fuels - Coal, Petroleum, minerals.

(i) Any stock or reserve that can be drawn from nature is a Natural Resource.
(ii) The major natural resources are land, forest, water.