(i) Statistics as a science of estimates and probabilities.
(ii) Statistics is the collection, organisation, presentation, analysis and interpretation of numerical data.

Basic and collective needs of the people - health, education, sanitation, water, food, housing facilities.

Gross National Product is the total total market value of all final goods and services produced within a nation in a particular year, plus income earned by its citizens (abroad) minus income of non residents located in that country.

(i) A seed ball is a seed that has been wrapped in soil materials, usually a mixture of clay and compost and then dried.
(ii) The seed is pre-planted and can be sown by depositing the seed ball anywhere suitable for the species, keeping the seed safely until the proper germination window arises.

China, USA, India, Russia, Japan.

(i) CGST - Central Goods and Services Tax
(ii) SGST - State Goods and Services Tax
(iii) IGST - Integrated Goods and Services Tax

(i) The income of the government through all sources is public revenue.
(ii) Public revenue deals with the methods of raising public revenue such as tax and non-tax, the principles of taxation, rates of taxation, impact, incidence and shifting of taxes and their effects.

(i) International Development Association (IDA, 1960)
(ii) International Finance Corporation (IFC, 1956)
(iii) Multilateral Investment Guarantee Agency (MIGA, 1958)
(iv) International Centre for Settlement of Investment Disputes (ICSID, 1966)

(i) Free trade area is the region around a trade bloc whose member countries have signed a free-trade agreement.
(ii) Such agreements involve cooperation between at least two countries to reduce trade barriers. e.g. SAFTA, EFTA.

(i) Also called 'Paper Gold', SDR is a form of international reserves created by the IMF in 1969 to solve the problem of international liquidity.
(ii) They are allocated to IMF members in proportion to their quotas.
(iii) It is used as a means of payment to meet balance of payments deficits.

(i) The balance between the values of goods and services exchanged between two countries.
(ii) It is a trade in both visible and non visible items.

(i) According to Adam Smith, the basis of international trade was absolute cost advantage.
(ii) To Ricardo the basis of trade is comparative cost advantage.
(iii) Trade can take place even if the absolute cost difference is absent but there is comparative cost difference.

(i) International trade refers to the trade or exchange of goods and services between two or more countries.
(ii) It is a trade among different countries or trade across political boundaries.

(i) To maintain an expert staff to study all questions on agricultural credit.
(ii) To provide expert advice to Central and State Government, State Co-operative Banks.
(iii) To finance the rural sector through eligible institutions and to co-ordinate them.

(i) The Central Bank purchases and sells Government securities and proper eligible securities like bills and securities of private concerns.
(ii) This is called Open Market operation.

(i) Central bank is the monetary authority that manages a state's currency, money supply, and interest rate
(ii) It oversees the commercial banking system

(i) "Too much of Money chasing too few goods" - Coulbourn
(ii) "A state of abnormal increase in the quantity of purchasing power" - Gregorye

(i) Exchange of goods for goods.
(ii) Commodities and services were directly exchanged for other commodities and services.

MPS is the ratio of change in saving to a change in income
MPS = \(\frac{ΔS}{ΔY}\)

APC is the ratio of consumption expenditure to any particular level of income
APC = \(\frac{C}{Y}\)

 

It is the total income received by the individuals of a country before payment of direct tax.
Personal Income = National Income
- (Social Security Contribution and undistributed corporate profits)
+ Transfer payments

"The labour and capital of a country acting on its natural resources produce annually a certain net aggregate of commodities, material and immaterial including services of all kinds. This is the true net annual income or revenue of the country or national dividend". - Alfred Marshall

(i) A Model is a simplified representation of real situation.
(ii) Economists use models to describe economic activities, their relationships and their behaviour.

Economies can be classified into different types based on the Status of Development are
1. Developed
2. Underdeveloped
3. Undeveloped and
4. Developing economies

(i) Inflation refers to steady increase in general price level.
(ii) The General price level is based on Wholesale Price Index, Consumer Price Index.