Economics
Theories of Economics
Theories of Economics Economics is the study of how individuals, firms, and societies make decisions about the allocation of scarce resources. Over the centuries, economists have developed a wide range of theories to explain and understand economic phenomena. These theories can be grouped into different schools of thought, each with its own unique perspective on ho…
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Saving
Atal Pension Yojna
Atal Pension Yojna (APY) The Atal Pension Yojana (APY) is a government-backed pension scheme in India that is administered by the Pension Fund Regulatory and Development Authority (PFRDA). It is designed to provide a guaranteed pension to individuals in the unorganized sector, such as small farmers, self-employed workers, and others who do not have access to a forma…
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Saving
Saving Schemes
Top 10 Government of Indian Saving Schemes Here are the top 10 government-backed saving schemes in India, along with a brief description of their benefits: Public Provident Fund (PPF): Long-term, tax-saving investment scheme Guaranteed returns Eligible for tax deductions under Section 80C of the Income Tax Act Interest is tax-free Partial withdrawal and loan facilit…
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IES
IES - Lerner Index of Monopoly Power
IES (Indian Economics Service) - [General Economics Paper - I (Section A) Question - 1 (b) 2022] Discuss the Lerner Index of monopoly power ? Answer : The Lerner Index is a measure of the degree of monopoly power in a market. It is named after economist Abba Lerner, who developed the concept in the 1940s. The Lerner Index is calculated by dividing the difference …
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IES
IES - Demand Elasticity
IES (Indian Economics Service) - [General Economics Paper - I (Section A) Question - 1 (a) 2022] Show that the ordinary demand curve will have a greater demand elasticity than the compensated demand curve. Answer: The ordinary demand curve shows the relationship between the quantity demanded of a good or service and its price, holding all other factors constant. The…
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