Articles

Air has weights and it exerts pressure which varies from place to place. These variations are specified ion pressure belts. The pressure at different location of the world also varies in different seasons. This variation causes the movement of air called winds.

The temperature, atmospheric pressure, winds and precipitation are main elements of weather have an important effect on our lives. For example the houses we construct, the clothes we wear and the food we prefer mainly depend on weather and climatic conditions.

Economics as a subject matter of social science has been treated as a science of (a) Wealth, (b) Welfare, (c) Scarcity and Choice (d) Growth and Development and (e) Sustainable Development.

Economy is a system of socially and legally acceptable ways by which people get a living. An economy is also looked at as a system of cooperation for the satisfaction of human wants.

The issue of choice arises, because a) the resources are scarce and b) the resources can be put to many alternative uses.

Production process is the process of combining inputs, utilising their services and making production of goods and services. The entrepreneur organizes the production activities for which he earns profit or bears loss.

Demand for a commodity refers to the quantity of the commodity that a buyer is willing to buy at given price at given time. Individual demand is the quantity of a commodity that an individual buyer is willing to buy at the given price at given time.

Before money was invented people used to exchange goods for goods which was called barter system. There were many problems of barter system such as absence of a common measure of value, lack of double coincidence of wants, lack of space to store goods to exchange them for other goods etc. This prompted human society to discover money.

The story of Indian economy has two distinct phases. One, the economy during British period and two, the economy after independence.