The factors of production are the essential resources that are combined in the production process to create goods and services.
Transfer payments are monetary transfers made by the government to individuals or households without receiving any goods or services in return
Q24. Consider the following statements:
The Factories Act, of 1881 was passed with a view to fix the wages of industrial workers and allow
GDP and GNP are two key economic indicators used to measure a nation’s economic performance. They provide different perspectives
Q23. Which of the following are the objectives of ‘National Nutrition Mission’?
To create awareness relating to malnutrition among pregnant women and lactating
Economic growth is a critical parameter that provides insights into the performance of an economy. It serves as a foundation for various government
Q22. It is possible to produce algae-based biofuels, but what is/are the likely limitation(s) of developing countries in promoting this industry?
Production
Economy Notes
Business Cycles: Slowdown, Recession, Great Recession, and Depression – UPSC Economy Notes
Business cycles are fluctuations in economic activity characterized by periods of expansion, peak, contraction, and trough.
Q21. Due to some reasons, if there is a huge fall in the population of species of butterflies, what could be its likely consequence/consequences?
Pollination
Green economics is a school of thought within economics that emphasizes the importance of sustainable and environmentally friendly economic practices.
