Notes in Economics

8/12/2019 Notes in Economics

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Notes in Economics-2Money Banking and Stock Market

1. Money is a standard unit of measurement for economic Magnitudes

2. It also represent cash balance that a household has. The reason that cashbalances are required serve three purposes: transaction, precautionary,

speculative.

3. Money is also medium of exchange and a temporary store of value.

4. Money is defined in two ways, Narrow MoneyM1 ( Currency with Public

+ Demand Deposits with the banks + Other deposits with RBI) and BroadMoney ( M1+ Time deposits with banks)

5. In 2011, M1 in India was 16.3 Trillion Rupees and Broad Money was 65Trillian Rupees.

6. In Barter system, a person could exchange a good with another system onlyif the other person required that good. This matching of mutual demands

for a barter exchange is called double coincidence of wants.

7. How Banks earn a profit

a. They earn a profit due to three tendencies of depositers:

i. When people deposit money in a bank, they do not withdraw theirmoney immediately.

ii. When they withdraw money, they do not withdraw in full

iii. People do not withdraw money simultaneously with others.

b. Hence bank keeps aside a portion of the initial cash deposit ( primarydeposit) of an account holder and lends the remaining amount to a firm, on

the condition that the firm opens an account in the bank, in which the

money loaned is deposited. This creates an additional deposit- a secondary

deposit with the bank, for which no new cash was actually deposited in the

bank. Once again using the same three assumptions, the bank lends the
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remaining amount to yet another firm. Thereby bank creates deposits which

are much larger than the initial deposits. This multiple creation of credit and

deposit allows banks to charge interest on loans and profit.

c. A bank may turn greedy and keep a low portion as cash. To prevent this,RBI sets a minimum limits on the cash reserve maintained by banks. This

min. limit is called the Cash Reserve Ratio ( CRR) (Varies from 3 to 20 %).

d. RBI also stipulates that bank maintain a certain amount of their depositliabilities in the form of secure investments- government securities, gold or

cash. This is called SLR ( Varies from 20-39%).

e.

In India deposit holders are ensured up to a max of Rs. 1 Lakh each in casethere is a bank failure.

Adapted from Book: Day to Day Economics- By Prof. Satish Y. Deodhar (Buy

this Book)

Posted by Priyank Goyal at6:17 PM0 commentsLabels:Economics

Sunday, March 17, 2013

Some Concepts in Economics-1Taken from Book "Day to Day Economics" by Prof. Satish Y. Deodhar

Why government decides to undertake some economic activities in her

own hand and not leave it to private sector.

There are two features in these activities that prompt government to

undertake these activities in her own hand. One is called Public Goodsandthe other are called Natural Monopolies.

There are certain services which are called as the pure public goods. For

example National defence is a pure public good. Also it is non-rival in

consumption, as if one is enjoying the benefit of the defence, he cannot

prevent other to enjoy it. It is also nonexclusive, as every individual is

enjoying the benefits of the defence of the nation. A private firm cannot
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provide national defence. It is so because they cannot express how much

they value their security, and why would anyone pay for it.

Apart from that there are services where the set up costs are so high thatonly one single firm can provide the service at an affordable cost. For

example supply of potable water is such services. However, if a single

private firm is allowed to offer this service, then in absence of competition,

it would turn into an monopolist. Thus government will undertake such

services. The goods and services that fall under this category are

called Natural Monopolies.Similarly running of postal service, generation

and supply of electricity and the provision of landline telephone services.

Why Government applies taxes on some activities and give subsidies on

some other activities

There are certain economic activities that affect a bystander that are not

party to that activities. For example late night playing of loud music disturbs

the peace of neighbourhood. This creates what is called as negative

externality. Government wants to discourage this activity.

Similarly government gives subsidy on the electric cars. Why , as it doesnt

pollute atmosphere and doesnt use fossil fuel. Government wants to

encourage this activity. This creates what is called as apositive externality.

Similarly subsidy on primary education, taxing on the chemical factory are

such examples.

Size of the budget expenditure in 2011-12 is 11 Trillion Rs. which is 14% ofIndian GDP. The receipts are 6.8 trillion Rs. which is 9.5 % of Indias GDP.

This is very small if we compare the receipts for other countries ( France-

39%, UK-34%, Brazil-20% and Russia- 17%)

There are three types revenue receipts. First is the Revenue Deficit, this isthe difference between revenue expenditure and revenue receipts. A deficit

of this kind shown that the government has to borrow money to financeadministrative activities which do not lead to the creation of any assets.


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The second type of deficit is Fiscal deficit, which refers to the differencebetween the governments total expenditure and the total non-debt

receipts. This indicates that the government has exhausted all its options for

financing its expenditure and the only recourse left for it is to borrow.

Also there is Primary Deficit. This deficit is defined as the differencebetween Fiscal Deficit and the interest payment on debts incurred in earlier

years. If one removes the interest payments from the Fiscal deficit, the

primary deficit becomes a smaller number.

Looking at the numbers in 2011, Fiscal deficit was 4.8% of the GDP,

Revenue was 3.5% and Primary was 1.7% of the GDP. Also((Revenue/Fiscal)x100) is 72.5%.

How high fiscal deficit Crowd Out private investments

This linkage is explained in two ways:

1. High Fiscal deficitGovernment will borrow heavilydemand for loanswill rise in the marketInterest rates go upCost of borrowing for Private

firms go upInvestments projects become economically unviableFall inprivate investmentsAdverse impact on employment generation and

income

2. High Fiscal deficitGovernment will borrow heavilyAlso borrow fromInternational marketForeign fund starts flowingDemand for Rupee

goes up to exchangeIndian exports become expensiveHigher imports

and Lower ExportsHigher trade deficit

Direct Taxes in India in 2011 was 56.5% of total tax revenue and Indirecttaxes are 42.2 %

Posted by Priyank Goyal at9:02 AM1 commentsLabels:Economics

Thursday, December 24, 2009

General Chemistry Notes-4
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Calcinationis heating strongly in the absence of air. Roastingisheating in the excess of air . Smelting, also called autoreduction,involves reduction of ores, usually oxides at elevated temperatures.

It is difficult to remove the earthy matter called ganguewhichcontaminates an ore. This is done by adding to ore a substancecalled flux. Flux combines with gangue to form a molten productcalled slag, which can be easily removed.

An alloy is a mixture of two or more metals and is homogeneous innature. For exampleBrass(Copper, Zinc), Bronze( Copper, Tin)and Gun Metal( Copper, Tin and Zinc) are examples of alloys.

An amalgam is a solution of metal in mercury. Sodium amalgamisused areducing agent. Tin amalgamis used formakingmirrors. Cadmium and Gold amalgamare used in dentistry.

A few elements like arsenic, Antimony, Boron, Silicon and Germaniumbehave both like metals and non-metals. These arecalled metalloids.

The five main causes of air pollutionare carbon monoxides,nitrogen oxides, hydrocarbons and sulphur oxides. Transportationsources are responsible for 74% of all carbon monoxide emissions.Use of Catalytic converterin two stages helps in eliminatingpollutants from exhaust gases before they are discharged intoatmosphere. In the first stage converter, Nitrogen Oxide is convertedto Nitrogen and Ammonia in the presence of finally divided Platinumas a catalyst. In the second stage coverter, Hydrocarbons and carbonmonoxide are completely oxidized to water and carbon dioxide in the

presence of Platinum catalyst. Unleaded gasoline should be used asPlatinum can be poisoned by the lead.

Much of Nitrogen Oxides and Sulphur Oxides entering into theatmosphere are converted into Nitric acid and Sulphuric acid. This willgenerate precipitation known as acid rain.

Urea is used as a fertilizer. DDT ( Dichloro-Di-Phenyl TrichloroEthane) and BHC ( Benzene HexaChloride) , Melathion and parathion

are used as pesticides. Zinc Phosphate and Barium Carbonate are


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used as rodenticides. Bordeaux Mixture ( copper Sulphate + Lime +Water) are used as fungicides.Posted by Priyank Goyal at7:59 PM1 commentsLabels:General Chemistry,General Studies,GS,IAS

Saturday, November 28, 2009

General Biology Notes-4Muscular System

1. Total Number of muscles in human body are 636.

2. Study of muscles is called Mycology.

3. Voluntary muscles are striped and are not independent. They arecontrolled by Spinal cord.

4. Involuntary muscles are smooth. They are concerned with thesurvival of the animal. They are controlled byautonomic nervoussystem.

5. Cardiac muscles are involuntary muscles but striped.

6. Muscles convert chemical energy ( glucose) into mechanicalenergy. In humans this conversion efficiency is 25%.

7. Muscle fatigue is the accumulation of lactic acid.

Transport System

8. Transportation in plants takes place

through xylem and phloem tissues.

9. Loss of water through evaporation from plant body iscalled Traspiration

HumanCirculatory System
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Image viaWikipedia

10. In human,heart pumps blood intoarteries.

Image viaWikipedia

11. The aorta is the longest and largest artery in the body.
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12. Thepulmonary artery is the only artery that contains impureblood and carries it from right Ventricle to the lungs.

13. All veins except pulmonary veins carry impure that isdeoxygenated blood.

14. The heart-beat consists of 2 phases systole anddiastole.

15. In human adults at rest, the heart beats at the rate of 72 times perminute.

16.Blood pressure is 120mm of mercury in Systole and 80 mm of

mercury in diastole.

17. The difference between systolic and diastolic pressure iscalled pulse pressure.

Blood

18. In adult man normally 5.6 liters of blood is formed.

19. ThepH of blood is 7.4,

20. Mixture of RBC, WBC and platelets are there is plazma.

21.RBCs or Erythrocytes are round, biconcave and non-nucleated.

Image viaWikipedia

22. There are 4 to 6 m RBC/cubic ml of blood.
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23. Life of RBC is 120 days.

24. They are formed in redbone marrow of short bones.

25. These are destroyed in liver Spleen.

26. Contain a protein called Haemoglobin which gives them redcolor.

27. People living in hilly areas have higher number of RBSc thanpersons living in plains.

Posted by Priyank Goyal at8:54 AM0 commentsLabels:general biology,General Knowledge,General Studies,IAS

Saturday, November 21, 2009

Geography-4

1. Inversion of Temperature

Normallyair temperature decreases with increasing height at 6.5

degCelsius per one thousand meter. But under certain weatherconditions, air temperature increases with elevation. This is called
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inversion of temperature.

2. Pressure and Wind

Image viaWikipedia

Remember: Winds deflect to their right in the Northern Hemisphereand to their left in Southern hemisphere, due to Coriolis forces causedby the rotation of the earth.

3. Winds

a.Trade Winds:These blow from subtropical high toDoldrums .These are called so because they are very regular.

b.Westerlies:These blow fromHorse Latitudes to Subpolar Low.They become more vigorous inSouthern Hemisphere between 40-60degrees Celsius and are calledRoaring Forties,Furious Fifties andShrieking Sixties.
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c. Polar Winds: Blow from Polar high pressure to Subpolar lowpressure.

d.Jet Streams: These are high speed winds blowing from East to

West at a high altitude ( 12 Km). Their speeds are 110 km/hr inSummer and 190 km/hr in Winter.

e. Cyclones: These are called as Hurricanes inCaribbean Sea,Tornadoes or Twisters in the USA, Cyclones in Indian Oceans,Typhoons in China Sea or Japan and Willy Willies in Australia.

4. Humidity is defined as the actualwater vapour content present in

the atmosphere as a percentage of Maximum holding capacity of theatmosphere.

5. The temperature at which a given mass of air becomes saturated iscalled the Dew Point.

6. Drop Size in rain has 0.5mm diameter, for drizzle it is less than0.5mm diameter.

7. Sleet is a mixture of Snow and rain.

8. During Hail, the pieces of Ice are of 5-50 mm in diameter.

9. The cause of rainfall can be conventional where hot air rises,cools below thedew pointand precipitate.Orographic rainfallhappens when winds strike mountains and precipitate. Also rainfallcan be cyclonic.

10. During smog the visibility is less than 1m, during fog it is less than1 km. During mist the visibility is 1-2 km and during haze the visibilityis greater than 2 km.

Posted by Priyank Goyal at8:16 PM1 commentsLabels:Celsius,Dew Point,Earth,Furious Fifties,General Studies,IndianGeography,Temperature,Trade wind,Water vapor,Westerlies

Thursday, November 19, 2009
http://en.wikipedia.org/wiki/Jet_streamhttp://en.wikipedia.org/wiki/Jet_streamhttp://en.wikipedia.org/wiki/Jet_streamhttp://maps.google.com/maps?ll=14.5255555556,-75.8183333333&spn=0.1,0.1&q=14.5255555556,-75.8183333333%20(Caribbean%20Sea)&t=hhttp://en.wikipedia.org/wiki/Water_vaporhttp://en.wikipedia.org/wiki/Dew_pointhttp://en.wikipedia.org/wiki/Orographyhttp://en.wikipedia.org/wiki/Orographyhttp://generalstudiesnotes.blogspot.in/2009/11/geography-4.htmlhttp://generalstudiesnotes.blogspot.in/2009/11/geography-4.htmlhttp://www.blogger.com/comment.g?blogID=9125279991680865551&postID=7510982005271082909http://www.blogger.com/comment.g?blogID=9125279991680865551&postID=7510982005271082909http://www.blogger.com/comment.g?blogID=9125279991680865551&postID=7510982005271082909http://generalstudiesnotes.blogspot.in/search/label/Celsiushttp://generalstudiesnotes.blogspot.in/search/label/Celsiushttp://generalstudiesnotes.blogspot.in/search/label/Celsiushttp://generalstudiesnotes.blogspot.in/search/label/Dew%20Pointhttp://generalstudiesnotes.blogspot.in/search/label/Dew%20Pointhttp://generalstudiesnotes.blogspot.in/search/label/Dew%20Pointhttp://generalstudiesnotes.blogspot.in/search/label/Earthhttp://generalstudiesnotes.blogspot.in/search/label/Earthhttp://generalstudiesnotes.blogspot.in/search/label/Earthhttp://generalstudiesnotes.blogspot.in/search/label/Furious%20Fiftieshttp://generalstudiesnotes.blogspot.in/search/label/Furious%20Fiftieshttp://generalstudiesnotes.blogspot.in/search/label/Furious%20Fiftieshttp://generalstudiesnotes.blogspot.in/search/label/General%20Studieshttp://generalstudiesnotes.blogspot.in/search/label/General%20Studieshttp://generalstudiesnotes.blogspot.in/search/label/General%20Studieshttp://generalstudiesnotes.blogspot.in/search/label/Indian%20Geographyhttp://generalstudiesnotes.blogspot.in/search/label/Indian%20Geographyhttp://generalstudiesnotes.blogspot.in/search/label/Indian%20Geographyhttp://generalstudiesnotes.blogspot.in/search/label/Temperaturehttp://generalstudiesnotes.blogspot.in/search/label/Temperaturehttp://generalstudiesnotes.blogspot.in/search/label/Temperaturehttp://generalstudiesnotes.blogspot.in/search/label/Trade%20windhttp://generalstudiesnotes.blogspot.in/search/label/Trade%20windhttp://generalstudiesnotes.blogspot.in/search/label/Trade%20windhttp://generalstudiesnotes.blogspot.in/search/label/Water%20vaporhttp://generalstudiesnotes.blogspot.in/search/label/Water%20vaporhttp://generalstudiesnotes.blogspot.in/search/label/Water%20vaporhttp://generalstudiesnotes.blogspot.in/search/label/Westerlieshttp://generalstudiesnotes.blogspot.in/search/label/Westerlieshttp://generalstudiesnotes.blogspot.in/search/label/Westerlieshttp://reblog.zemanta.com/zemified/ee952a36-bbd1-4b9a-af82-2d845325aa0a/http://generalstudiesnotes.blogspot.in/search/label/Westerlieshttp://generalstudiesnotes.blogspot.in/search/label/Water%20vaporhttp://generalstudiesnotes.blogspot.in/search/label/Trade%20windhttp://generalstudiesnotes.blogspot.in/search/label/Temperaturehttp://generalstudiesnotes.blogspot.in/search/label/Indian%20Geographyhttp://generalstudiesnotes.blogspot.in/search/label/Indian%20Geographyhttp://generalstudiesnotes.blogspot.in/search/label/General%20Studieshttp://generalstudiesnotes.blogspot.in/search/label/Furious%20Fiftieshttp://generalstudiesnotes.blogspot.in/search/label/Earthhttp://generalstudiesnotes.blogspot.in/search/label/Dew%20Pointhttp://generalstudiesnotes.blogspot.in/search/label/Celsiushttp://www.blogger.com/comment.g?blogID=9125279991680865551&postID=7510982005271082909http://generalstudiesnotes.blogspot.in/2009/11/geography-4.htmlhttp://en.wikipedia.org/wiki/Orographyhttp://en.wikipedia.org/wiki/Dew_pointhttp://en.wikipedia.org/wiki/Water_vaporhttp://maps.google.com/maps?ll=14.5255555556,-75.8183333333&spn=0.1,0.1&q=14.5255555556,-75.8183333333%20(Caribbean%20Sea)&t=hhttp://en.wikipedia.org/wiki/Jet_stream


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8. Nagarjun was the greatest Mahayan scholar. He propounded thetheory of Shunjavada

9. The Shaivite king Shashank of Gauda ( Bengal) cut theBodhi

Tree of Bodh Gaya, where Buddha attained Nirvana.

10. 1st Buddhist council was held in Rajgir on 983 BC. Thepresident was Mahakassapaand patron king was Ajatsatru. 2ndBuddhist was held in Vaishali in 383 BC. The presidentwas Sabakami and patron king was Kalasoka. 3rd Buddhist councilwas held inPataliputra on 250 BC. It was presided overby Mogaliputta Tissa and patron king wasAshoka. 4th and lastBuddhist council was held at Kundalvana in 72 AD. It was presided

over by Vasumitra and the patron king was Kanishka.

Posted by Priyank Goyal at3:50 PM3 commentsLabels:Buddhism,General Studies,Harsha,Indian History,Pataliputra

Tuesday, November 17, 2009

Indian Polity-4Indian Polity-3

1. Joint session of the house is conducted:

a. After every general electionb. In the beginning of first sessionc. When one house passes a bill while the other house rejects or doesnot give assent for six months.

2. A joint Session is presided over by thespeaker of the Lok Sabha.

3. The first hour of every sitting in both houses is devoted to askingand answering of questions. This is calledQuestion Hour.

4. The immediately following Question Hours is called Zero Hour. Itstarts at 12 Oclock and press gave the name zero hour.

5. There are three categories of questionsa. Starred questions can be answered orally on thefloor of the house.
http://en.wikipedia.org/wiki/Bodhi_Treehttp://en.wikipedia.org/wiki/Bodhi_Treehttp://en.wikipedia.org/wiki/Pataliputrahttp://generalstudiesnotes.blogspot.in/2009/11/royal-patrons-of-buddhism-1.htmlhttp://generalstudiesnotes.blogspot.in/2009/11/royal-patrons-of-buddhism-1.htmlhttp://www.blogger.com/comment.g?blogID=9125279991680865551&postID=608509669136875289http://www.blogger.com/comment.g?blogID=9125279991680865551&postID=608509669136875289http://www.blogger.com/comment.g?blogID=9125279991680865551&postID=608509669136875289http://generalstudiesnotes.blogspot.in/search/label/Buddhismhttp://generalstudiesnotes.blogspot.in/search/label/Buddhismhttp://generalstudiesnotes.blogspot.in/search/label/Buddhismhttp://generalstudiesnotes.blogspot.in/search/label/General%20Studieshttp://generalstudiesnotes.blogspot.in/search/label/General%20Studieshttp://generalstudiesnotes.blogspot.in/search/label/General%20Studieshttp://generalstudiesnotes.blogspot.in/search/label/Harshahttp://generalstudiesnotes.blogspot.in/search/label/Harshahttp://generalstudiesnotes.blogspot.in/search/label/Harshahttp://generalstudiesnotes.blogspot.in/search/label/Indian%20Historyhttp://generalstudiesnotes.blogspot.in/search/label/Indian%20Historyhttp://generalstudiesnotes.blogspot.in/search/label/Indian%20Historyhttp://generalstudiesnotes.blogspot.in/search/label/Pataliputrahttp://generalstudiesnotes.blogspot.in/search/label/Pataliputrahttp://generalstudiesnotes.blogspot.in/search/label/Pataliputrahttp://generalstudiesnotes.blogspot.in/2009/11/indian-polity-4.htmlhttp://en.wikipedia.org/wiki/Speaker_of_the_Lok_Sabhahttp://en.wikipedia.org/wiki/Question_Hourhttp://en.wikipedia.org/wiki/Chambers_of_parliamenthttp://reblog.zemanta.com/zemified/8bdee0d2-7408-4825-85cd-a61a2e1924f6/http://en.wikipedia.org/wiki/Chambers_of_parliamenthttp://en.wikipedia.org/wiki/Question_Hourhttp://en.wikipedia.org/wiki/Speaker_of_the_Lok_Sabhahttp://generalstudiesnotes.blogspot.in/2009/11/indian-polity-4.htmlhttp://generalstudiesnotes.blogspot.in/search/label/Pataliputrahttp://generalstudiesnotes.blogspot.in/search/label/Indian%20Historyhttp://generalstudiesnotes.blogspot.in/search/label/Harshahttp://generalstudiesnotes.blogspot.in/search/label/General%20Studieshttp://generalstudiesnotes.blogspot.in/search/label/Buddhismhttp://www.blogger.com/comment.g?blogID=9125279991680865551&postID=608509669136875289http://generalstudiesnotes.blogspot.in/2009/11/royal-patrons-of-buddhism-1.htmlhttp://en.wikipedia.org/wiki/Pataliputrahttp://en.wikipedia.org/wiki/Bodhi_Treehttp://en.wikipedia.org/wiki/Bodhi_Tree


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b. An unstarred question, which does not carry an asterisk mark, isnot given orally but in written form.c. A short notice question can be asked with notice shorter than theten days prescribed for an ordinary question.

6. Half an hour discussion can be held inLok Sabha andRajyaSabha.

7. There are three types of motionsa. Call Attention Motion: A member may call the attention of a ministeron an urgent matter through this motion.b. Adjournment Motion: If speaker agrees, a matter of urgent publicimportance can be brought before the house, by interrupting the

regular business.c.No-confidence Motion: It expresses a lack of confidence of the LokSabha in the council of ministers.d. Cut Motion is a device to initiate discussions and demands forgrants.

8. Only five states have legislative council namely: Bihar, UP,Karnataka, Maharastra and J &K.

9. 5/6 members ofVidhan Parishad are elected directly while 1/6 ofthem are nominated by the governer.

10. The term of theVidhan Sabha is fixed for 5 years, but for J & K itis 6 years.
http://loksabha.nic.in/http://rajyasabha.nic.in/http://rajyasabha.nic.in/http://en.wikipedia.org/wiki/Motion_of_no_confidencehttp://en.wikipedia.org/wiki/Vidhan_Parishadhttp://en.wikipedia.org/wiki/Vidhan_Sabhahttp://en.wikipedia.org/wiki/Vidhan_Sabhahttp://en.wikipedia.org/wiki/Vidhan_Parishadhttp://en.wikipedia.org/wiki/Motion_of_no_confidencehttp://rajyasabha.nic.in/http://rajyasabha.nic.in/http://loksabha.nic.in/

Documents

Notes in Economics