UPSC > Indian Economy for UPSC CSE > The Basics of Economy
The Basics of Economy Video Lecture - Indian Economy for UPSC CSE
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FAQs on The Basics of Economy Video Lecture - Indian Economy for UPSC CSE
| 1. What is an economy? |  |
Ans. An economy is a system in which goods and services are produced, distributed, and consumed. It includes all the activities related to the production and consumption of goods and services by individuals, businesses, and governments.
| 2. What are the three types of economies? | |
Ans. The three types of economies are Market Economy, Command Economy, and Mixed Economy. In a market economy, prices are determined by supply and demand. In a command economy, the government controls the means of production and distribution. In a mixed economy, both the government and the private sector are involved in economic decision-making.
| 3. What is inflation? | |
Ans. Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. It is measured as the percentage increase in prices over time. High inflation can have a negative impact on the economy as it reduces the value of money and can lead to a decline in economic growth.
| 4. What is Gross Domestic Product (GDP)? | |
Ans. Gross Domestic Product (GDP) is the total value of all goods and services produced within a country's borders in a specific period, usually a year. It is considered as an important indicator of the economic health of a country. A high GDP is usually associated with a strong economy, while a low GDP indicates a weak economy.
| 5. What is the role of the government in the economy? | |
Ans. The government plays an important role in the economy. It provides public goods and services such as defense, education, and healthcare. It regulates economic activities through laws and policies. It also intervenes in the economy to correct market failures and promote economic growth. The government can use fiscal policies such as taxes and spending, and monetary policies such as interest rates and money supply to influence the economy.
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Video Description: The Basics of Economy for UPSC 2023 is part of Indian Economy for UPSC CSE preparation.
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136 videos|338 docs|146 tests
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