General Study

A Social History of Clothing – It is easy to forget that there is a history to the clothes we wear. All societies observe certain rules, some of them quite strict, about the way in which men, women, and children should dress, or how different social classes and groups should present themselves. These norms come to define the identity of people, the way they see themselves, the way they want others to see them. They shape our notions of grace and beauty, ideas of modesty and shame. As times change and societies are transformed, these notions also alter, Modifications in clothing come to reflect these changes. A Social History of Clothing  The emergence of the modern world is marked by …

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A commercial bank is a financial institution that accepts deposits from the people and offers loans for the purpose of consumption or investment. According to Indian Banking Companies Act, “Banking company is one which transacts the business of banking which means the accepting ( for the purpose of lending or investment ) of deposits of money from the public repayable on demand or otherwise and withdrawable by cheque draft, order or otherwise.” The rate of interest charged by the commercial banks ( for the loans they offer ) is higher than the rate of interest paid by them ( for the deposits they accept ) . The difference between the two rates is called ‘ spread ‘ , which is …

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Supply of Money in India – Exchange is of central significance in human life. An individual does not produce himself all that he needs for his existence. He depends upon many others for the satisfaction of his wants. This implies interdependence. Interdependence implies exchange. A thing that is commonly accepted as a medium of exchange is called money. Example: A rupee in India is money as it is a commonly accepted medium of exchange there. Supply of Money in India When wants were not so multiple, goods were exchanged for goods. in the olden days, a cobbler would make shoes in return for wheat from the farmer; a farm worker would get grains as a reward for his labor, and …

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Foreign exchange rate refers to the rate at which one unit of currency of a country can be exchanged for the number of units of currency of another country. In other words, it is the price paid in domestic currency in order to get one unit of foreign currency. Example: $1= ₹50 or 1/50 Dollar = 2 cents Thus, exchange rate expresses the ratio of exchange between the currencies of two countries. It is the price of a currency expressed in terms of another currency, Some economists refer to it as the external value of the currency. The rate of exchange measures number of units of one currency which is exchange in the foreign market for one unit of another …

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Balance of payments is a statement of accounts showing all monetary transactions of a country with rest of the world. The monetary transactions may arise out of: export and import of goods (called merchandise) export and import of services called invisibles international sale and purchase of financial assets (like stocks and bonds) international sale and purchase of real assets like plant and machinery) The balance of payments of a country is a systematic record of all economics transactions between its residents and residents of foreign countries. Balance of payments is a set of accounts showing economic transactions of a country with rest of the world. Significance of Balance of Payment Significance of the BoP accounts is highlighted by the following …

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Government Budget – Last day of the month of February is well known in India as a day when the Finance Minister presents annual budget of the government. The Budget unfolds: The financial performance of the government over the past one year, and the financial programmes and policies of the government for the next one year. As regards financial performance of the government, it is more like a description of what happened during the past one year. Focus is placed largely on the other part of the budget describing programmes and policies of the government for the year to come. The programmes and policies of the government are summed up as ‘Budgetary Policy’ of the government, also called ‘fiscal policy’ …

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National income is the sum total of factor incomes earned by normal residents of a country during the period of an accounting year. This definition of national income includes two important observations: National income includes factor incomes only National income includes income of only the normal residents of a country A deeper understanding of the concepts of (i) factor incomes and (ii) normal residents,should be useful in understanding the subject matter of national income and related aggregates. Factor Incomes Factor incomes are related to factor services or factors of production (land, labour, capital, and entrepreneurship). Households are the owners of factors of production (or factor services). Producers hire/purchase the factor services from the households. In return, the households receive payments …

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