Studyspot02 🤓

GDP  Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period. Current GDP of India is $2.10 trillion. As a broad measure of overall domestic production, it functions as a comprehensive scorecard of a given country’s economic health. The concept of GDP was first proposed in 1937 in a report to the U.S. Congress in response to the Great Depression, conceived of and presented by an economist at the National Bureau of Economic Research, Simon Kuznets. At the time, the preeminent system of measurement was GNP. After the Bretton Woods conference in 1944, GDP was widely adopted as the standard means for measuring national economies, although ironically, the U.S. continued to use GNP as its official measure of economic welfare until 1991, after which it switched to GDP.Gross domestic product (GDP) is the monetary value of all finished goods and services made within...

Law of demand The law of demand states that " other things being constant the higher the price of the commodity,  smaller is the quantity demanded and lower the price of the commodity larger is the quantity demanded . The law of demand has been explained by Alfred Marshall in his book ' Principles of economics '.  The law of demand explains change in the behaviour of consumer demand due to various changes in price. Marshall's Law Of demand describes functional relation between demand and It can be expressed as D= f (P) that is demand price.function of price. The relation between price and demand is inverse, because larger quantity is demanded when price falls and smaller quantity will be demanded when price rises. Key points:-  ● The law demand says higher the quantity demand of commodity then lower will be the price.  ● demand and price have inverse relationship.  ● law of demand explained by Alfred Marshall in his book " principle of economics ". Why de...

Authority   The authority is known as that power which is legitimized in nature. Power is known as ability to influence others behaviour; Authority is the right to influence other’s behaviour.    Nature of Authority : “The right or the capacity or both to have proposals or prescriptions or instructions accepted without recourse to persuasion, bargaining or force”. As per the Oxford Dictionary of Politics- The term in the Authority   means:-   the power or right to give orders and enforce obedience, the power to influence others based on recognised knowledge or expertise. R. S. Peters’ definition is: “Authority is derived from the Latin word   auctor. … An auctor is he who brings about the existence of any object or promotes the increase or prosperity of it whether he first originates it, or by his efforts gives greater permanence or continuance to it” In the opinion of MacIver “By authority we mean the established right within any social order t...