Indian Economy Questions

Economics is the study of how society manages its scarce resources i.e, Limited wants & unlimited resources.

Mixed economy is the most common economic system in the world.

A perfectly inelastic demand curve is perfectly vertical either up or down in any way.

Airtel Payments Bank is the first payment bank in India. A payments bank is a new category of banks conceptualized by the Reserve Bank of India, which operates at a smaller scale than an actual bank and doesn't involve any credit risk. It can carry out most banking operations but can't advance loans or issue credit cards.

The RBI as of date has given licences to 11 payments bank of which six are currently operational. These include

1. Aditya Birla Payments Bank,
2. Airtel Payments Bank,
3. India Post Payments Bank,
4. Fino Payments Bank,
5. Jio Payments Bank (and)
6. Paytm Payments Bank.

Any type of insurance, be it home, auto, life, health, etc. are based on a principle of division of risk.

Division of Risk :: This is based on how much risk the insurer estimates the insured's coverage to be. The riskier the opportunity (bad health, area the home is in) the higher the premium costs.