Indian Economy Questions

In national income accounting, government purchases by Local, State and Federal governments.

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

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.

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

Business fluctuations refer to the ups and downs in overall business activity measured by changes in national​ income, employment and the price level.

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