Indian Economy Questions

Government imposes taxes to run the machinery of the state. Taxes serve as the main source of income for the government revenue.

The scarcity definition of economics is credited to Lionel Robbins.

The long-run aggregate supply curve is vertical because it is at the full-employment or potential output. Because the economy's potential output is determined by the availability and productivity of real resources, not by the price level. That means that even if demand increases, firms can't hire new workers and expand because everyone is already working.

Capitalism is an economic system in which private entities or businesses own capital goods.

Money spent by the government on government programs such as road work, electricity work, manhole, etc... that are aiming to contribute to the nation's social welfare in long and short term are referred to as Goverment Expenditures.

Missing a credit card payment can increase your credit card's APR.

APR means Annual Percentage Rate.