Elasticity – UPSC Economics Smart-Prep Module GS III • Prelims • Microeconomics 1. What is Elasticity? Elasticity measures the responsiveness of one economic variable to a change in another variable. It tells us how strongly consumers or producers react to…
Unemployment – Concepts, Types & Measurement UPSC Economics • GS III • Prelims • Indian Economy 1. What is Unemployment? Unemployment refers to a situation where people who are willing and able to work at the prevailing wage rate are…
Types of Economies – UPSC Economics Smart-Prep GS III • Prelims • Economy Basics 1. What Are “Types of Economies”? Economies differ in how they produce, distribute, and allocate resources. The classification is based on: Ownership of resources (private vs…
Inflation – Concepts, Types, Causes & Effects UPSC Economics Smart-Prep Module • GS III + Prelims + Optional Support 1. What is Inflation? In everyday language, people call any rise in prices “inflation”. But in economics, inflation means a persistent…
Idea of National Income – GDP, NDP, GNP, NNP, MP & FC UPSC Economics Smart-Prep Module • GS III + Prelims 1. What is National Income? National Income is the foundation of macroeconomics, representing the total income generated by a…
