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This channel is created with an aim to provide UPSC specific notes of Economy for both prelims and mains.
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The latest Messages 2
2021-08-15 06:30:08
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942 views03:30
2021-08-13 17:30:04
OPPORTUNITY COST
Value of the loss incurred on account of the next best alternative/choice forgone, in availing the best alternative available rather than the next best, is known as the opportunity cost of the chosen alternative.
In simple words, it refers to the value one decides to give up in availing any opportunity.
Or in other words, what have you lost while opting for an option is the opportunity cost of your choice.
2.2K views14:30
2021-08-08 16:30:03
GRESHAM'S LAW
Gresham's Law states that bad money drives out good'.It means if in a country there are two currencies, the overvalued currency (cheaper one) will drive the
undervalued (precious/expensiveone) out of use.
This is because people start hoarding the undervalued currency as a store of value and eventually, that will be eliminated from circulation.
This law was named after an English
financier, Sir Thomas Gresham (1519-
1579).
254 views13:30
2021-08-08 15:30:04
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702 views12:30
2021-08-07 16:30:08
GRESHAM'S LAW
Gresham's Law states that bad money drives out good'.It means if in a country there are two currencies, the overvalued currency (cheaper one) will drive the
undervalued (precious/expensiveone) out of use.
This is because people start hoarding the undervalued currency as a store of value and eventually, that will be eliminated from circulation.
This law was named after an English
financier, Sir Thomas Gresham (1519-
1579).
662 views13:30
2021-08-07 15:30:09
Daily Answer Writing for CSE MaINS, 2022
New batch is starting from 9th August
Monthly subscription is also available
Features •
Copy evaluation within 24 hours
•Flexible copy submission deadline
•Cover the General Studies Syllabus within 17 weeks
•Also includes 8 revision tests and 8 essay tests
•One on one session with mentors
•Evaluation by well experienced team
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765 views12:30
2021-08-06 16:30:03
ENVIRONMENT KUZNETS CURVE:
It shows the relationship between
economic progress on one hand and
environmental degradation over a
period of time caused in lieu of that
economic progress.
It says, as the economy starts the
journey of development, pollution in
first phase increases but with further
development of the economy , pollution rates begin to decline. And eventually, both economic progress and environment maintenance go hand in hand.
1.7K views13:30
2021-08-05 16:30:05
KUZNETS CURVE:
Kuznets curve is based on a hypothesis forwarded by an economist Simon Kuznets.
According to the hypothesis, when a country starts developing, economic
inequalities first increases for a period of time but after a threshold when a certain average income is attained, economic inequalities begin to decrease.
It is thus represented as an inverted
U-shaped graph as shown below.
257 views13:30
U
