GS paper 3

Carbon Tax, Definition, Types, Examples, Implementation

Carbon Tax A Carbon Tax is a type of environmental tax that is levied on the carbon content of fossil fuels such as coal, oil, and gas. The aim of a carbon tax is to reduce greenhouse gas emissions by...

Purchasing Managers Index (PMI), Definition, Calculation

Purchasing Managers Index The Purchasing Managers' Index (PMI) is an economic indicator that measures the performance of the manufacturing and services sectors in India. It is based on monthly surveys of purchasing managers in various industries and provides insight into...

Kuznets Curve, Hypothesis, Graph, Criticism, Applications

Kuznets Curve The Kuznets curve is an economic concept that describes the relationship between economic development and income inequality. The curve was named after Simon Kuznets, a Nobel Prize-winning economist who first proposed the idea in the 1950s. According to...

Economic Growth and Development, Concept, Difference, Theory

Economic Growth and Development Economic Growth and Development are two important concepts that are closely related to each other. While economic growth refers to an increase in the production and consumption of goods and services over time, economic development encompasses...

Gini Coefficient, Definition, Formula, Importance, Calculation

Gini Coefficient In simple terms, the Gini coefficient is a way to measure how evenly or unevenly income or wealth is distributed in a society. A lower Gini coefficient indicates a more equal distribution, while a higher Gini coefficient suggests...

Producer Price Index in India, Definition, Formula, Purpose

Producer Price Index In India, the Producer Price Index (PPI) is a new index introduced by the Ministry of Commerce and Industry in 2020. The PPI measures the average change in the prices received by domestic producers of goods and...

Government Budgeting, Meaning, Objective, Types & Components

Government Budgeting A nation's income and expenses are detailed in the government budgeting, which is a comprehensive document. This yearly report is delivered to the Lok Sabha by the nation's finance minister in front of the elected officials of the...

Consumer Price Index of India, Definition, Formula, Types, Base Year

Consumer Price Index The Consumer Price Index (CPI) in India measures the average change in prices of a fixed basket of goods and services consumed by households over time. It measures the Inflation rate in India and is commonly used...

Phillips Curve, Definition, Graph, Formula, Equation, Significance

Phillips Curve The Phillips curve is a macroeconomic concept that describes the inverse relationship between unemployment and inflation. It is named after the economist A.W. Phillips who first described the relationship in an academic paper published in 1958. Phillips analyzed...

Lorenz Curve, Definition, Diagram, Formula, Examples

Lorenz Curve The Lorenz curve is a graphical representation of income distribution within a population. It is used to show the proportion of total income earned by a given percentage of households or individuals in a society. The curve is...