GS paper 3

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...

Purchasing Power Parity Theory, How to Calculate, India vs USA

Purchasing Power Parity Purchasing Power Parity (PPP) is an economic concept that measures the value of a country's currency in terms of its ability to purchase goods and services, relative to another country's currency. In other words, PPP is a...

GDP Deflator Formula, Meaning, Equation, Base Year, Benefits

GDP Deflator The GDP Deflator is an important economic indicator that helps to measure the changes in the price level of goods and services produced in an economy. It provides a way to adjust the nominal GDP (which is the...

Basel Norms in India, History, Types, Pillars, Purpose

Basel Norms The Basel Norms, also known as the Basel Accords, are a set of international banking regulations that provide a framework for the supervision, regulation, and risk management of banks. These norms were developed by the Basel Committee on...