Category: Economic

Currency notes are an important form of money used in India.

Definition: Money is anything that is widely accepted as a means of payment for goods and services and for settling debts. The three main functions of money are: 1. Medium

The main demerits of the barter system are: 1. Lack of double coincidence of wants: It is difficult to find someone who has what we need and also wants what

The barter system is a method of exchange in which people exchange goods and services directly for other goods and services. Money is not used. Example: A farmer has rice

Answer: The Public Distribution System (PDS) is a government system that provides essential goods, such as rice and wheat, at affordable prices, especially to eligible low-income households. It has three

Answer: Taxes and subsidies affect the cost of producing goods. This can change supply and the market price. 1. Taxes A tax increases the cost of production or sale for

Answer: A dual price policy means that the same commodity is sold at two different prices. How it helps the poor: Example: Eligible families may buy subsidised rice through a

Answer: Token price is a very low price charged for a good or service. It is much lower than the actual cost of providing it. Purpose: Example: A public service

Answer: Support price is a minimum price fixed by the government to protect producers, especially farmers, from very low market prices. Effects on producers: Example: The government announces a minimum

Answer: Control price is a maximum price fixed by the government for certain goods. It helps keep essential goods affordable for consumers. Effects on consumers: Example: The government may control