Economy is a system. A country uses its money and resources to produce, buy and sell goods and services. Most of the time a country's economy depends on its development. Other than developed countries, undeveloped countries are always affect by weaken Government only. Generally we know that if a country is ricn we call it developed country. If a country is poor we call it undeveloped or developing country.
Life expectancy:
The amount (number of years) that a person expect to live when they are born.
National Income of India
Domestic product
Gross Domestic product at market price = Market value of final output of goods and services produced within the country's domestic economy in a period of one year.
Net domestic product at market price = GDP (mp)-Depreciation.
Net Domestic product at Factor Cost = NDP (FC) = NDP(MP)-Indirect taxes+Subsidies.
Issues in Development
Low per capita income and low rate of economic growth.
High proportion of people below the poverty line.
Imbalance between population size, resources and capital.
Problem of unemployment.
Broad sectors of Indian Economy:
Primary sector: Agriculture, forests and fishing.
Secondary Sector: Mining, manufacturing, electricity gas and water supply, construction.
Tertiary Sector: Tertiary sector is also called as service sector. Business, transport, telecommunication, banking, insurance, real estate, community and personnel services.
Life expectancy:
The amount (number of years) that a person expect to live when they are born.
National Income of India
Domestic product
Gross Domestic product at market price = Market value of final output of goods and services produced within the country's domestic economy in a period of one year.
Net domestic product at market price = GDP (mp)-Depreciation.
Net Domestic product at Factor Cost = NDP (FC) = NDP(MP)-Indirect taxes+Subsidies.
Issues in Development
Low per capita income and low rate of economic growth.
High proportion of people below the poverty line.
Imbalance between population size, resources and capital.
Problem of unemployment.
Broad sectors of Indian Economy:
Primary sector: Agriculture, forests and fishing.
Secondary Sector: Mining, manufacturing, electricity gas and water supply, construction.
Tertiary Sector: Tertiary sector is also called as service sector. Business, transport, telecommunication, banking, insurance, real estate, community and personnel services.
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