Successors of Jawaharlal Nehru• Prime Minister Jawaharlal Nehru passed away in May 1964.• When Nehru passed away, K. Kamraj, president of Congress Party, consulted party leaders and Congress members of Parliament and found that there was a consensus in favour of Lal Bahadur Shastri. He was unanimously chosen as leader of Congress Parliamentary Party and …
Chapter 5. Challenges to and Restoration of Congress System Read More »
Overview• An open economy is one that interacts with other countries through various channels.• Output Market: An economy can trade in goods and services with other countries. This widens choice in sense that consumers and producers can choose between domestic and foreign goods.• Labour Market: Firms can choose where to locate production and workers can …
Background to Emergency• In elections of 1971, Congress had given slogan of garibi hatao [remove poverty]. However, social & economic conditions in country did not improve much after 1971-72. Bangladesh crisis had put a heavy strain on India’s economy.• About eight million people crossed East Pakistan border into India. It was followed by war with …
Chipko Movement• movement began in two or three villages of Uttarakhand [in 1973] when forest department refused permission to villagers to fell ash trees for making agricultural tools.• However, forest department allotted same patch of land to a sports manufacturer for commercial use. This enraged villagers, and they protested against move of government.• villagers demanded …
Jammu and Kashmir• Earlier Jammu and Kashmir had a special status under Article 370 of Indian Constitution. However, despite it, Jammu & Kashmir experienced violence, cross-border terrorism, and political instability with internal and external ramifications. It resulted in loss of many lives including that of innocent civilians, security personnel and militants.• Jammu and Kashmir comprises …
Context of 1990s• most crucial development of this period was defeat of Congress party in elections held in 1989. party that had won as many as 415 seats in Lok Sabha in 1984 was reduced to only 197 in this election.• Congress improved its performance and came back to power soon after mid-term elections held …
Chapter 9. Recent Development in Indian Politics Read More »
Economy• An economy is an area of production, distribution and trade, as well as consumption of goods and services by different agents.• Economy is termed as a system by which people in an area earn their living. Central Problems of an Economy• Production, exchange & consumption of goods and services are among basic economic activities …
Consumer’s Equilibrium• A consumer is one who buys goods and services for satisfaction of wants.• Any combination of amount of two goods will be known as a consumption bundle.• objective of a consumer is to get maximum satisfaction from spending his income on various goods and services, given prices. Utility• Utility of a commodity is …
Production• This is process by which inputs are transformed into ‘output’. Production is carried out by producers or firms.• In order to acquire inputs a firm has to pay for them. It is known as cost of production.• Cost refers to expenditure incurred by a producer on factor as well as non – factor inputs …
Perfect Competition: Defining Features• concept of market refers to all such systems or arrangements that brings buyers and sellers in contact with each other to settle sale and purchase of goods.• In economic theory, perfect competition occurs when all companies sell identical products, market share does not influence price, companies are able to enter or …
Chapter 4. Theory of Firm Under Perfect Competition Read More »