Basics of Ponomic SSC

Flashcards covering key concepts in economics from the lecture notes.

Macroeconomics

Focuses on government actions to influence broader economies.

Microeconomics

Focuses on actions of individuals and businesses.

Capitalist Economy

An economic system where ownership is private, with profit as the main motive.

Socialist Economy

An economic system with public ownership aimed at social welfare.

Mixed Economy

An economic system that incorporates both private and public ownership.

Primary Sector

The part of the economy that deals with the extraction of natural resources.

Secondary Sector

The manufacturing sector that transforms raw materials into finished goods.

Tertiary Sector

The service sector, which provides services rather than goods.

Gold Collar Jobs

Highly skilled jobs in the knowledge sector, such as senior executives.

Brain Drain

The emigration of highly skilled professionals to countries with better opportunities.

Licensing Raj

The system of government regulations that limited Indian businesses up to 1991.

GDP

Gross Domestic Product, a measure of economic performance.

Public Goods

Goods that are non-competitive and available to the public without exclusion.

Hoarding

Holding onto goods in great quantities to create scarcity.

Environmental Economics

A branch of economics that focuses on environmental issues and sustainable practices.

Knowledge Sector

Part of the economy involved in information-based services.

Quaternary Sector

The part of the economy that deals with knowledge-based services.

Income and Employment Theory

The branch of economics that deals with income distribution and job creation.

Working Capital

The short-term capital used in the daily operations of a business.

Cash Flow

The total amount of money being transferred into and out of a business.

Flow Variable

A variable measured over a defined period of time.

Stock Variable

A variable measured at a specific point in time.