What is Developmental Economics? Developmental economics is a branch of economics that deals with improving the economic, social and monetary conditions of people, regions and countries. It studies the transformation of poor countries into rich and prosperous ones. While studying and measuring this level of development it uses factors such as health, literacy, working conditions, domestic and international policies among other things. How can you measure change? The way we li

What are Sectors of the Indian Economy? We see a lot of activities happening around us. Some people sell vegetables, some clean our houses, some are involved in agriculture while some work in banks and software and consultancy companies. These various activities are divided into groups which we call sectors. Primary Sector / Primary Activities The activities in which we mainly use natural resources are called Primary Activities. The products achieved from Primary Activities a

What is Money? Money is a medium of exchange. Anyone having money can use it to exchange for goods and services they may need or want. What is a barter system? When money in its present form wasn’t there people used to exchange goods and services with each other. This system is called the barter system. The buyer and seller have to agree to exchange the goods both of them have. This creates a problem of double coincidence of wants. What a person desires to sell is exactly wha

Introduction to Globalisation In the last few decades our world has changed drastically. Changes in technology has made transportation and communication much more efficient, thereby allowing us to connect with anyone anywhere. Until the middle of the twentieth century, production was largely organised within countries. Colonies such as India exported raw materials and food stuff and imported finished goods. Trade was the main channel connecting distant countries. What are Mul