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Economy Terms Explained - 3 for UPSC IAS Main Exam

Oct 16, 2015 17:40 IST

    G-20: Group of developing countries established to focus on issues relating to trade and agriculture in the World Trade Organisation. The group includes Argentina, Bolivia, Brazil, Chile, China, Cuba, Egypt, Guatemala, India, Indonesia, Mexico, Nigeria, Pakistan, Paraguay, Philippines, South Africa, Thailand, Tanzania, Venezuela, and Zimbabwe.

    G-8: The Group of Eight (G-8) consists of Canada, France, Germany, Italy, Japan, the United Kingdom of Great Britain and Northern Ireland, the United States of America, and Russian Federation. The hallmark of the G-8 is an annual economic and political summit meeting of the heads of government with international officials, though there are numerous subsidiary meetings and policy research. The Presidency of the group rotates every year. For the year 2006 it was held by Russia.

    Gratuity: An amount of money given by the employer to the employee at the time of retirement for services rendered by the employee.

    Gross Domestic Product: The total value of final goods and services produced within a country’s borders in a year, regardless of ownership. It is used as one of many indicators of the standard of living in a country, but there are limitations with this view.

    Household: A group of persons normally living together and taking food from a common kitchen. The word ‘normally’ means that temporary visitors are excluded and those who temporarily staying away are included.

    Import Licensing: Permission required from the government to import goods into a country.

    Import Substitution: A policy of the state for development of economy in which import of goods is generally substituted by domestic production (through import controls, tariffs and other restrictions) with a view to encourage domestic industry on grounds of self-sufficiency and domestic employment.

    Infant Mortality Rate: It is the number of deaths of infants before reaching the age of one, in a particular year, per 1,000 live births during that year.

    Inflation: A sustained rise in the general price level.

    Informal Sector Enterprises: Those private sector enterprises, which employ less than 10 workers on a regular basis.
    Integration of Domestic Economy: A situation where the policies of government facilitate free trade and investment with other countries making the domestic economy work together with other economies in an efficient and mutually interdependent way.

    Invisibles: Various items enter in the current account of the balance of payments, some of which are not visible goods. Invisibles are mainly services, like tourism, transport by shipping or by airways, and financial services such as insurance and banking. They also include gifts sent abroad or received from abroad and private transfer of funds, government grants and interests, profits and dividends.

    Labour Laws: All the rules and regulations framed by the government to protect the interests of the workers.

    Land/Revenue Settlement: With the British acquiring territorial rights in different parts of India, administration of territories was formulated on the basis of survey of land. It was decided in the interests of government in terms of revenues to be collected from each parcel of land in possession of either a ryot (means peasant) or a mahal (revenue village) or a zamindar (a proprietary land holder). Decision in each of these cases was meant for the rights of the latter over land for the purposes of either ownership of land or rights to cultivation. This system is known as land/revenue settlement. There were different land settlements formulated in India. They are (i) system of permanent settlement, which is also known as the zamindari system (ii) ryotwari system (a system of revenue settlement entered into by the government with individual tenants) (iii) mahalwari system (a system of revenue settlement entered into by the government with a mahal).

    Life Expectancy at Birth (years): The number of years a newborn infant would live if prevailing patterns of age-specific mortality rates at the time of birth were to stay the same throughout the child’s life.

    Maternal Mortality Rate: It is the relationship between the number of maternal deaths due to childbearing by the number of live births or by the sum of live births and foetal deaths in a given year.

    Merchant Bankers: Banks or financial institutions, also known as investment bankers, that specialise in advising the companies and managing their equity and debt requirement (often referred to as portfolio management) through floatation and sale/purchase of stocks and bonds.

    Morbidity: It is the propensity to fall ill. It affects a person’s work by making him or her temporarily disabled. Prolonged morbidity may lead to mortality. In our country, acute respiratory infections and diarrhoea are two major causes of morbidity.

    Mortality Rate: The word ‘mortality’ comes from ‘mortal’ which originates from the Latin word mors(meaning death). It is the annual number of deaths (from a disease or in general) per 1,000 people. It is distinct from morbidity rate, which refers to the number of people who have a disease compared to the total number of people in a population.

    MRTP Act: An Act (Monopolies Restrictive Trade Practices Act) framed to prevent monopolistic practices and regulate the conductor business practices of firms that are not in public interest.

    Multilateral Trade Agreements: Trade agreements made by a country with more than two nations to exchange goods and services.

    National Product/Income: Total value of goods and services produced in a country plus income from abroad.

    Nationalisation: Transfer of ownership from private sector to public sector. This involves takeover of companies owned by individuals or group of individuals by either state or central government. In some contexts, it also involves transfer of ownership from state government to central government.

    New Economic Policy: A term used to describe the policies adopted in India since 1991.

    Non-renewable Resources: Resources that cannot be renewed. They have a finite, even if large, stock. Some examples are fossils fuels such as oil and coal and mineral resources—iron, lead, aluminium, uranium.

    Non-tariff Barriers: All the restrictions on imports by a government in the form other than taxes. They mainly include restrictions on quantity and quality of goods imported.

    Economic Terms Explained - 1

    Economic Terms Explained - 2

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