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There are 195 countries in the  world, some are developed countries, some are undeveloped , and some are underdeveloped or developing countries . The distinction between them is a different process but we can differentiate based on conditions like economic growth , GDP, employment rate , population, etc. Let's understand how we can say whether the country is developed. ADVANCE OR DEVELOPED ECONOMIES An advanced or developed economy is one, which carries on production with a large amount of machinery and advanced techniques. An advanced economy employs its human and other resources to the maximum extent possible.  The productive efficiency of a developed economy is of a very high order, and the per capita income is also high. Consequently, people in these countries enjoy high standards of living.  England, the U.S.A, France, west Germany, etc, are advanced economies. These economies are inhabited by over one-fourth of the entire population of the world. ADVANCED ECONOMY Advanced Ec

WHY IS ECONOMICS VERY IMPORTANT? In today's world economy has become an extremely useful subject and has acquired great importance in the last few decades. Economics is very important in society because everyone faces market problems and personal finance . To deal with this problem we will discuss what economists believe about problems of daily life and the reasons why we should study economics. WHAT IS ECONOMIC?   Economics, at its very heart, is the study of people. It seeks to explain what drives human behavior, decisions, and reactions when faced with difficulties or successes. Economics is a discipline that combines politics, sociology, psychology, and history. When you study economics you gain a toolkit of skills, approaches, and ways of thinking that you can apply to a wide range of problems. Economics is one of the central disciplines underpinning the study of business and management and public policy. USEFULNESS OF ECONOMICS Economics has become an extremely useful su

ECONOMICS Economics is a broad term given to the social science of how choices are made in the face of limited resources. Economics is the science, which studies economic problems. Every country, company, and individual financial growth depends on the market economy . we will discuss some essential economic topics like economies of scale , the scope of the economy , supply and demand , and financial news. What is economics about? Science studies how societies use scarce resources to produce valuable commodities and distribute them among different people. Economics is the science that studies economic problems. Economic problems arise; due to following reasons; (a)  Man has unlimited wants or ends; (b) The means or resources to satisfy them are limited. (c) These resources are not specific but have alternative uses; and (d) Man has, therefore, to choose between wants. Economic example  Man has unlimited wants Human beings experience wants for food, clothing, shelter, education, ent

Investing in savings schemes can also help fund the education and marriage of the individual’s children. Apart from it being a disciplined way of saving money , investing in such schemes can also provide additional income. There are also various small savings schemes , where the contribution is less, but the total contribution that has been accumulated over the long run will be large.   Saving schemes  are mostly provided by banks and other financial companies but sometimes they required a high amount of money and a long time so these plans are not useful for middle-class families and street vendors. Therefore people are think easy to save money on piggy and home tools for emergencies but holding money at home is not the best idea because they are not getting interested in their money. India has a large amount population of middle-class families so it becomes a critical problem for the government because it affects the country's economy. So besides other private saving schemes gov