BSEB Matric Economics key terms

The social science that studies how people and societies choose to use scarce resources to produce goods and services and distribute them among different users.

The condition in which available resources are limited relative to the unlimited wants of people, so choices and rationing are unavoidable.

The value of the next best alternative given up when a decision is made to use resources for one purpose instead of another.

The branch of economics that studies individual units such as a household, a firm, or a single market, including price and output decisions.

The branch of economics that studies the economy as a whole, covering national income, general price level, employment, and growth.

The quantity of a good or service that buyers are willing and able to purchase at a given price during a given period.

The quantity of a good or service that sellers are willing and able to offer for sale at a given price during a given period.

The price at which the quantity buyers wish to purchase equals the quantity sellers wish to sell, so the market clears.

The total money value of all final goods and services produced by a country during a year, measured before or after depreciation as specified.

The market value of all final goods and services produced within a country's borders in a given period, regardless of who owns the producers.

National income divided by population, showing the average income available per person and used as a rough measure of living standards.

The deliberate direction of an economy by a government through targets, priorities, and allocation decisions set out in periodic plans.

A document setting medium-term development targets and public investment priorities for a five-year period, used in India from 1951 to 2017.

An economic system in which private ownership and markets operate alongside substantial government ownership, regulation, and welfare provision.

The part of the economy owned and controlled by government, including departments, public corporations, and government-run services.

The part of the economy owned and run by individuals and companies rather than by the state, driven mainly by profit.

The sector that produces goods directly from natural resources, such as farming, fishing, forestry, and mining.

The sector that transforms raw materials into finished goods, covering manufacturing, construction, and electricity generation.

The service sector, which provides intangible support such as transport, trade, banking, education, health, and public administration.

A situation where more workers are engaged in a job than are needed, so removing some would not reduce total output.

A situation in which workers are employed but their skills or working hours are not fully used, so productivity and earnings stay low.

Joblessness that occurs at particular times of year because work in farming or related activities is unavailable in that season.

The adoption of high-yielding seed varieties, fertilisers, and irrigation that sharply raised wheat and rice output in India from the late 1960s.

The artificial supply of water to farmland through canals, tubewells, tanks, or sprinklers to support crops when rainfall is inadequate.

The ratio of total cropped area to net sown area, showing how many crops are grown on the same land in a year.

Reliable access by all people at all times to enough safe and nutritious food to lead an active and healthy life.

A government network of fair-price shops that supplies subsidised foodgrains, mainly to poor households holding ration cards.

A payment or price concession by government that lowers the cost of a good, input, or service for producers or consumers.

The basic physical and organisational facilities such as roads, power, water, and communication on which production and daily life depend.

Capital such as schools, hospitals, and training institutions that builds human capability rather than directly producing goods.

Anything generally accepted as a medium of exchange, a unit of account, and a store of value in an economy.

A financial institution that accepts deposits from the public, lends to borrowers, and creates credit as part of its normal business.

A loan or supply of funds given now in return for repayment later, usually with interest, based on trust in the borrower.

The percentage charge paid by a borrower to a lender for the use of money over a period, expressed per year.

A sustained rise in the general price level, which reduces the purchasing power of money over time.

A threshold of consumption or income below which a household is classified as poor and eligible for anti-poverty support.

The skills, knowledge, and health embodied in people, which raise their productivity and are built through education and health spending.

A composite measure combining income, life expectancy, and education to compare average well-being across countries.

The government's annual statement of estimated receipts and expenditure, showing how spending is to be financed.

The excess of total government expenditure over total receipts other than borrowing, indicating how much the government must borrow.

The compulsory collection of money by government from individuals and firms to finance public spending and influence the economy.

The growing integration of national economies through trade, investment, migration, and technology flows across borders.

The removal or reduction of government controls such as licensing, quotas, and tariffs so that markets and private firms operate more freely.

The difference between the value of a country's exports and the value of its imports of goods over a period.

The legal protections available to buyers, including safety, information, choice, redressal, and the right to be heard.

An Indian law that provides for consumer councils and authorities and for speedy redressal of complaints about defective goods and deficient services.

Organised public action by consumers and voluntary groups to demand fair treatment, quality goods, and effective legal remedies.