In which area is the public sector most dominant in India?

 

Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period.

Simply, GDP is a broad measurement of a nation’s overall economic activity. 

It is calculated by summation of Consumption, investment, government purchases, and net exports.

The law of demand implies that "The higher the price of a good, the lesser the quantity demanded".

For example:

If the rate of a mobile phone increased, the quantity demanded by the customers is decreased.

When exports are greater than imports, net exports are positive and similarly, when imports are greater than exports, net exports are negative.

When a country imports goods, it buys them from foreign producers. The money spent on imports leaves the economy, and that decreases the importing nation's GDP.

Any type of insurance, be it home, auto, life, health, etc. are based on a principle of division of risk.

Division of Risk :: This is based on how much risk the insurer estimates the insured's coverage to be. The riskier the opportunity (bad health, area the home is in) the higher the premium costs.

The prime cost calculates the use of raw materials and direct labor, but does not factor in indirect expenses, such as advertising and administrative costs.

Supervisor's wages doesn;t come under prime cost.

Missing a credit card payment can increase your credit card's APR.

APR means Annual Percentage Rate.

Tennis rackets and ballpoint pens are two independent goods. Since, one doesn't depend on the other.