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

 

The most important determinant of consumer spending is the level of income.

Economic costs add the opportunity costs of a firm using its own resources while accounting costs do not.

Macroeconomics is the study of overall aggregate changes, behavior and performance of the economy of the country i.e, unemployment, GDP, inflation, etc...

Sales tax is an additional amount of money you pay based on a percentage of the selling price of goods and services that are purchased.

For example, if you purchase a new laptop Rs. 40000 and live in an area where the sales tax is 6%, you would pay Rs.2400 in sales tax.

A large underground economy results in an Overstated GDP. The underground economy is also called as Black market. It refers to illegal economic activity. Transactions in the underground economy are illegal either because the good or service being traded is illegal or because an otherwise licit transaction does not comply with government reporting requirements.