Indian Economy Questions

The standard deduction of Rs. 40,000 is seek to provide relief to salaried tax payers in the Budget proposals in place of the present exemption allowed for transport allowance and reimbursement of miscellaneous medical expenses.

The basic concept in economics is that all resources are limited.

A command economy types of government decide which goods would be produced without any interference of the public.

Command economy ran in Germany during the rule of Adolf Hitler. 

A command economy tends to exist under a socialist government that provides a lot of regulation.

Economic resources are those goods and services that can be converted into valuable products for individual and business purposes.

There are four major types of economic resources:

1. land,

2. labor,

3. capital and

4. entrepreneurship.

Land and labor are natural and human resources, while capital means physical resources or money.

Entrepreneurship converts these resources into usable goods.

However, resources have finite values, and proper utilization depends on economic systems and economic decisions.

A master plan is devised for long-range goals.