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what is GDP(Gross domestic product)

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Gross domestic product is the Market value of final good and services produced within the domestic territory of the country during an accounting year, inclusive of depreciation.  There are two types of GDP 1.Real GDP 2.Nominal GDP  We are dissuss about about real GDP 1.Real GDP:  Real GDP refers to market value of final good and services produced within the domestic territory of the country during an accounting year as estimated using the base year price. It increases only when there is increase in the quantum of output of the economy. 2.Nominal GDP:  Nominal GDP refers to market value of the final good and services produced within the domestic territory of a country during an accounting year, as estimated using the current year prices. It may increase without any increase in the quantum of output in the economy. 
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what is central bank

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Central Bank 🏦 is an apex bank of the entire banking system of a country is called central bank The function of the central bank 1. Bank of issuing notes 2. Banker to the government 3. Banker's bank and supervisory role 4. Lander of the last resort 5. custodian of foreign exchange 6. clearing house 🏘️ function 7. control of credit
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What is money??

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Money is a medium of exchange There are two functions of money  1.primary function 2.secondary function First we are dissuss about primary function 1.primary function Money 💵 performs two primary function 1 medium of exchange-money act as medium for sale and purchase good and services 2 measure of value or unit of value- money serves as measure  of value in other words it serve unit of account  2 secondary or subsidiary function 1 standard of subsidiary function:deferred payment refer to those payment which are made sometimes inthe future 2 store of value: store of value implies store of wealth 3 transfer of value: money serves as a convenient mode of transfer of value (wealth)
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what is political party

Political party is a group of people who come together to contest elections to  hold the power of government is called politic al party There are many political party in India 1.Indian national Congress (INC) 2.Bhartiya Janta party(BJP) 3.Aam admi party (AAP) 4.Samajwadi Party (SP)etc.... 
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what is liberalisation

Removeing barrier and restrictions set up by the government is known as liberalisation
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what is decentralization

When the power taken away from the central government and state government and given to the local government is known as decentralization
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Indian economy 1950-1990

On 15 agust 1947,India woke to a new dawn of freedom . Finally we were master of our own destiny after some two hundred years of British rule the job of nation building was now in our hands  the leaders of independence India had to decide among other things the type of economic system most suitable our nation a system which would promote the walfare of all rather then few there was different type of economic system and among them socialism appealed to jawarlal nehru the most. how ever , he was not in favour of the kind of socialism established in the former Soviet union where all means of production
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