Introduction Test - 25

Fiat money is a currency that lacks intrinsic value.It is a promise from a government or central bank that the currency is capable of being exchanged for its value in goods.It is established as a legal tender by government regulation.

Unlike traditional money, it is not supported by any physical commodity like gold and silver, but by the faith of its holders and the credibility of the issuing government.For its success, the government must protect it against counterfeiting and manage the money supply responsibly.

The value of fiat money depends on supply and demand.It also depends on how a country’s economy is performing, how the country is governing its economic policies.

International Advertising Association (IAA), the integrated association of advertising agencies and the media, will organise the 44th edition of its global summit at Kochi. The three-day summit will see the participation of dignitaries from various fields and industries all over the world.

Global trade authority is not the goal adopted by UNDP under the UN Millennium Declaration.

Millennium Development goals include reduction of child mortality and improvement of maternal health. Woman empowerment, environmental sustainability, and global partnership are included in the development of a global public policy. The eight goals include:

(i) Eradication of extreme poverty and hunger.

(ii) Achieve Universal Primary Education.

(iii) Promote Gender Equality and Empower Women.

(iv) Reduce Child Mortality.

(v) Improve Maternal Health.

(vi) Combat HIV/AIDS, Malaria, and Other Diseases.

(vii) Ensure Environmental Sustainability.

(viii) Develop a Global Partnership for Development.

Pakistani economist Mahbub ul Haq and Indian economist Amartya Sen developed the Human Development Index which was later used by the United Nations Development Programme to measure the nation’s development. In simple words it is tool to count or measures an economy’s development in terms of social and economic aspects.

Structural Unemployment due to mismatch in skills of the unemployed & skills needed for the available jobs?

Due to a mismatch in skills of the unemployed & skills needed for the available jobs Structural unemployment occurs.

Structural unemployment is basically a type of long-term unemployment caused by shifts in the economy.

Technological advances can cause some types of skilled labourers to become obsolete.

An example of Indirect tax is Sales tax.

Indirect Tax is a tax imposed on an individual or entity which is passed on to other individuals.

It is imposed on products or services which are used by the customer.

The State Bank of India (SBI) introduced "MSME Sahaj," an innovative online loan solution designed specifically for MSMEs. This platform allows MSMEs to obtain loans up to ₹1 lakh against their GST-registered sales invoices within 15 minutes, leveraging automated processing and data-driven credit assessments through SBI's digital platform Yono.

Perfect competition is the situation in the market where all the elements of monopoly are absent.

In this type of market price of a commodity is beyond the control of individual buyers and seller.

ISI mark is a certification mark for industrial product in India. This mark ensures that the product conforms to the Indian standards mentioned by Indian Standard Institute.

Agriculture is also called primary sector.

When we produce a good by exploiting natural resources, it is an activity ofthe primary sector. Primary sector includes agriculture and related sector. The secondary sector covers activities in which natural products are changed into other forms through ways of manufacturing that we associate with industrial activity. Transport, storage, communication, banking, trade are some examples of tertiary activities. Since these activities generate services rather than goods, the tertiary sector is also called the tertiary sector.