Economics (Part-v) (Railway)

5R is a basic fundamental responsibility of human being to preserve nature for future and to achieve sustainable development. They are as follows:

• Refuse: What you don't need.

• Reduce: The Use of resources is economically.

• Reuse: Extend the useful life of the product.

• Recycle: What you cannot refuse, reduce, or reuse.

• Repurpose: Converting waste to resources.

Petroleum is a fossil fuel that is finite and non-renewable.

• Earth has a finite amount of petroleum, but its global demand is increasing every year.

•  As oil is a finite resource, the production of oil would peak at some point and ultimately decline and deplete.

Three types of loans are given under PM Mudra Yojana, which are Shishu, Kishor and Tarun. Shishu's applicant can apply for a loan of up to Rs. 50,000.

Capital receipts refer to incoming cash flows (receipts) originating from the sale of fixed assets, shares, or debt.

• Examples: recovery of loans, receiving cash from selling shares, borrowings, sale of public sector undertakings, etc.

The Karve Committee, also known as the village and small scale industries committee, was set up in 1955.

• It was set up to find out the potential of utilizing small scale industry for promoting rural development.

Sonali Bank Limited is the principal state-owned leading public commercial bank in Bangladesh.

• Established in 1972 under the Bangladesh Banks (Nationalisation) Order, it is the largest bank in the country.

When in an economy, aggregate demand is in excess of 'aggregate supply at full employment', the demand is called an excess demand.

• An inflationary gap exists when the demand for goods and services exceeds production due to factors such as higher levels of overall employment, Increased trade activities, or elevated government expenditure.

• The gap is called inflationary because it causes inflation (continuous rise in prices) in the economy.

Paper is the main constituent in a paper cup and is biodegradable by nature.

• A biodegradable substance is a substance capable of being decomposed by bacteria or other living organisms and thereby avoiding pollution.

• They can decay on their own in a non-harmful way.

Tata Iron and Steel Company (ISCO) was founded by Jamsetji Nusserwanji Tata and established by Str Dorabji Tata on 26 August 1907.

• Tata began organizing India's first large-scale ironworks in 1901, and these were incorporated in 1907 as the Tata Iron and Steel Company.

The Central Statistics Office under the Ministry of Statistics and Program Implementation is responsible for macroeconomic data gathering and statistical record keeping.

• It coordinates with various federal and state government agencies and departments to collect and compile the data required to calculate the GDP and other statistics.