ACTUARY
IT DENOTES THE PERSON WHO CAN WISELY CALCULATE RISK. ACTUARY ASSESSES RISK FOR THE PURPOSE OF INSURANCE
AD -VALOREM TAX
AD VALOREM TEX IS A KIND OF INDIRECT TAX IN WHICH GOODS ARE TAXED BY THEIR VALUES. IN THE CASE OF AD VALOREM TAX THE TAX AMOUNT INCREASES WITH THE INCREASE IN PRICE OF THE GOODS. EXAMPLE -GST
AMALGAMATION
it is the process of merger, when two or more companies merged into a large organisation. this merger takes place in order to effect economies, reduce competition and capture market.
BALANCE OF PAYMENT
Balance of Payment (BOP) is an economic term that reflect the overall transaction of a nation with other nations this includes both visible and invisible items (goods and services). the BOP is negative when the export is more than import and its positive when export is higher than important. positive BOP is a good sign for an economy as the country earns foreign exchange giving a strong base for the economy to sail through economic crisis, this also provides a confidence in economy and thereby allures foreign companies to invest in that country as it has a strong potential for becoming a supplier of the world.
BLACK MONEY
BLACK MONEY reflects the unaccounted money in an economy, these are acting as a tax evading money in which no tax has been imposed, most of the black money are acquired through the process of tax evasion, corruption, illegal system like narco-trading, terror funding etc. black money creates a parallel economy in a system, it put pressure in the system through inequitable distribution in the system.
BRAIN DRAIN
When a country is socially and economically poor, its economic infrastructure and social infrastructure like health system and education system is not so robust the retain the best brain and intellectual human resources in its origin country and ultimately it migrates to developed nation which have high economic and educational potential for higher growth and future opportunities.
Example:- a large number of IITians and doctors from India are working in United States and Europe including NASA and Google.
CURRENCY PARADOX
The currency demand paradox is a phenomenon where the value of banknotes in circulation increases despite a decline in their use for payments. since the launch of UPI system in 2016 and further impact of demonetisation and economic disruption due to COVID -19 pandemic, the use of mobile payment application has increased drastically and crossed the land mark of 100 lakh crores in FY 2022-23 whereas at the same time the use of currency notes has also been increased to 34.4 trillion rupees.
