Archives: Terms

Definition of Industrialization Industrialization refers to the process of transforming an economy from one that is primarily based on agriculture to one that is dominated by manufacturing and industrial production. It involves the development of infrastructure, the establishment of factories and industries, and the adoption of new technologies and production […]

Definition of Industrial Revolution The Industrial Revolution refers to a period of rapid industrialization and technological advancements that took place from the late 18th century to the mid-19th century. It marked a shift from an agrarian and handicraft economy to one dominated by machine manufacturing and the use of new […]

Definition of Industrial Production Index (IPI) The Industrial Production Index (IPI) is an economic indicator that measures the output of the industrial sector of an economy. It provides information on the volume and growth of production in various industries, such as manufacturing, mining, and utilities. The IPI is based on […]

Definition of Industrial Organization Industrial organization is a field of economics that focuses on understanding the behavior of firms, markets, and industries. It analyzes how firms make decisions regarding production, pricing, and market structure, and how these decisions impact market outcomes. The goal of industrial organization is to explain and […]

Definition of Industrial Goods Sector The industrial goods sector, also known as the industrial sector or manufacturing sector, is a category of companies that produce goods used in other industries or for business purposes. These goods are typically not sold directly to consumers but rather to other businesses or organizations. […]

Introduction to the Indian Rupee The Indian Rupee (INR) is the official currency of India. It is the symbol of national identity and an essential component of the country’s economy. The Indian Rupee has a fascinating history and plays a crucial role in India’s economic growth and development. History of […]

Definition of Incremental Capital Output Ratio (ICOR) The Incremental Capital Output Ratio (ICOR) is a measure that illustrates the amount of investment required to produce an additional unit of output or economic growth. It is calculated by dividing the total amount of investment by the increase in output. The ICOR […]

Definition of Income Per Capita Income per capita is a measure of the average income earned per person in a specific area, such as a country or a city. It is calculated by dividing the total income of a population by the total population. This measure provides important insights into […]

Definition of Income Inequality Income inequality refers to the unequal distribution of income within a society. It measures the extent to which income is distributed unevenly among individuals or households. Income inequality is commonly measured using various statistical indicators, including the Gini coefficient, which summarizes the income distribution in a […]

Definition of Income Approach The income approach is a method used in calculating the Gross Domestic Product (GDP). It measures the total income earned by individuals and businesses within a country’s borders over a specific period. This approach takes into account various sources of income, such as wages, salaries, profits, […]