Top Economic Terms of the year for SSC & Railway Exams

By BYJU'S Exam Prep

Updated on: September 25th, 2023

Top Economic Terms of the year: SSC & Railway Exams. Economics is one of the important section of GK asked in SSC & Railway exams. In this article, we will share all the important economic terms that were in the news in the year 2019-20. In SSC & Railway exams, 1-2 questions are generally asked from this, so you must read this article till the end.

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Top Economic Terms of the year: SSC & Railway Exams

Here is the list of all the important Economic Terms of the Year:

  • Repo Rate: The rate at which Reserve Bank of India lends money to commercial banks this term is known as Repo rate. This is usually used by RBI to control inflation.
  • Reverse Repo Rate: The rate at which Reserve Bank of India borrows money from commercial banks, this is known as Reserve Repo Rate. This is practised when RBI wants to control the money flow in the country.
  • Cash Reserve Ratio: It is commonly known as CRR. It is a ratio which a bank has to maintain with the RBI in the form of cash or deposits. 
  • National Income: National Income is usually defined as the total value of all final goods and services produced in-country in a particular period (Generally one year)
  • GDP: It is the total value of all final goods and services produced within the geographical boundary of the country during a particular period (Generally one year).
  • Inflation: The term Inflation means a continued increase within the general price index of products and services in an economy over a period of your time.
  • Deflation: It is the opposite of Inflation. Deflation means a decline in the general price level of goods and services leading to a rise in the value (purchasing power).
  • Unemployment: Unemployment occurs when workers who want to work are unable to find jobs, which lowers economic output; however, they still require subsistence.
  • Direct Tax: Tax that cannot be shifted. The burden of the tax is borne by the person on whom it’s initially fixed. For Example: income tax, Social Security tax, etc.
  • Devaluation: Official reduction within the foreign value of domestic currency. It is done to encourage the country’s export and discourage imports.
  • National Income: Total of all incomes earned or imputed to factors of producing, utilized in economic literature to represent the output or income of an economy in a simple fashion.
  • Per Capita Income: Total GNP of a rustic(countryside) divided by the entire populace. Per capita income is usually used as an economic indicator of the amount of living and development. If however, are often a biased index because it takes no account of the income distribution.
  • The Balance of Trade: Refers to the connection between the values of the country’s imports and its export, i.e., the balance of trade.
  • Fiscal policy: Government’s expenditure and tax program, a crucial means of moderating the upswings and downswings of the trade cycle.
  • Foreign Exchange: Claims on a rustic by another, held within the sort of currency of that country. Foreign ‘exchange system enables one currency to be exchanged for an additional thus facilitation trade between countries.
  • Excise Tax: It is a type of indirect tax imposed on the manufacture, sale or the consumption of different commodities, such as liquor etc.
  • Call Money: It is a type of loan taken for a very short period of time like for a few days or for a week. In case of a stock exchange, the duration length of the call money maybe for a fortnight.

 So these were the important terms that were in the news in the year. Please comment if you have any doubts regarding this.

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