354. Fact

Bond
Document by which a government, a company or a person agrees to pay a sum of money in a certain time.

355. Fact

Budget
Annual estimate of expenditure and revenue of a country or a subordinate authority like a corporation.

356. Fact

Bill of exchange
Written order by a drawer to pay sum on given date ot named payee.

357. Fact

Buyer's market
An economic phenomenon where there are more goods in market than demanded and so the buyers can dictate the prices of goods.

358. Fact

Clearing house
Place where officials of the banks meet daily to exchange cheques drawn on the respective banks and settle the account by the payment of balances only.

359. Fact

Cooperative farming
Joint farming wherein farmers pool their land, capital and resources and divide the produce at the end of the harvest in proportion to their land put in the pool. The farmers retain their proprietary rights.

360. Fact

Ceiling on land and holding
Imposition of a maximum limit of the land which an individual should have. Its purpose is rational distribution of land.

361. Fact

Death duty (estate duty)
A sort of tax imposed on the property inherited at death of its previous owner.

362. Fact

Devaluation
Government's step to reduce the value of its own currency relatively to a foreign currency. It aims to increase exports and reduce imports.

363. Fact

Deflation
A monetary state characterised by decrease in the supply of money and bank deposits and falling profits, wages, incomes and employment accompanied by unemployment and falling prices.

364. Fact

Demonetisation
The governmental measure of depriving metallic coins or paper currency od specified denominations of its status money. It is meant to unearth the hidden money which is unaccounted for purpose of income tax assessment.

365. Fact

Excise duty
Duty levied on goods manufactured within the country.

366. Fact

Foreign exchange
Transfer of money of one country to another.

367. Fact

Inflation
Increase in the quality of money in circulation without any corresponding increase in goods; so, it leads to rising prices spiral.

368. Fact

Laissez faire
An individualistic theory advocating private initiative in trade and non-interference by state in commercial or business ventures.

369. Fact

Lockout
Closure of a factory by owners to force the workers to accept the imposed terms.

370. Fact

Malthusian theory of population
It states that the food supply increase in arithmetical progression while population increase by geometrical progression resulting in over-population.

371. Fact

Octroi
Tax imposed on articles coming inside a city.

372. Fact

Public sector
Applies to state enterprises or undertaking.

373. Fact

Recession
An economic phenomenon characterised by excessive production, less demand, tight money market.

Fact
President Lyndon Johnson used to smoke three packs of cigarettes a day      .. More >>