VISION

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SSC CGL Polity Notes – What is Emergency?

The Indian Constitution has defined Emergency as “the circumstances which may arise suddenly such that it calls for immediate action by the public authorities under the powers which are specially granted to them”. This means the Government Authorities (Central Government) and institutions get special powers to handle a particular situation.

Dr Babasaheb Ambedkar had noted that In case of an Emergency India could acquire the characteristics of a completely unitary system of Government. The Federal principles of Indian Consitution would be overshadowed by the Unitary Features to handle the Emergency Situations.

SSC CGL Polity Notes – Types of Emergency

SSC Notes Economics – Theory of Demand and Supply

Demand and Supply is the most fundamental concept of economics and the backbone of the market economy.

Demand – Demand is an economic term that refers to the quantity of products or services that consumers wish to purchase at any given price level. 

Supply – Supply is an economic term that refers to the total quantity of products whether goods or services available for purchase at any specified price.

Demand Relationship – The relationship between price and quantity demanded is known as the demand relationship. 

Supply Relationship – The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, reflects supply and demand.

The relationship between supply and demand underlies the forces behind the resources allocation. In market economy theories, demand and supply theory will allocate resources in the most efficient way possible.

The Law of Demand

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