Explain: -Rent is a cost paid for land as wages and interest are paid  for labour and capital respectively.

Explain: -The Production of a commodity mostly through the natural process is an activity of primary sector. For Example:– agriculture an agricultural products, fertilizers, animal husbandry etc

Explain: -The Social Accounting system in India is classified into income, Product and Expenditure Social accounting (also known as social accounting and auditing, social accountability, social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or accounting) is the process of communicating the social and environmental effects of organizations.

Expl:- The Kautilya’s Arthasastra is related to political reign. Arthastra is an ancient Indian treatise on statecraft, economic Policy and Military strategy, written in sanskrit.

The Arthashastra is an ancient Indian treatise on statecraft, economic policy and military strategy, written in Sanskrit.

Explain: -In 1933, Ragnar Frisch firstly used the words “Micro” and “Macro”

Explain: -The difference between micro and macro economics is simple. Microeconomics is the study of economics at an individual, group or company level. Macroeconomics, on the other hand, is the study of a national economy as a whole. Microeconomics focuses on issues that affect individuals and companies

Explain: -IMF was established on 27th Dec 1945 by Bretton Woods conference. It started working from 1st March, 1947. Every member nations gives 25% money in terms of gold or US dollars.

Explain: -IMF stands for international monetary fund. It publishes “World Economic outlook” every year, IMF is an organisation of 189 countries, working to faster global monetary co-orperation, secur. The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.