AGRICULTURE

AGRICULTURE

Agriculture, also called farming or husbandry, is the cultivation of animals, plants, fungi, and other life forms for food, fiber, biofuel and other products used to sustain human life.[1] Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that nurtured the development of civilization. The study of agriculture is known as agricultural science. The history of agriculture dates back thousands of years, and its development has been driven and defined by greatly different climates, cultures, and technologies. However, all farming generally relies on techniques to expand and maintain the lands that are suitable for raising domesticated species. For plants, this usually requires some form of irrigation, although there are methods of dryland farming; pastoral herding on rangeland is still the most common means of raising livestock. In the developed world, industrial agriculture based on large-scale monoculture has become the dominant system of modern farming, although there is growing support for sustainable agriculture (e.g. permaculture or organic agriculture).

Until the Industrial Revolution, the vast majority of the human population labored in agriculture. Pre-industrial agriculture was typically subsistence agriculture in which farmers raised most of their crops for their own consumption instead of for trade. A remarkable shift in agricultural practices has occurred over the past century in response to new technologies, and the development of world markets. This also led to technological improvements in agricultural techniques, such as the Haber-Bosch method for synthesizing ammonium nitrate which made the traditional practice of recycling nutrients with crop rotation and animal manure less necessary.

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INFLATION

Definition of 'Inflation'

The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling. Central banks attempt to stop severe inflation, along with severe deflation, in an attempt to keep the excessive growth of prices to a minimum.

In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.[1] When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation reflects a reduction in the purchasing power per unit of money – a loss of real value in the medium of exchange and unit of account within the economy.[2][3] A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price index (normally the consumer price index) over time.[4]

Inflation's effects on an economy are various and can be simultaneously positive and negative. Negative effects of inflation include an increase in the opportunity cost of holding money, uncertainty over future inflation which may discourage investment and savings, and if inflation is rapid enough, shortages of goods as consumers begin hoarding out of concern that prices will increase in the future. Positive effects include ensuring that central banks can adjust real interest rates (intended to mitigate recessions),[5] and encouraging investment in non-monetary capital projects.

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Money And Credit

MONEY AND CREDIT

Credit theories of money, also called debt theories of money are concerned with the relationship between credit and money. Proponents of these theories, such as Alfred Mitchell-Innes, will sometimes emphasize that credit and debt are the same thing, seen from different points of view.[1] Proponents assert that the essential nature of money is credit (debt), at least in eras where money is not backed by a commodity such as gold. Two common strands of thought within these theories are the idea that money originated as a unit of account for debt, and the position that money creation involves the simultaneous creation of money and debt. Some proponents of credit theories of money argue that money is best understood as debt even in systems often understood as using commodity money. Others hold that money equates to credit only in a system based on fiat money, where they argue that all forms of money including cash can be considered as forms of credit money.

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FISCAL DEVELOPMENT

FISCAL DEVELOPMENT

The process to improve the health of Fiscal Policy(Reducing the fiscal deficit) and making it sound enough to achieve macro-economic stability us called Fiscal Development.

As sound fiscal position is an essential pre-requisite for achieving macro-economic stability and such stability in return is helpful in promoting a strong and sustained economic growth and lasting poverty reduction.

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