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Economic Terms and its Meaning

Working Capital
Funds required to cover the expenses involved in production such as purchasing of aw materials, making payments etc.
Welfare State
A state which is committed in ensuring for all its citizens a minimum standard of living, including housing, education and medical services
Wage
A payment for labour or services
Value of Money
Purchasing power of money over goods and services
Unemployment
An unemployed person is one who is able and willing to work, but fails to find work for which he is qualified
Tax
A compulsory charge or payment imposed by government on individuals and corporations to meet the expenses incurred in the common interest of the people
Tax Base
A set of incomes on which direct taxes, and transactions on which indirect taxes are levied
Rupee
The standard unit of Indian currency
Subsidy
Payments by government to firms or household that provide or consume a commodity
Saving
That part of disposable income which is not consumed. It is excess of income over consumption

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