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PYQ 1200 Q/A Part - 1
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Kerala PSC Indian Economy Book Study Materials Page 577
Book's First Pageonomi on epts and erminolo ies 22.11 guarantors provide in the form of an asset (like chinese wAll land, building, etc.) while seeking a loan. The The segregation of the different activities principal/primary security is usually the borrower’s of a financial institution (such as, jobbing, personal guaranty, or the cash flow of a business. stockbroking, fund management, etc.) in order to Except for highly creditworthy customers protect clients’ interest. (who can get loans against their signatures), lenders always demand a collateral if the primary circuit limit security is not considered to be reliable or sufficient enough to recover the loan in case of a default— A limit of regular fall in share indices of Stock lenders have the legal right to seize the collateral. Exchanges around the world after which the exchange are closed for further trading. For example, circuit limit decided for the BSE closeD shop (Bombay Stock Exchange) has been fixed at 10 per The requirement that all employees of a given cent. The time there is a continuous fall in the BSE firm be members of a specified trade union. It Sensex and it reaches 10 per cent, the exchange is is a method of restricting labour supply and closed to further trading. maintaining high wages applied by a powerful Such a limit/provision prevents the share trade union. market from crashing down. collective proDucts clAssicAl economics A product which can only be supplied to a A school of thought in economics based on the group. Many goods and services provided by the ideas of Smith, Ricardo, Mill, etc. The school governments fall in this category, such as, national dominated the economic thinking of the world defence, police administration, etc. until about 1870, when the ‘marginalist revolution’ took place. committeD expenDiture cleAn coAl The expenditure of the governments from which they can not deny (as they have already committed Underground coal gasification and liquefaction them to pay) are known as committed expenditure. which converts coal into liquid and gaseous The liabilities such as ‘interest’ (of the internal as fuel alternatives is a recognised ‘clean coal’ well as external loans) and ‘pension’ (of the retired technology—handy in extraction of energy from personnel of the governments) are examples of coal seams which connot be mined through such expenditure. conventional methods. By the year 2015-16, this expenditure for the Government of India was 41.5 per cent of the collAterAl non-plan expenditure. Non-plan expenditure for Any item/asset which accompanies/subordinates/ the year was 73.8 per cent of the total expenditure supplements a primary item is known as collateral. (plan pluc non-plan). The GoI has decided to The term is used in banking industry while shift to the ‘revenue’ and ‘capital’ classification providing loans. This is also known as ‘secondary/ for its expenditure from 2017-18 (in place of the subordinate security’— which borrowers/ existing classification ‘plan’ and ‘non-plan’).