1.

Opportunity cost is a fundamental concept in economics that refers to the value of the next best alternative foregone when a choice is made.

Economic activities involve all actions aimed at satisfying human needs and include the processes of production, consumption, and distribution.

Sectors of the Economy

The economy is divided into three main sectors: Primary, Secondary, and Tertiary. These sectors represent different stages of economic activity.

Basic Concepts in Economics

1. Scarcity: Resources are limited, leading to the need for choices and trade-offs.
2. Opportunity Cost: The cost of the next best alternative foregone when making a decision.
3. Supply and Demand: Fundamental principles determining prices in markets.
4. Economic Systems: Frameworks for organizing economic activities, including production, distribution, and consumption.

Types of Economies

1.

1. Economics is the study of how individuals, businesses, and governments allocate scarce resources to satisfy their needs and wants.
2. It examines the production, distribution, and consumption of goods and services.
3. Originates from the Greek words "oikos" (household) and "nomos" (management), meaning household management.
4. Defined by Adam Smith as the study of wealth creation and distribution.
5. Modern definition by Lionel Robbins: Economics is the study of hum

Recent Changes in Governance Policies

1. Digital India Initiative: Focuses on transforming India into a digitally empowered society and knowledge economy.
2. Atmanirbhar Bharat Abhiyan: Aimed at making India self-reliant through reforms in manufacturing, agriculture, and labor laws.
3. Goods and Services Tax (GST): Introduced a unified tax structure to simplify the indirect taxation system.
4. National Education Policy (NEP) 2020: Focuses on

Recent Landmark Judgments

1. Kesavananda Bharati Case (1973): Established the Basic Structure Doctrine, preventing Parliament from altering the Constitution’s fundamental framework.
2. Right to Privacy (Puttaswamy Case, 2017): Declared privacy as a fundamental right under Article 21.
3. Triple Talaq Case (Shayara Bano, 2017): Declared instant triple talaq unconstitutional, leading to legislative reforms.
4. Section 377 Case (Navtej Johar, 2018): Dec

Recent Constitutional Amendments

1. 103rd Amendment: Introduced a 10% reservation for Economically Weaker Sections (EWS) in educational institutions and government jobs.
2. 104th Amendment: Extended the reservation of seats for Scheduled Castes (SC) and Scheduled Tribes (ST) in Lok Sabha and State Assemblies by another 10 years.
3. 105th Amendment: Restored the states' power to identify Socially and Educationally Backward Classes (SEBCs).

Constitutional Provisions

1. Article 15(1): Prohibits discrimination against any citizen on grounds of religion, race, caste, sex, or place of birth.
2. Article 29(1): Protects the right of minorities to conserve their distinct language, script, or culture.
3. Article 30(1): Grants minorities the right to establish and administer educational institutions of their choice.
4. Article 25: Guarantees freedom of conscience and the right to profess, pract