What was the comparative advantage theory of David Ricacrdo?
- When a country can produce a good or service at a lower opportunity cost than another country.
- Pursuit of self-interest, division of labor, and freedom of trade.
- A theory of free-market capitalism directly opposed to government intervention.
- A theory centers on entrepreneurship, knowledge, innovation and technological advancement.
Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
What does republic mean in the Indian Constitution?
- India is a Union of States
- The head of state is elected by people
- People have final authority in all the matters
- India has parliamentary system of government
'Republic' is a State in which supreme power is held by the people and their elected representatives. It has an elected head of state rather than a monarch.
How do we consider a Constitution rigid or flexible?
- Based upon the provisions made for its amendment
- Based upon Constitutional Supremacy
- Based upon Parliamentary Supremacy
- Based upon Judicial Review
On the basis of amendments, a constitution can be classified into the categories of rigid and flexible. A rigid constitution is one that can't be amended easily, i.e., the US Constitution. A flexible constitution is one that can be amended easily, i.e., Britain.
__________ is the migration of health personnel in search of a better standard of living and quality of life, higher salaries, access to advanced technology, and more stable political conditions in different places worldwide.
- Immigration
- Emigration
- Brain Drain
- Mass Exodus
“Brain drain” is a term used to describe the large-scale migration of skilled human capital that causes a country to lose its innovative capabilities and limits its economic growth.
The nature of the Indian Constitution-
- Unitary
- Federal
- Quasi Federal System
- Parliamentary
Indian constitution is federal in form and unitary in spirit. The meaning of the quasi-federal system is both federal and unitary. In Unitary Constitution the supreme governing authority of a state is concentrated in a single place(Central Government). In this constitution, the supreme power is divided between the central and state government, and both governments are independent in their domain.
