What do you really mean by the term Sovereignty? Sovereignty is the most important characteristic which distinguishes the state from all other associations and its concept lies at the basis of the modem political.
What do you really mean by the term national accounting? It is a technique of presenting information’s, about the nature of the economy of a society with a view not merely to get an idea of its prosperity, past or present, but also to get guidelines, for collective policy to influence the economy.
Income elasticity of demand for a good (X) refers to the responsiveness of demand for X to a change in the income of the consumer. It is measured by the ratio:
Latitude is a measure of the angular distance of a given point from the north and south of the equator. It is measured in degrees from the equator towards either pole.