3 Important Laws of Economy
1) Engel’s Law : The law which says that people generally spend a smaller part of their budget on food as their income rises.

2) Okun’s Law : The relationship between an economy’s unemployment rate and its gross national product (GNP). This states that when unemployment falls by 1% GNP rises 3%.


3) Greshm’s Law : When a government overvalued one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation. It is commonly stated as ‘Bad Money drives out good money.’

3 Important Curves of Economy
1) Phillips Curve : The inverse relationship between rate of inflation and rate of unemployment is shown in the Phillips curve, price stability has a trade-off against employment. Some level of inflation could be considered desirable in order to minimize unemployment.

2) Kuznets Curve : A Kuznets curve graphs the hypothesis that as an economy develops, market forces first increase and then decrease economic inequality.

3) Laffer Curve : The Laffer curve is one possible representation of the relationship between rates of taxation and the hypothetical resulting levels of government revenue

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UPDATE 👉
I'm incredibly grateful for the amazing response to the 175+ Tricks & Mnemonics for IAS Prelims Exam & SĀŃKŞIPTA!

I'm thrilled to announce that I'm working on my next book specifically designed for UPSC CSE MAINS General Studies. This book is going to be a game-changer for your preparation strategy. Stay tuned for updates!

Important Technologies In News For UPSC CSE Prelims 2024 Technology (Part 1)

- Genome sequencing
- Stem cell therapy
- Xenotransplantation
- Mitochondrial donation treatment
- Recombinant DNA technology or genetic engineering
- Transgenic plants / GM Crops
- Gene editing
- Chimeric antigen receptor (CAR) T-cell therapy
- Proton Therapy
- Precision Medicine
- While biotechnology
- Muon Tomography
- Radioactive dating
- LED
- MicroLEDs
- Optical fibres
- Web 3.0
- Dark web
- Internet of things (IoT)
- Fifth generation (5G)
- Li-Fi (Light-Fidelity)
- Near Field Communication (NFC)
- Radio-Frequency Identification ( RFID)
- Free Space Optical (FSO) communication
- Artificial Intelligence (AI)
- Generative AI
- Deepfake
- Neuromorphic Computing
- Blockchain technology
- NFTs or non-fungible tokens
- DECENTRALISED FINANCE (DeFi)

Questions asked on Schemes in past 8 years-

1) Production-linked Incentive scheme (2023)
2) Janani Suraksha Yojana (2023)
3) Ayushman Bharat Digital Mission (2022)
4) MPLADS (2020)
5) Kisan Credit Card scheme (2020)
6) Service Area Approach (2019)
7) Atal Innovation Scheme (2019)
8) Pradhan Mantri Kaushal Vikas Yojana (2018)
9) National Career Service (2017)
10) National Nutrition Mission (2017)
11) National Agriculture Market’ scheme (2017)
12) Soil Health Card Scheme(2017)
13) Recognition of Prior Learning Scheme(2017)
14) RuPay (2017)
15) Scheme for Sustainable Structuring of Stressed Assets (S4A) (2017)
16) Pradhan Mantri Fasal Bima Yojana (2016)
17) Sovereign Gold Bond Scheme and Gold Monetization Scheme (2016)
19) Atal Pension Yojana (2016)
20) Stand up India scheme(2016)
21) UDAY (2016)

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Last minute revision notes

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Few one liners
1) Who created the painting 'My Mother'? Abanindranath Tagore

2) Maulana Abul Kalam Azad started an Urdu Weekly, The Al-Hilal in 1912, but, on its being banned by the Government, he founded at Al-Balagh in 1915

3) “India Wins Freedom” is the autobiography of Abul Kalam Azad

4) Who was the first person to be selected for "Individual Satyagraha" during the Indian Independence Movement? Acharya Vinoba Bhave

5) _____ is known as the ‘Father of Indian Ornithology’.
Allan Octavian Hume

Junagarh
●Located at the Girnar hills. First pure Sanskrit inscription, by king Rudraman of Saka dynasty in around 150 CE.
●It says that Pushyagupta, the governor of Chandragupta Maurya, built a dam on Sudarshan lake.

Mehrauli Inscription/ Garuda pillar
●Erected by Chandragupta Vikramaditya originally at Vishnupada (Udayagiri),M.P. but was transported to Delhi later.
●The pillar bears a Sanskrit inscription in Brahmi script

Allahabad Pillar inscription (Prayag Prasasti)
●Issued by Samudragupta and composed by Harisena.
●Written in refined Sanskrit In Champu Kavya Style.
●Mentions the conquest of Samudragupta both in North & South and described the boundaries of Gupta Empire and his diplomatic relations.

Aihole
●Bagalkot, Karnataka.
●Inscription discovered in Meguti temple.
●It is eulogy of Chalukya king Pulakeshin II and mentions his victory over Harshavardhana.
●Written in Sanskrit, composed by Ravikirti the court poet of Pulakeshin -II.

Hathigumpha Inscription
●Udayagiri, near Bhubaneswar, Odisha
●By Kharavela the ruler of Kalinga during second century BC.
●Mentions the military expeditions carried by Kharavela and also shows his Jaina belief as the inscription starts with Jain Namokar Mantra.

Answer writing tricks for upsc mains

Planetary boundaries concept is important for prelims and mains. Understand this properly

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