The term “economy” refers to a complex system that encompasses the production, distribution, and consumption of goods and services within a society.

Dearness Allowance (DA) is a crucial part of the salary structure for government employees and pensioners. It is designed to counterbalance the effects of inflation, which can erode the purchasing power of salaries over time. The government periodically reviews and adjusts the DA to ensure that employees can cope with rising prices.

Discretionary income is the amount of money you have left after paying for essential expenses like food, housing, electricity, and clothing. It’s the money you can spend on non-essential items or save for future use. Think of it as your “fun money,” but it’s also important for things like investments and savings.

Demonetisation refers to the process of stripping a currency unit of its status as legal tender. This means that specific currency notes or coins no longer hold any legal value and cannot be used for transactions.