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ECONOMICS Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate…
FINAL GOODS Goods and service purchased for the purpose of final consumption and final investment are final goods. By consumption, we mean purchases for satisfaction of human wants of both…
NATIONAL INCOME National Income is the sum total of factor incomes earned by normal residents of a country (within the domestic territory and from rest of the word) during the…
National Income can be calculated from three different Aspects: As the sum total of value added by all producing units in the economy. As the sum total of factor…
MONEY Money is something i.e., commonly accepted as medium of exchange. BARTER SYSTEM Before the evolution of money, goods were exchange for goods. This system of exchange was known…
BANK AND BANKING Bank is an institution which receives funds from the public and gives loans and advances to those who need them. The supply of money in a country…
Aggregate Demand (AD) Aggregate Demand is the value of total expenditure on all goods and service in an economy during a fiscal year. Aggregate demand of the economy depends upon…
Concept of short – run In macroeconomics, short – run may be defined as a period of time when ‘technology’ as a factor remains constant. OR Short – run…