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Macroeconomics
We have explained several concepts and Macroeconomic Aggregates which form the basic terminology of macroeconomic analysis. Like other empirical sciences, economic analysis deals with those concepts which can actually be measured, things such as prices of industrial production, stock prices, interest rates, gross investment, number of the unemployed, national income, or the general price level.
The concepts like national income and national product are most significant in macroeconomic accounting. As the accounting statement of a firm provides information on the flow of revenues and expenses fully to show the firm's performance, the national income accounts supply similar information for the economy as a whole. They provide a comprehensive overview of how the economy is doing. Without a measuring rod for national income aggregates it would be difficult to assess the performance of the economy and the economic phenomenon as such. In this chapter, an effort is made to explain how the flow of an economy's output is measured and why the major economic aggregates are considered as important business and market movers.
Institutional Setting for Trade Policy Formulation: While the Ministry of Commerce has the main responsibility of formulating India's trade policy, it also seeks policy inputs
If population growth carry on then there will not be sufficient resources around for everyone this will lead to an event such as famine / war, which will decrease the population.
I used to think that economic growth ( more production) was only possible / able to occur because banks lent out more than they had (fractional reserve credit banking). Apparently
Norms influence behavior conformity among group members. What factors will influence group members to conform to a group's norms, and when will members remain independent? Do indiv
Suppose you have the following information about a closed economy: C = 50 + 0.80 (Y-T) I = 200 G = 100 a) Find out the equilibrium level of income. b) Suppose G in
uses of national income statistics..
Absolute income hypothesis
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What do you mean by Gross Domestic Product? Gross Domestic Product: GDP stands for Gross domestic product, measures the value of all concluding goods and services produce
What is money wage rate While the money wage rate or nominal wage rate is the hourly wage rate calculated in money that a worker receives for supplying labour, the real wage r
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