General Concepts 3 min read
Inflation
In economics, inflation means rise in the general level of prices of goods and services over a period of time…
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Theories of Business Cycles
Schumpeter’s Theory of Innovation According to Schumpeter, an innovation is defined as the development of a new product or introduction…
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Theories of Economic Growth
The Classical Approach Adam Smith laid emphasis on increasing returns as a source of economic growth. He focused on foreign…
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Factors Determining the National Income
According to Keynes there are two major factors that determine the national income of an economy − Aggregate Supply Aggregate…
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National Income & Measurement
Definition of National Income The total net value of all goods and services produced within a nation over a specified…
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Circular Flow Model of Economy
Circular flow model is the basic economic model and it describes the flow of money and products throughout the economy…
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Macroeconomics: Economic Systems
Within the study of macroeconomics, there are certain basic goals for economic systems. Generally speaking, desirable goals include economic growth,…
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Macroeconomics: Money And Banking
TMoney can be thought of as any good that is widely used or accepted in the transfer of goods and…
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Macroeconomics Demand
Demand is driven by utility – the pleasure or satisfaction that a consumer obtains from consuming a good or service.…
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Macroeconomics: Supply
The counterpart to aggregate demand is aggregate supply – the total amount of goods and services that are produced in…
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Macroeconomics: Microeconomics Foundation
While there are relatively clear definitions separating microeconomics and macroeconomics, the reality is that both sections of economics draw heavily…
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Macroeconomics: Schools Of Thought
The field of macroeconomics is organized into many different schools of thought, with differing views on how the markets and…