Economics has always been a fascinating subject because it tries to answer one of life’s most basic questions: How do we manage limited resources to satisfy unlimited wants? Among the various definitions of economics, the… Explain the Scarcity Definition of Economics with Features and Criticisms
Introduction: Money is one of the important and the basic concepts in economics. It serves as the foundation of modern economic systems, influencing everything from trade and investment to consumption, saving, and policy-making. The role… Explain the Role of Money in economic development.
Introduction: In economics, Terms of Trade means the rate at which one country’s goods exchange for the goods of another country. It reflects the relationship between the prices of a country’s exports and the prices… What is terms of trade. explain the components of terms of trade.
Introduction: The word monopoly is a Latin word which is composed of two words mono and poly. meaning single and seller. A monopoly is market situation in which a single seller or a firm sells… What is Monopoly? explain its types.
Introduction: Joseph A. Schumpeter, a renowned Austrian-American economist, developed the Innovation Theory of Trade Cycle to explain the causes of economic fluctuations in a capitalist economy. According to him, the main cause behind economic growth… Explain briefly the Schumpeter’s innovation theory of trade cycle.
Control of Trade Cycle is a mandatory to every economy for the growth as well as development of the economy. Business cycle is the cyclical fluctuations which are wave like changes in economic activity characteristic… Write a note on control of trade cycle.
Introduction: The term “trade cycle,” also known as the business cycle or economic cycle, refers to the recurrent fluctuations in economic activity that occur over time in a market economy. The features of business cycle… Write a note on features of trade cycle.
