The GATT [General Agreement on Trade and Tariff] was a multilateral treaty which has been signed by 96 governments known as contracting parties. 31 other countries had applied to GATT. It was neither an organization…
Meaning: Foreign exchange is the name given to any foreign currency. The market in which currencies of various countries are exchanged is called foreign exchange market. The participants of this market are commercial banks, foreign…
Introduction: The balance of payment of a country is a systematic record of its receipts and payments in international transaction in a given year. Each transaction is entered on the credit and debit side of…
Introduction: The law of demand holds a great importance in economics, before this meaning of demand we learn. The term demand is different from desire, want; wish etc. In economics the term demand has different…
Introduction: The central bank aims at providing financial and economic stability in the country. It supervises controls and regulates the activities of all the commercial banks and other financial institutions of the country. Thus central…
Introduction: The term demand is different from desire, want; wish etc. in the language of economics the term demand has different meaning. Any want or desire will not constitute demand. The other aspects of demand…
Meaning: The term Dynamic means changing or moving. So, dynamic economics is a study of the changing economy. In other words it is a study of changes in the economic system. The word dynamic means…
Meaning: The study of economics on the basis of standstill condition is called static economic analysis or static economics. The changing condition of study is termed as dynamic economic analysis or dynamic economics. The concept…
Introduction: The word micro means millionth part. Microeconomics makes in microscopic study of every small unit of the economy in greater detail, micro economic is that branch of economics that exclusively deal with the study…
Introduction: Quotas in economics refers to limits set by a government on the quantity or value of a particular good that can be imported or exported during a specified period. These restrictions are used to…