This article presents the meaning and key features of inflation. The situation of the continuous, sustained, and rapid increase in prices of almost all goods and services is known as inflation. It means inflation is a continuous, sustained, and rapid increase in the general price level of the economy which is generally measured by the […]
Meaning and Features of Inflation Read More »
This article ‘Meaning and Views of Inflation’ tries to briefly explain the meaning of inflation and different views and perspective of inflation developed over time. Inflation is generally defined as the rapid, sustained, and large increase in the prices of almost all goods and services over time. Thus, inflation means a substantial and rapid increase
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Concept of Optimum Employment of Input Every producer engages in the act of production to earn possible maximum profit by utilizing the available amount of total cost outlay, prices of factors of production, state of technology, governmental policy, and so on. To ensure a maximum profit or to minimize the cost of production, the selection
Optimum Employment of Single Variable Input Read More »
Monetary policy is an important tool for any country’s economic development and overall economic stability. The objectives of monetary policy may vary from country to country depending on the economic and social condition of the country and other needs. Even in the same country, monetary policy has different objectives at different times. The main objectives
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Meaning and Types of Monetary Policy
Meaning and Types of Monetary Policy Read More »
The nominal gross domestic product is the total market value of all newly produced goods and services during each time, usually annually. Real GDP is nominal GDP adjusted for inflation or measurement of newly-produced goods and services at constant prices. Real GDP is used to measure the actual growth of production without any effects of
Among Nominal GDP and Real GDP, which GDP is better? Read More »
Introduction If the gross domestic product is measured at the prevailing market price then it is known as nominal gross domestic product and if the gross domestic product is measured at a constant price or base year price then it is known as real gross domestic product. In this article, we attempt to give a
Nominal GDP, Real GDP, and GDP Deflator Read More »
Here in this article, we have tried to define personal income, disposable income, per capita income, and personal income. Personal Income (PI) Personal income can be defined as the income obtained by all individuals and households of a nation from all the possible formal sources before payment of direct personal tax or income tax during
Personal Income, Disposable Income, Per Capita Income, and Personal Saving Read More »
After discussing several key concepts of national income at market price as well as at factor cost, in this article, we attempt to establish the relationship between concepts of national income at market price and factor cost. As we know that various concepts of national income can be measured in terms of market price as
Relationship between Concepts of National Income at Market Price and Factor Cost Read More »
Introduction to Concepts of National Income at Factor Cost Factor cost is the total cost of production. It means factor cost is the total payment made by producers to the owners of factors of production in return for their assistance in the production of goods and services. So, it is the total of all earnings
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