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 […]
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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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Meaning of National Account Rebasing The Rebasing of National Accounts also called re-benchmarking of the national account series or gross domestic product (GDP) is the mechanism of replacing an old base year used to compile volume measures of GDP with a new and more recent base year or price structure. Economic analysis deals with the
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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
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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
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Introduction The price given by the final purchasers of the consumer as well as capital goods is known as the market price. If we determine the values of different concepts of national income at prevalent prices of goods and services, then the concepts are said to be measured at market price. Here we try to
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The key terminologies/(basic terminologies of National Income) related to national income are briefly explained below. Domestic Territory of a Country United Nations states that economic or domestic territory is the geographical territory, governed by a government within which, individuals, goods, and capital distribute freely. It includes the following geographic or electoral boundaries: Normal Residents of
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Introduction The economy is a system in which all the economic agents are interdependently working and doing their respective economic activities. It means consumers are involved in buying goods and services, producers are producing and selling goods and services, and the government is there to become part of such transactions, as well as for control
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This article explains the relationship between macroeconomics and the business environment Macroeconomics and Business Environment Macroeconomics is the study of relationships and behavior of aggregate economic variables such as national income, the total level of employment, total consumption, investment and saving, aggregate demand, aggregate supply, general price level, trade cycle, etc. The values and changes in
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In this article, we have explained the static and dynamic analysis of macroeconomics. Introduction to Static and Dynamic Analysis of Macroeconomics To construct the economic model, there are two methods static and dynamic. An economic analysis that limits its attention to the final equilibrium position is called ‘statics’ or ‘static’. A static model may be
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