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What is the measure of standard of living?
What is standard of living? It basically accounts for the financial health of a person; it refers to the wealth which can buy necessities, comforts or luxuries to a person. It doesn’t include…
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Fiscal policy and Monetary policy
Fiscal policy and monetary policy play an important role in the economy in uncontrollable situations. So a basic understanding of what they are all about would be helpful. Fiscal policy It is a…
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What is inflation?
Inflation is a continuous rise in the general price level of goods and services over a period of time in a particular economy. It doesn’t consider as a good sign as it indicates…
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What is GDP?
We are familiar with this word as we have seen it in a newspaper or heard on news channels especially when the talk is about the economy but a person who is a…
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Why making a budget is important?
Budget is a financial plan which people make to manage their money. It accounts for all your income sources and expenditures by keeping future plans under consideration. Budget making is an important tool…
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What is the difference between assets and liabilities?
Assets and liabilities are opposite in nature but serve the same purpose – The purpose of growth, so it is better to understand them whether it is an individual, a company or large…
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Government receipts | Revenue and capital receipts
Government receipt is the money received by the government from various sources for its expenditures. Revenue receipts These receipts neither create any liability nor cause any reduction in the number of assets of…
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Market failures and government intervention
Marker failure It is a situation where a free market fails in allocating resources or distributing goods and services efficiently. Government intervention It is government’s interference in country’s economic activities due to free…
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Economic system | Definition and types
It is a system of production, resource allocation and distribution of goods and services in a particular geographical region. Every country has its own economic system which can be different from the others.…
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What is economic analysis?
Before economic analysis, we should first understand, what economics is. Economics is a subject which deals with the production, distribution, and consumption of various goods and services. It studies various aspects of decision…
