Demand-pull inflation Demand pull inflation is caused by increased demand in the economy, without adequate increase in supply of output. It is mainly an outcome of excess money income with the people. This high money income would be due to increased money supply. The situation of “too much money chasing too few goods” is an instance of […]
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Sustainable development is a process that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. It involves harmonizing three core elements: economic growth, social inclusion, and environmental protection. These elements are interconnected and are crucial for the well-being of individuals and societies https://www.youtube.com/watch?v=Dc8xpt0T_RY&list=PLUe0zmntFqG4Zm1zqv79fts4xHuCM3qi7&index=13 Sustainable Development Goals of
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Economic growth is a measure of a country’s national income or output, while economic development is a broader term that measures the quality of life for its citizens. Economic growth A country’s gross domestic product (GDP) increases, which is the total value of its goods and services produced over a period of time. Governments can try
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The green gross domestic product (Green GDP) is an index of economic growth with the environmental consequences of that growth factored into a country’s conventional GDP. It’s a measure of how a country is prepared for sustainable economic development. Green GDP measures GDP growth along with the environmental consequences of that growth factored in.The Green
Factors of production are the resources used to produce goods and services, and are the building blocks of an economy. Economists categorize these resources into four types: The four factors of production Land By land in economics we mean all that is given to us free by nature, on or below or above the surface of the
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Resources or means of production remain either in private ownership with full individual freedom to use them for the profit motive or they can be in collective ownership (government control) and can be used for the collective welfare of the society as a whole. Based on the criterion of degree of individual freedom and profit
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Economics is the science of decision making, it deals with how scarce resources are efficiently utilised for production, consumption of goods and services.
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Inflation can distort economic variables like GDP, so we have two versions of GDP: One is corrected for inflation, the other is not. Nominal GDP values output using current prices. It is not corrected for inflation. Real GDP values output using the prices of a base year. Real GDP is corrected for inflation. https://www.youtube.com/watch?v=8r3vAmiIjQw&list=PLUe0zmntFqG4Zm1zqv79fts4xHuCM3qi7&index=8 Real GDP Real
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Gross national product (GNP) is the market value of all the products and services produced in one year by labour and property supplied by the citizens of a country. Unlike gross domestic product (GDP), which defines production based on the geographical location of production, GNP indicates production based on location of ownership. GNP includes income
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