I INTRODUCTION Wealth, in economics, an accumulation of goods having economic value. Economic value has several characteristics. First, an object must have utility. It mustRead more
Economic Policy, measures taken by the government intended to influence the behaviour of the economy. Some measures, such as the budget, operate over the whole economy and constitute policy in the sphere of macroeconomics; others operate on some specific and limited part of the economy, such as agriculture, and are policy elements in the realm of microeconomics. The two kinds of policy impinge on one another since measures affecting the whole economy necessarily affect the parts, and what affects any part or aspect of the economy registers in the performance of the whole.
Microeconomics, study of the economics of small units: individual companies, small groups of consumers, and so on. Economics has been defined as the study ofRead more
I INTRODUCTION Macroeconomics, that part of economics concerned with the behaviour of aggregate variables, such as total national output and income, unemployment, the balance ofRead more
Parity (economics), equality of status, or equivalence. In economics and business, the concept of parity is applied in a number of ways. One way ofRead more
I INTRODUCTION Economic Geography, a branch of geography, specifically human geography, involving the study of the ways in which patterns of economic activity and theirRead more
Economic Forecasting, discipline in economics concerned with the prediction of economic phenomena. Almost everybody in society needs to make some sort of economic forecast atRead more
I INTRODUCTION Economics, social science concerned with the production, distribution, exchange, and consumption of goods and services. Economists focus on the way in which individuals,Read more