Microeconomics, Monopolistic Competition
Definition Monopolistic competition is a type of market structure characterized by a large number of firms or producers competing to produce a great variety of similar products that they constantly try to differentiate. In monopolistic competition there are many...
GNI, Gross Domestic Product (GDP), Macroeconomics
By Valeria Popa: Let us first distinguish between GNI, GDP and GNP to understand how is GNI different from these two measuring indicators. GNI compared to GDP and GNP While Gross Domestic Product (GDP) and Gross National Product (GNP) measure the output of an economy,...
Consumer Price Index (CPI), Inflation, Macroeconomics
Valeria Popa In previous articles you have learned about macroeconomic indicator like GDP which is highly important for understanding business cycles and economic performances and GNI which can offer a perspective on the living standards of a country’s residents. We...
GDP Growth Rate, Gross Domestic Product (GDP), Macroeconomics
What is GDP growth rate and how to calculate it Since the media often talk about the growth rate of an economy, it is important to clarify and to correctly define what the growth rate of GDP is. This indicator has a lot more meanings and it can be used to measure...
Gross Domestic Product (GDP), Macroeconomics, Nominal, Real & GDP Deflator
Nominal GDP As defined through the production approach, GDP represents the total value of goods and services produced within the borders of a country, during one year period. If this value is expressed in current prices, we have nominal GDP. However, using nominal GDP...
GDP vs GNP, Gross Domestic Product (GDP), Macroeconomics
Although both GDP and GNP measure the size of an economy, either for business or economics forecasting purposes, they are not one and the same thing. Therefore, one should not be confused by their similar terminology. Simply put, while GDP looks at the strength of a...
3 Approaches of Calculating GDP, Gross Domestic Product (GDP), Macroeconomics
One of the most common ways to measure the size of an economy, in other words, the aggregate output of a country, is by compiling the gross domestic product (GDP). As defined by the World Bank, GDP represents the market value of all final goods and services...
Gross Domestic Product (GDP), Macroeconomics
Although GDP is commonly used to measure the size of an economy nowadays, Simon Kuznets, the economist who created this tool has warned against its use as a measure of welfare. Commissioned by the US Congress in 1934 to create a system that would monitor the...
Macroeconomics, Unemployment
Joblessness or unemployment is prevalent in every economy and it is yet another important macroeconomic factor that shows the growth and productivity of a Country.We usually don’t use the term UNEMPLOYMENT but we do use JOBLESSNESS in our daily lives. Both are the...
Demand pull and Cost Push Inflation, Inflation, Macroeconomics
In all of our lectures we have been discussing how an increase or decrease in Supply or Demand For money consequently increase or decrease Inflation. In this lecture, we emphasize on important modern inflationary theories that is Demand Pull inflation and Cost Push...
