Introduction Often we want to know how certain variables like prices, production, etc. have changed over time and space. For example, we may like to compare the change in the average retail price of milk in 1985 with that in 1982 or we may like to compare the retail price of milk in Houston with that in Virginia or New Jersey. We may also like to know the increase in the yield of wheat in India...
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Multiplier Effect Definition,Calculation and Types
The multiplier effect shows by how much final national income increases following an initial injection of spending or investment into the economy. Study smarterThe multiplier, MPC and the full fiscal-policy toolkit are worked through with diagrams and exam questions in the Economics Made Simple Complete Bundle — textbook, practice questions with mark schemes, flashcards and 100 case...
What is GDP Per Capita and how is it calculated ?
Study smarterGDP per capita, PPP adjustment and the limits of income as a welfare measure are covered in full in the Economics Made Simple Complete Bundle — textbook, practice questions with mark schemes, flashcards and 100 case studies.What is GDP Per Capita? GDP per capita is one of the most widely used indicators of a country's standard of living and economic performance. It tells us,...
Commodity Money vs Fiat Money
There has been numerous stories about exchanges of goods as a form of money in different circumstances . Like there were Cigarettes used in WWII by the prisoner of War camps, beads used by north american Indians , cattle in south Africa, and small green scraps of paper in north america. Now there are various kinds of money that are divided into two groups : Commodity money and Fiat Money Study...
Major problem with using GDP
GDP is considered to be the most simplest and common economic statistics that measures the economic activity of the economy that takes place within a year - that leads to the analysis and conditions of various factors such as investments, household consumption , government expenditure etc. Yet GDP has considerable problems that cannot be ignored. The problem of GDP is more associated to the way...
Difference between aggregate supply and market supply curve
By definition, the Aggregate Supply curve shows the relationship between the Aggregate Quantity Supplied by all the businesses and firms of an economy and the over price level. Study smarterAggregate supply, market structures and the whole AD-AS framework are explained clearly in the Economics Made Simple complete bundle — textbook, case studies and flashcards at a discount for AP and Cambridge...
What is Money ?
To explain it with a formal definition Money is : Anything that is accepted as a way of exchange to buy products and services The basics mechanics of the whole monetray system are invisible. Many individuals take money for granted when they are spending it. So when you walk in a restaurant, shop or anywhere. Whatever it is, these pieces of paper along them can assist them anywhere. So why on...
Shifts in Aggregate Demand Curve
We just assumed that the Monetary and fiscal policy variable are kept constant when deriving the Aggregate Demand Curve. So any changes made in the following variable will shift the curve. Money Supply Consumption (household spending) Investment Government Expenditure Study smarterNail every AD-AS shift with clear diagrams and exam questions. The Economics Made Simple complete bundle brings the...
Everything about GDP (Gross Domestic Product)
I have made an amalgamation of all the posts that I and my contributing writers have written about GDP Please leave a Message if you require further notes and lectures regarding the concept of GDP. What is GDP ? GDP growth rate and Calculation Types of GDP (Nominal GDP and Real GDP) Difference Between GDP and GNP Three Approaches of Calculating GDP Measuring living index by GNI compared to GDP...
Dependent, Independent and Conditional Probability
Independent and Dependent Events Confusing independent and conditional probability is one of the most common exam errors in this subject. The Statistics Made Simple textbook builds this distinction up carefully with a modern, worked-example approach. The events A and B are said to be independent if the occurrence or non-occurrence of event A does not affect the probability of occurrence of B....
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