Economics XII

Balance of Payment

Balance of payment is the summary statement of the transactions made by all the residents...

Topics Covered: Definition of Utility Approaches to Utility Cardinal Utility Ordinal Utility Types of Utility...

Topics Covered: Gross Domestic Product (GDP) Gross National Product (GNP) Gross Domestic Product (GDP): Gross...

Topics Covered: Definition of cross elasticity of demand Types of cross Elasticity of Demand...

Topics Covered: Positive Income Elasticity of Demand Income Elasticity greater than one (Ey > 1)...

Topics Covered: Increasing Returns to Scale Decreasing Returns to Scale Constant Returns to Scale Law...

The transaction of goods and services between or among different countries is called international trade....

Deflation is defined as continuous or sustained fall in the general price level of...

Inflation is defined as sustained or continuous rise in the general price level of...

Inflation is defined as sustained or continuous rise in the general price level of goods...