ECONOMICS

Definition: Association of persons is a group of individuals who come together to form a collective entity for a specific purpose. It is a voluntary grouping of people who share similar interests, goals, or objectives. Types of Associations: Formal Associations: Established organizations with a formal structure, bylaws, and membership criteria. Examples include professional associations, social […]

Definition: The poverty trap is a condition in which people are trapped in a cycle of poverty due to various factors, including low education, lack of job skills, limited access to resources, and social stigma. Causes: Low education and job skills: Lack of education and training opportunities lead to low wages and limited job prospects. […]

Sure, here’s a definition of a random variable: Random variable: A function that assigns a numerical value to each outcome of a random experiment. Formal definition:A random variable is a function from the sample space S of an experiment to the set of real numbers R. A random variable is represented by a letter like […]

Macroeconomics Macroeconomics is a branch of economics that studies the overall economy of a country or a group of countries. It focuses on factors that affect the entire economy, such as aggregate demand, inflation, unemployment, and economic growth. Key Concepts: Aggregate Demand: Total spending on goods, services, and investment in a country.Inflation: General increase in […]

Dumping is a term used in software engineering to describe the process of transferring large amounts of source code from one software project to another. This is often done when a project is migrated to a new platform or framework, or when a team of developers is disbanded. Common reasons for dumping code: Project migration: […]

The Goldilocks Economy is a term used in economics to describe a hypothetical economy that is just right, neither too hot nor too cold. In other words, it is an economy that is in a stable equilibrium, with just the right amount of growth, inflation, and unemployment. Key Features of a Goldilocks Economy: Moderate growth: […]

The word “quota” has multiple meanings. Here are the most common ones: 1. Share of a group:– Quota can refer to a group’s share of something, such as a share of a company’s stock or a share of a quota for a particular product. 2. Allocated amount:– Quota can also refer to an allocated amount […]

Economic growth rate is a measure of how quickly a country’s GDP is increasing. It is typically measured as a percentage and is a key indicator of a country’s overall economic performance. Formula: Economic growth rate = (GDP at current prices in the current year – GDP at current prices in the previous year) / […]

Definition: Deflation is a general decrease in prices and wages, accompanied by a decline in overall economic activity. It is the opposite of inflation. Causes: Demand-pull deflation: Occurs when aggregate demand decreases, leading to a decline in prices. Cost-push deflation: Occurs when production costs increase, but demand remains unchanged, leading to a decline in prices. […]

The White Revolution, also known as the Green Revolution, was a period of rapid agricultural development that occurred in South Korea between the mid-1950s and the early 1970s. It was characterized by the widespread adoption of new technologies and practices, including improved breeding techniques, fertilizers, insecticides, and mechanization. Here’s a breakdown of the key aspects […]