ECONOMICS

Bundling Bundling is a software development technique that combines multiple JavaScript modules into a single file. This is often done to reduce the number of HTTP requests that are made when a web page loads. Benefits of bundling: Reduced HTTP requests: Bundling reduces the number of HTTP requests that are made, which can improve page […]

Pareto Improvement Pareto improvement is a principle in optimization that states that the most effective way to improve a system is to focus on the factors that have the greatest impact. Named after the Italian economist Vilfredo Pareto, the Pareto principle, also known as the 80/20 rule, applies the principle to the distribution of resources […]

Social Sciences Social sciences are a set of academic disciplines that study human behavior, societies, and institutions. They encompass a wide range of topics, including: Major Fields: Anthropology: Study of humans, including their societies, cultures, languages, and biology. Economics: Study of how societies allocate resources and make economic decisions. Political Science: Study of government, political […]

Classical Economics Classical economics is a school of thought in economics that emphasizes the power of market mechanisms and individual choice. It is based on the principles of supply and demand, competition, and equilibrium. Key Concepts: Supply and Demand: The law of supply and demand determines the prices of goods and services. Competition: Competition among […]

The World Economic Forum (WEF) is a nonprofit international organization committed to shaping the future of the world. Based in Geneva, Switzerland, it is a global leader in shaping global, industry, and societal agendas through its unique public-private sector partnerships. Key Activities: The Forum: Annual gathering of top leaders from government, business, academia, and civil […]

Neoclassical economics is a school of economic thought that emphasizes individual choice, free markets, and market equilibrium. It is one of the three main economic paradigms, alongside Marxist and Keynesian economics. Key principles of neoclassical economics: Individualism: Neoclassical economics assumes that individuals are rational actors who make decisions based on their own self-interest. Market equilibrium: […]

Free Rider Problem The free rider problem is a phenomenon in economics that describes the problem faced by individuals in situations where they can benefit from the actions of others without contributing their own resources or effort. Explanation: In a situation where individuals can freely ride on the contributions of others, those who do not […]

Definition: Inflation is a general increase in prices and a decrease in the purchasing power of money. It is a sustained increase in the cost of living, commonly measured by an index such as the Consumer Price Index (CPI). Causes: Demand-pull inflation: Occurs when demand for goods and services exceeds supply, leading to higher prices. […]

BRICS countries, also known as the Big Four, are the five largest emerging economies in the world by GDP (nominal). They are Brazil, Russia, India, China, and South Africa. Key characteristics of BRICS countries: Large size: They have a combined GDP of over $15 trillion, which is larger than the GDP of many developed countries. […]

Producer Surplus Producer surplus is the amount by which the quantity that producers are willing and able to produce exceeds the quantity that consumers are willing and able to buy at a given price. In other words, it is the surplus of production over consumption. Formula for Producer Surplus: Producer Surplus = Qp – Qd […]