ECONOMICS

Gross domestic product (GDP) is a measure of a country’s economic activity. It is the total value of all finished goods and services produced within a country’s borders in a particular time period. GDP is a key indicator of a country’s overall economic health and is used to track economic growth, inflation, and unemployment. Here […]

Economic justice is the principle that all people should have an equal opportunity to access and benefit from economic prosperity. It is a fundamental human right that ensures that everyone has the resources and opportunities they need to live a healthy, fulfilling life. Key Principles of Economic Justice: Equity: Ensuring that decision-making processes and resource […]

Labour Productivity Labour productivity is a measure of the output produced per unit of labour input. It is a key indicator of economic growth and efficiency. Formula: Labour productivity = Output per worker per unit of time Key Factors Affecting Labour Productivity: Technology: Automation and other technologies can increase labour productivity. Education and Training: Skilled […]

Phillips Curve The Phillips curve is a macroeconomic model that describes the relationship between inflation and unemployment. It suggests that there is an inverse relationship between inflation and unemployment. Key Concepts: Inflation: A general increase in prices and a decline in the purchasing power of money. Unemployment: The percentage of the labor force that is […]