ECONOMICS

The World Bank is an international organization that provides financial and technical assistance to low- and middle-income countries around the world. Founded in 1944, it is the largest international lender of money and plays a key role in developing sustainable solutions for developing countries. Here are some of the key things you need to know […]

Definition: A sale is a transaction in which ownership of goods or services is transferred from one party to another in exchange for payment. Key Elements of a Sale: Buyer: The party who purchases the goods or services. Seller: The party who offers the goods or services for sale. Goods or Services: The specific item […]

Definition: The market is a platform where buyers and sellers interact to exchange goods and services. It is a complex ecosystem where supply and demand determine the prices of products. Key Components of a Market: Buyers: Individuals or organizations who are willing to purchase goods and services. Sellers: Individuals or organizations who are willing to […]

Sure. The definition of concentration ratio is as follows: The concentration ratio is the ratio of the concentration of a solute in a solution to the concentration of the same solute in a standard solution of known concentration. It is expressed as a percentage or a molarity. The concentration ratio can be used to determine […]

Purchasing Power Parity (PPP) Purchasing power parity (PPP) is a macroeconomic concept that seeks to establish an equivalence between the cost of living in different countries by accounting for the differences in the prices of comparable goods and services. Definition: Purchasing power parity (PPP) is the theory that the cost of living in different countries […]

The knowledge economy is a term used to describe an economy that is primarily driven by the creation, use, and diffusion of knowledge rather than by physical resources. It encompasses a wide range of industries and activities, including: Key characteristics of the knowledge economy: High-skill labor: Relies heavily on educated and skilled workers who can […]

Gross value added (GVA) is a measure of economic activity that is calculated by taking the value of all goods and services produced in a particular country or region in a particular period of time. It is a key indicator of a country’s economic growth and prosperity. Formula for GVA: GVA = NVA + Taxes […]

Applied Economics Applied economics is a field of economics that seeks to use economic principles and techniques to address real-world issues. It involves the development and use of economic models to analyze and forecast economic behavior, policy, and markets. Key Concepts: Economic modeling: The process of developing mathematical models to describe and predict economic phenomena. […]

Keiretsu Explained Keiretsu, pronounced “keh-reh-tsu,” is a Japanese term that refers to a loosely knit association of businesses and industrial enterprises that often cooperate in a variety of ways. These associations are typically dominant in specific industries and play an important role in the Japanese economy. Key Features: Loosely knit: Keiretsu members are not necessarily […]

Nominal is a type of variable that is not quantifiable by numerical values. Instead, they are categorized into labels or categories. Examples of nominal variables include gender, blood group, and occupation. Key characteristics of nominal variables: Categorical: Values are grouped into categories or labels. Non-numeric: Cannot be arranged in numerical order. Discrete: Values can only […]