ECONOMY

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. […]