ECONOMY

Impperfect Competition Impperfect competition is a market structure in which there are a large number of buyers and sellers, but each firm is a small player in the overall market. This means that firms can influence the market price, but they are not able to control it completely. Characteristics of Impperfect Competition: Many buyers and […]

Proof of Concept (POC) A proof of concept (POC) is a small-scale implementation that demonstrates the feasibility of a proposed solution or technology. It is used to prove the concept and provide a basis for further development. Purpose of POC: Validate the feasibility of a concept: To determine whether a proposed solution or technology can […]

Consumer Price Index (CPI) Explained The Consumer Price Index (CPI) is a measure of inflation that tracks changes in the cost of living for urban wage earners and families in the United States. It’s a key indicator of inflation, often used to gauge the overall health of the economy. Main Components: The CPI is divided […]

The Nobel Memorial Prize in Economic Sciences is one of the most prestigious awards in the field of economics. It is awarded annually to three economists who have made significant contributions to the field. Eligibility: To be eligible for the prize, a candidate must be a scientist who has made important contributions to the field […]

Industrialisation Industrialisation is the process of transforming a society from an agrarian or hunting-gathering economy to one based on industry. It is characterized by the use of technology to produce goods on a large scale, often involving the use of fossil fuels for power and the development of new materials and products. Key Features of […]

Near money is a type of money that is easily convertible into cash or other forms of money. It includes: 1. Travelers checks: Cheques drawn on a bank in a different country.2. Foreign exchange: Coins and banknotes of other countries.3. Money orders: Orders to pay a specific amount of money to a particular recipient.4. Treasury […]