ECONOMY

Monte Carlo Simulation Monte Carlo simulation is a type of computer simulation that uses random sampling techniques to estimate the value of a quantity or perform other computations. It is a powerful technique for solving a wide variety of problems, including: Applications: Monte Carlo integration: Estimating the area under a curve. Random walks: Calculating the […]

Spillover effect The spillover effect is a phenomenon that occurs when interventions or policies implemented in one domain have unintended consequences in another domain. These consequences can be positive or negative, depending on the specific interventions and the interconnectedness of the two domains. Mechanism: Interdependence: The two domains are closely related and interact with each […]

Labour Market The labour market is a complex and dynamic ecosystem that connects job seekers with employers. It encompasses all activities related to the employment relationship, including: Key Participants: Job Seekers: Individuals actively looking for work, including job seekers, students, and the unemployed. Employers: Organizations that need to fill job vacancies. Government: Agencies that provide […]

A trade surplus occurs when a country’s exports exceed its imports. In other words, the country is exporting more goods and services than it is importing. Formula for trade surplus:Trade surplus = Exports – Imports Excess exports: When exports are greater than imports, the country has a trade surplus.Excess imports: When imports are greater than […]

Environmental Economics Environmental economics is a field of study that explores the links between economic activity and environmental regulation. It seeks to understand how environmental factors influence economic outcomes and how economic activities impact the environment. Key Concepts: Environmental Valuation: Assigning monetary values to environmental goods and services, such as clean air, water, and biodiversity. […]

The Competition Commission of India (CCI) is a statutory body established in 2002 under the Competition Act, 2002. It is the primary regulator of competition in India, responsible for preventing anti-competitive practices and regulating monopolies. Key Functions: Anti-Competitive Agreements: Prohibits agreements that restrict or control competition, such as price fixing and market sharing agreements. Abuse […]