ECONOMY

Sure, here is the meaning of the word “decile”: Decile:– A group of ten.- The tenth part of a group or set. In other words, decile refers to a group of ten items from a set or list. It is a term commonly used in statistics to describe the tenth percentile of a distribution.

Definition: The economic cycle, also known as the business cycle, is a fluctuation in economic activity that occurs over a period of time. It is characterized by alternating periods of expansion and contraction, as measured by indicators such as output, employment, and consumer spending. Phases of the Economic Cycle: 1. Expansion:– Economic growth increases.- Unemployment […]

Closed Economy A closed economy is a system of economic exchange in which a country or region restricts trade and investment with other countries. In a closed economy, the majority of goods and services are produced domestically, and there is minimal reliance on imports and exports. Characteristics of a Closed Economy: 1. Limited Trade and […]

Cyclical Unemployment Cyclical unemployment is a type of unemployment that occurs when there is a general shortage of jobs in the economy. It is caused by fluctuations in economic activity, particularly industrial production and employment. Causes of Cyclical Unemployment: Demand shocks: Events that increase or decrease demand for labor, such as technological advancements, changes in […]

The Index of Economic Freedom is a ranking of countries based on their degree of economic freedom. It is a composite indicator that measures four pillars of economic freedom: Control over the means of production: This includes factors such as land ownership, business startup regulations, and the enforcement of property rights. Control over capital: This […]

Sure, here’s the definition of the word “deficit”: Deficit: A shortage of something. Examples: The company is experiencing a deficit of $10,000. The patient has a deficit of red blood cells. The country has a deficit of foreign currency. Synonyms: Shortfall Lack Deficiency Acricity Scarcity Antonyms: Surplus Abundance Bounty Adequacy Suplulence

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 […]