ECONOMY
Keynesian Economics
Keynesian economics is a macroeconomic theory that advocates for increased government intervention in the economy to regulate aggregate demand and stabilize prices. Keynesians believe that the role of the government is to influence economic activity through fiscal policy and monetary policy. Main Principles: 1. Aggregate Demand:– Keynesian theory emphasizes the importance of aggregate demand in […]
Pareto Principle
The Pareto principle, also known as the 80-20 rule, is an observation that applies to a wide range of situations. It states that roughly 80% of the effects of an action or system come from 20% of its causes or components. 80% effect from 20% causes: Examples: Applications: Key takeaways: Additional resources: Please let me […]
Open Market Operations (OMO)
Open market operations (OMO) are monetary policy tools used by central banks to influence interest rates and liquidity in the banking system. The central bank, acting as the lender of last resort, can influence market interest rates either by buying or selling government securities in the open market. Key Features of OMO: 1. Trading of […]
Real Income
Real income is a measure of economic well-being that adjusts for inflation. It is calculated by dividing nominal income by the Consumer Price Index (CPI) or the cost-of-living index for a particular country. Formula: Real Income = Nominal Income / CPI Explanation: Example: If a person earns a nominal income of $50,000 and the CPI […]
Demographics
Definition: Demography is the study of human populations, including their size, composition, distribution, and changes over time. It encompasses a wide range of topics, including: Key Concepts: Major Branches: Applications: Demography has wide-ranging applications in various fields, including: Examples: Conclusion: Demography is a multifaceted field that provides valuable insights into human populations and their dynamics. […]
Social Welfare
Social welfare is a broad concept that encompasses a wide range of activities and policies aimed at improving the well-being of individuals and communities. It involves addressing various aspects of human need, including health, education, poverty, housing, and social justice. Key Components of Social Welfare: 1. Health:– Healthcare services- Public health programs- Mental health services […]
Impeachment
Impeachment is a formal process of removing a public official from office. It is typically initiated by a member of the legislature, known as a “impeachor,” who accuses the official of wrongdoing. The impeachment process can then be carried out by the legislature, and the official may be removed from office if found guilty. Procedure: […]
Monopoly
A monopoly is a situation in which a single company controls the majority of the market for a particular product or service. This company is able to dictate the prices of its products, extract excess profits from its customers, and have significant control over its competitors. Key characteristics of a monopoly: Examples of monopolies: Potential […]
International Monetary Fund (Imf)
The International Monetary Fund (IMF) is a specialized international organization that provides loans to member countries to help them balance their payments accounts and avoid economic crises. The IMF also works to coordinate international economic policies and to promote its member countries’ sustained growth and development. Key Functions of the IMF: Member Countries of the […]
Social Justice
Social justice is a concept that emphasizes fairness, equality, and respect for all individuals and groups. It involves addressing the systemic inequalities that perpetuate injustice and marginalization. Key principles of social justice: Examples of social justice issues: Strategies for promoting social justice: Benefits of social justice: Conclusion: Social justice is an essential concept for creating […]
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