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 […]

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. Here’s a breakdown of the principle: 80% effect from 20% causes: 20% of the […]

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: Nominal income: The total amount of money earned by an individual […]

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: Population: A group of living organisms of the same species in a particular area. Demography: The study of human populations. Fertility: The number of births per unit time. […]

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: Control over majority of […]

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: Equality: Treating all people with the same respect, regardless of their race, gender, sexual orientation, social status, or other factors. Fairness: Ensuring that […]