Economy

Money and Money Supply Barter System Definition- The Barter System refers to the act of trading goods and services between two or more parties directly, without the use of an intermediary monetary medium, such as money or credit card. Money … Continue reading →

Gross Domestic Product (GDP) Gross Domestic Product (GDP) measures the aggregate production of final goods and services taking place within the domestic economy during a year. Key Terms: GDP at Factor Cost (GDPFC) GDP at Factor Cost (GDPFC) refers to … Continue reading →

Basic Concepts of National Income National Income – It refers to the aggregate value of all the final goods and services produced in a country in a particular period of time (usually one financial year). National Income Accounting – This … Continue reading →

Basics of Economics What is economics? In 1776, Adam Smith, father of modern Economics, published Wealth of Nations, where he defined Economics as an enquiry into nature and causes of wealth of Nations. Types of economics- Macroeconomics The branch of … Continue reading →