National Income and Growth – The ways to measure

National Income and Growth - The ways to measure

A country’s national income refers to the income earned by the people by contributing factors of production to the production process. This is one of the most important macroeconomic factors which is calculated annually. Macroeconomic studies are carried out annually to evaluate the performance of the economy. National income calculation is one of the criteria …

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Trade Barriers

Trade Barriers

Trade barriers have become one major reason that slows down economic growth. Almost all the countries in the world involve in international trade in different degrees. Goods are imported and exported due to different reasons and trade is interconnected. In international trade, there are different restrictions of which some are natural and the others are …

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09 Differences between Microeconomics and Macroeconomics

Microeconomics and Macroeconomics

Microeconomics and macroeconomics are considered as the most important division of the broad range of economic concepts. Economists use different methods to analyses economic issues. The standard of modern economies is discussed as positive economics and normative economics. In positive economics, different economic issues are described based on the existing situation based on the facts, …

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Economic Systems – 06 Main Economic Systems

Economic systems

Economic systems are a complex network of individuals, organizations, and institutions and their social and legal interrelationships. The function economic system is to solve the basic economic problems. Based on the relative scarcity of economic resources all the economies face a common issue “Choice”. The choice is an issue of allocating available limited resources in …

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