Because it's More than a Subject
No modern economy can function smoothly without effective macroeconomic policies. Among these, monetary policy and fiscal policy are the two most important tools that help governments and central banks manage economic growth, control inflation, reduce unemployment, and maintain financial stability. Understanding what these policies mean and what they aim to … read more
Statistics is one of the most crucial branches of knowledge in modern education and research. It is often said that we live in an age of statistics. This statement is not an exaggeration, given the ever-increasing significance of statistical methods in daily life, business, administration, and scientific inquiry. As undergraduate … read more
Introduction Taxation is a fundamental concept in economics and public finance. For students, understanding what taxes are, their types, and how they function is essential for exams and general awareness. This comprehensive article explains what a tax is, why governments levy taxes, the differences between direct and indirect taxes, and … read more
Every country import from other countries the goods that cannot be produced at all in the country or can be produced only at an unduly high cost as compared to the foreign supplies. Similarly, a country exports to other countries the commodities which those countries prefer to buy from abroad … read more
Defining Sets A set is a well-defined collection of objects. Example: The collection of vowels in English alphabets. The set contains five elements, namely, a, e, i, o, u. Forms of Describing a Set Sets can be described in two forms: (i) Roster Form or Tabular Form In this form, a set is … read more
Following are the functions of money: 1. Medium of Exchange The most important function of money is that it serves as a medium of exchange. In the barter economy a great difficulty was experienced in the exchange of goods as the exchange in the barter system required double coincidence of … read more
National income of a country can be defined as the total market value of all final goods and services produced in the economy in a year. The sum of all incomes of the people of a country is called national income. This national income is greatly related to the national … read more
Law of demand states the relationship between price and quantity demanded by assuming “other things remaining the same”. When there is a change in these other things, the whole demand schedule or demand curve undergoes a change. In other words, these other things determine the position and level of the … read more
In day-to-day language, we often consider meaning of demand as desire. Desire means an urge to have something. In Economics, demand means a desire which is backed by willingness and ability to pay. For example, if a person has the desire to purchase a television set but does not have … read more
Given some examples of solving question from Chain Rule. Follow the steps and solve rest of the questions given below. Question 1: Differentiate . Step-by-step solution: Question 2: Find for . Step-by-step Solution: Question 3: Differentiate . Step-by-step Solution: Question 4: Find for . Step-by-step Solution: Question 5: Differentiate . … read more