Median: Formulas for Individual, Discrete and Continuous Series
1. Median for Individual Series In an individual series, data is ungrouped and needs to be arranged in ascending order. …
Economics Live
Arithmetic Mean: Formulas for Individual, Discrete and Continuous Series
1. Arithmetic Average in Individual Series Direct Method \[\bar{X} = \frac{\sum X}{N}\] Where; = Arithmetic Mean \(\sum {X}\) = Sum …
Central Problems of an Economy
The scarcity of resources relative to human wants gives rise to various basic problems, issues, or questions that must be …
Monetary and Fiscal Policies – Meaning and Objectives
No modern economy can function smoothly without effective macroeconomic policies. Among these, monetary policy and fiscal policy are the two …
Definition and Scope of Statistics
Statistics is one of the most crucial branches of knowledge in modern education and research. It is often said that …
Tax: Direct and Indirect Taxes
Introduction Taxation is a fundamental concept in economics and public finance. For students, understanding what taxes are, their types, and …
Balance of Payment: Meaning and Components
Every country import from other countries the goods that cannot be produced at all in the country or can be …
Sets and its types
Defining Sets A set is a well-defined collection of objects. Example: The collection of vowels in English alphabets. The set contains five elements, …
Functions of Money
Following are the functions of money: 1. Medium of Exchange The most important function of money is that it serves …
Concepts of National Income
National income of a country can be defined as the total market value of all final goods and services produced …