Macroeconomics – Meaning and Scope
The term “Macroeconomics” is derived from the Greek word Makros, which means “large.” Ragnar Frisch, the Norwegian economist and first Nobel …
Macro Economics
Types of Financial Institutions: Banking and Non-Banking
The financial system serves as the circulatory system of the economy, channeling funds from savers to borrowers, facilitating investment, and …
Functions of the International Monetary Fund (IMF)
The International Monetary Fund (IMF) is one of the most influential institutions in global economic governance. Established in 1944 at …
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 …
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 …
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 …
Schumpeter’s Innovation Theory of Trade Cycle
The innovation theory of trade cycles is associated with the name of Joseph Schumpeter. Schumpeter accepts Juglar’s statement that “the …