Because it's More than a Subject
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
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
The innovation theory of trade cycles is associated with the name of Joseph Schumpeter. Schumpeter accepts Juglar’s statement that “the cause of depression is prosperity,” and gives his own view about the originating cause of the cycle. “Innovations in the industrial and commercial organization are virtually mainly the outcome of … read more