Articles
Factors Affecting Balance of Payments
The difference between what a country exports and what it imports is called net exports (X-M). If exports exceed import...
Gross Domestic Product and Gross National Product
Gross Domestic Product (GDP) is the total output of all economic activity in a country over a given period and a countr...
Uses and Limitations of Economic Indicators
Different economic indicators are used in different stages of assessing the business cycle of an economy. There are thr...
Cost-Push vs. Demand-Pull Inflation
Demand pull inflation is caused by an initial increase in aggregate demand. Aggregate demand can increase due to a...
Consumer Price Index (CPI) to measure inflation
We use the Consumer Price Index or CPI to measure inflation. It is a fixed-weight price index, which takes the quantiti...
Inflation, Hyperinflation, Deflation and Disinflation
Inflation is a rise in the level of general goods and prices. When the increase in prices is rapid, due to a war or ...
Types and Measures of Unemployment
Unemployment falls into three categories: Frictional unemploymentStructural unemploymentCyclical Unemployment Fri...
Theories of the Business Cycle
The Classical School derives its name from the school of Adam Smith, David Ricardo and John Stuart Mill. This...
Economic Activities in Phases of Business Cycle
We will now learn about resource use fluctuation, housing sector activity and external trade in the context of the phas...
Business Cycles
Business cycles refer to the upward and downward movement of the economy. Real GDP and unemployment levels are used as ...
The Production Function
The quantity of real GDP supplied in an economy is a function of the quantity of labour (L), quantity of capital (K), a...
Sources, Measurement, and Sustainability of Economic Growth
Sources There are five important sources of economic growth: Increase in the supply of labour, i.e., the number o...
Impact of Changes in Aggregate Supply and Demand
Let’s say that the economy is initially in short run and long run equilibrium as shown below: Now let’s say that...
Business Cycle and Economics
If the Aggregate Demand (AD) curve, SRAS and LRAs all intersect at one point, then the economy is in long run and short...
Economic Growth and Inflation
We can explain economic growth and inflation using the Aggregate Demand and Long Run Aggregate Supply curves. Econom...
Macroeconomic Equilibrium
We can combine the aggregate demand curve and the aggregate supply curve to determine the macroeconomic equilibrium in ...
Shifts in Supply Curve
Shift in Short-run Aggregate Supply (SRAS) Curve Aggregate supply curve shows the quantity of goods and services tha...
Shifts in Aggregate Demand Curve
Aggregate demand is the sum of all expenditure in the economy over a period of time. An increase in aggregate demand sh...
Aggregate Supply Curve
Aggregate supply (AS) refers to the total amount of goods and services produced by an economy’s businesses. Ag...
Aggregate Demand Curve
We can use the IS curve and the LM curve to derive the aggregate demand curve. The following curve shows the IS curve a...
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