Articles
The LM Curve
To plot this curve, we make an assumption that the real money supply is held constant. To derive the LM curve we set: ...
The IS Curve
The IS curve shows all the combinations of interest rates i and outputs Y for which the goods market is in equilibrium....
Relationship Between Saving, Investment, Fiscal Balance, and...
To understand the relation between savings, investments, fiscal balance, and trade balance, we will combine the income ...
GDP, National Income, and Personal Income
Under the expenditure approach, GDP is calculated as follows: GDP = Personal Consumption + Investment + Governm...
Nominal Vs. Real GDP
At times, we would like to compare the GDP data in different time periods. Since the average level of prices of goods a...
Methods of Calculating GDP
Within the expenditure approach, there are two approaches: Sum-of-value-added Approach Under this approach, GDP i...
Gross Domestic Product
The Gross Domestic Product (GDP) is the market value of all final goods and services produced within a country during a...
Concentration Measures in Economics
Economists can use the concentration measures to measure the market power. Market concentration is a function of the nu...
Supply Curve in Various Market Structures
Perfect Competition In perfect competition, the supply curve of an individual firm is positively sloped. The industr...
Monopoly
Monopoly is a market where there is an exclusive seller of a product for which there are no good substitutes, and there...
Oligopoly or Oligopolistic Market
In an oligopoly, there are even fewer firms compared to monopolistic competition, and there are higher barriers to entr...
What is Monopolistic Competition
Elasticity Firms in monopolistic competition are price searchers. The products of firms under monopolistic competiti...
What is Perfect Competition?
Elasticity The firms in perfect competition are price takers. They have no influence on the price of the product. Th...
Cross Price Elasticity of Demand
Cross price elasticity of demand refers to the responsiveness of demand of one good to changes in the price of a relate...
Income Elasticity of Demand
Income elasticity of demand is the responsiveness of quantity demanded to changes in income. The income elasticity of d...
Price Elasticity of Demand
Price elasticity of demand is the most common form of elasticity. It measures the change in quantity demanded caused by...
Effects of Government Regulation on Demand and Supply
A government can impose various restrictions that will lead to an imbalance in the quantity and price equilibrium resul...
Consumer and Producer Surplus
Typically, consumers value the goods they purchase by an amount that exceeds the purchase price of the goods. Consum...
Stable and Unstable Equilibrium
When the demand and quantity deviate from their equilibrium levels, the market forces will interact with each other to ...
Aggregating Demand and Supply Curves and Concept of Equilibr...
Aggregate Demand and Supply Curves Suppose the demand function for a product is Qd = 415 – 1.2P and there are 1,000 ...
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