Economics notes

What is Full Employment? Also known as the natural rate of unemployment, it refers to a situation where all those people…

What is Inflation ? In the layman’s understanding, inflation signifies a situation that is characterized by an increasing trend in the…

What is Economic Growth? It refers to the increase in the productive capacity of an economy over time, commonly measured by…

What is the Central Bank? It refers to the supreme bank of a country. It is owned by the government to…

The Barter System Before the introduction of money, goods and services were exchanged directly for other goods and services. As the…

The stock exchange is a regulated and organised financial market where securities such as shares, debentures, and bonds are bought and…

What is a Trade Union ? A Trade Union is an organised association of workers formed to protect and promote their…

What is Wage? Wage is a payment made to the factor of production labour, it is the amount earned that may…

Market structures describe the organizational characteristics of a market, such as the number of firms, the nature of the products sold,…

Long Run Average Cost (LRAC) is the per unit cost of production when all factors of production are variable (i.e., the…