Economics

Keynesian (John Keynes) economics is all about using monetary and fiscal (Government) policies to help direct the market towards equilibrium. Keynes did not believe that the market was self-correcting, and thus required government involvement. Keynesian economics also uses the view that prices are constant in the short term and only adjust in the long term (sticky price theorem). This delay in price adjustment pulls the market away from equilibrium.

When a government spends more than it receives in taxes, it runs a budget deficit, which is usually covered by issuing debt obligations to domestic and/or international investors. In the US, these obligations are Treasury bills, Treasury notes, and Treasury bonds. The total outstanding amount of such obligations constitutes a National Debt.

The value of total output produced at full employment.

Briefly, the price of anything is based on comparative advantage. If Adam produces clocks better and cheaper than Bill, all clock production should go to Adam.

The meaning of a market economy is in which the decision and production are made. The consumption of goods services are based on voluntary exchange in markets.

Whenever we have touched on the pricing of productive factors, we have signified the prices of their unit services, i.e., their rents. In order to set aside consideration of the pricing of the factors as "wholes," as embodiments of a series of future unit services, we have been assuming that no businessmen purchase factors (whether land, labor, or capital goods) outright, but only unit services of these factors. This assumption will be continued for the time being. Later on, we shall drop this restrictive assumption and consider the pricing of "whole factors."

"Consumption" is an old name for tuberculosis (TB) that describes how the illness wastes away or consumes its victims. TB is "an ancient enemy" that has plagued humankind for more than five thousand years.

It can also mean to "consume", consumption of food or resources.

It is called as Balance of payments - an economic term. (BOP) measures the payments that flow between any individual country and all other countries. It is used to summarize all international economic transactions for that country during a specific time, usually a year. The BOP is determined by the country's exports and imports of goods, services, and financial capital, as well as financial transfers. It reflects all payments and liabilities to foreigners (debits) and all payments and obligations received from foreigners (credits).

Banks and brokerage firms are considered financial centers

An economic luxury is wasting land on pools huge garden, etc. An economic necessity is what you need a certain amount of space (houses) to make something very necessary (to live in)

Well tax incidence refers to who actually pays the tax.

Tax incidence can be divided into-

1. Formal incidence: the party liable to the tax

2. Informal incidence: party, who actually pays the tax

The tax incidence is decided by the elasticity of demand and supply for a good or service.

Well, the idea of humans as capital means that humans have a certain worth to a company (or society). Education increases that worth, making individuals more able to contribute to a company (or to society). Therefore, investing in Education... in your employees, for instance, is worthwhile because then your employees increase their value to you, as an employer. In a general sense, society's investment in educational programs increases people's value to society in general.

No indifference curve can intersect because all points on indifference curve are ranked equally preferred and ranked or less more preferred than every other point on the curve.

The price level refers to the monetary value of a good or service.

A perfect competitive market and pure monopoly market both have to follow the "law of demand".

I think the answer to this question lies in the reasons, which are contributing to the rise and fall of a price of any commodity. India has now good amount of dollars and as such, demand of dollars has come down comparatively.

Services industry contributes 55.5% to Indian GDP.