Market price and factor cost are two essential concepts in economics that shed light on different aspects of production, distribution, and pricing within an economy.
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Economy NOtes
The factors of production are the essential resources that are combined in the production process to create goods and services.
Transfer payments are monetary transfers made by the government to individuals or households without receiving any goods or services in return
Economy Notes
Gross Domestic Product (GDP) and Gross National Product (GNP) – UPSC Economy Notes
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GDP and GNP are two key economic indicators used to measure a nation’s economic performance. They provide different perspectives
Economic growth is a critical parameter that provides insights into the performance of an economy. It serves as a foundation for various government
Economy Notes
Business Cycles: Slowdown, Recession, Great Recession, and Depression – UPSC Economy Notes
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Business cycles are fluctuations in economic activity characterized by periods of expansion, peak, contraction, and trough.
Green economics is a school of thought within economics that emphasizes the importance of sustainable and environmentally friendly economic practices.
Behavioral economics is an interdisciplinary field that incorporates insights from various disciplines to analyze and influence economic behavior.
Development economics is a branch of economics that focuses on the economic, social, and political factors that contribute to the overall improvement
Socialist and communist economics represent two distinct economic ideologies, each with its approach to ownership, distribution of resources