Meaning of Inflation
Inflation is a sustained increase in the aggregate price levels. It refers to a state of rising prices and not a state of high prices. After Knowing the meaning of Inflation you will want to know What Causes Inflation.
Economics
Inflation
Inflation is a sustained increase in the aggregate price levels. It refers to a state of rising prices and not a state of high prices. The types of inflation observed in an economy depend on the rate of increase in the price levels
Public Expenditure
Public expenditure is the expenditure incurred by the government of any nation. Any government incurs a large amount of expenditure for the welfare of the nation, for activities such as the development of roadways, education, irrigation systems and to maintain law and order.
Elasticity of Supply
Elasticity of supply or price elasticity of supply measures the degree of responsiveness of quantity supplied to changes in the own price of the product.
Law of Supply
The law of supply states that other factors being equal, the quantity of a good supplied increases with an increase in the price level and decreases with a decrease in the price level of a good.
Theory of Supply
The supply of a commodity is the quantity of the commodity which producers desire to sell to consumers. Thus, it is a desired flow. It indicates how much firms are willing to sell per period of time and not how much they actually sell.
Who is an Entrepreneur?
An entrepreneur is a person who carries the risk of business and coordinates the activities of all the other factors of production. Factors which are used to carry out the process of production are called factors of production. In the modern economy, economists classified these factors into two categories.
What is Capital?
In Economics, Capital is known as the produced means of production. First, it is created by man and is not a gift of nature. Second, it is a means of production and used as an input in producing other goods.
Labor In Economics
Labor consists of all human efforts of the body or mind which are undertaken in the expectation of reward. The supply of labor is usually measured in units of man-days per year.
Factors of Production
Factors which are used to carry out the process of production are called factors of production. In the modern economy, economists classified these factors into two categories.