Definition of Gross Domestic product “Gross Domestic Product is money value of all final goods and services produced with in the geographical boundary of a country in a financial year is called gross domestic product.” It is representative of the total output and income within an economy of a country. GDP= (P×Q) GDP= Gross domestic […]
How to Calculate Inflation? Inflation calculation is very important for any economy. Here we will learn how to calculate inflation? Inflation is calculated by two methods, by calculating changes in price index number (PIN) and by comparing changes in Gross National products (GNP) deflator. Price Index Number Gross National Products Deflator 1. Price Index Number […]
What Drives Inflation? Cause of inflation are various factors which influences inflation in economy. Inflation is result of increase in production cost, demand and supply, wages, pricing power etc. Wage inflation Pricing power inflation Expansionary fiscal policy Cost push inflation Demand pull inflation 1. Wage Inflation Wage inflation is one cause of inflation. Wage inflation […]
What is Inflation? Inflation is a very important term of economy as well as directly related to our day to day life. Whenever term Inflation strikes in our mind, image of increasing price of goods and services comes in our mind. Inflation means continuous growth in price of goods and services over the period of […]
National Income is the most important parameter of economy of any nation. National income in economics has major role. Growth in national income gives the major boost to the wealth of a nation in other words we can say that national income defines the country’s wealth. Term National income includes income of every individual as […]
