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Human Development Index (HDI) : What Is It All About?
The Human Development Index (HDI) is an index of the development of human living in economic as well as other measurable terms. The HDI is used as a key indicator to know, understand and compare the development of countries around the world. The HDI was created to emphasize that people and their capabilities should be…
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National Income : Meaning, Different Concepts, Methods of Accounting and Difficulties in Measurement
Meaning of National Income National income is used to denote national dividends, national output and national expenditure interchangeably. Thus, its concept, understanding and definition are different from different perspectives. In a simple sense, national income is the total value of goods and services produced annually in a country. In other words, it is the accumulated…
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Macroeconomics – AN Overview
Meaning of Macroeconomics Macroeconomics is another important segment of economics. As the term implies, macroeconomics looks at the overall, big-picture scenario of the economy. It is the branch of economics that studies how an overall economy—the market or other systems that operate on a large scale behaves. Macroeconomics studies economy-wide phenomena such as inflation, price levels,…
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Microeconomics : An Introduction
Understanding Microeconomics Microeconomics is one of the widest subjects of economics. It is the part of economics that deals with the individual unit of economic variables and their behavior. The term ‘Microeconomics’ was first used by Norwegian Economist Ragnar Frisch in 1933 AD. It is the study of different parts of the economic system, not…
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Economics – A Brief Introduction
Meaning of Economics The study of human activities focusing on unlimited human wants, scarce resources and the alternative use of these resources. Is concerned with economics . It is a science concerned with human welfare through different economic activities.It got formal recognition as a specific discipline of study after the publication of a book named…