Cyclical unemployment: Definition: Cyclical unemployment is unemployment created by irregular declines in overall economic activity...

Unemployment: Definition: Unemployment is the number of adult workers who are not employed and seeking jobs. To be classified a...

Difference between Real GNP and nominal GNP Real GNP Nominal GNP (i) Real GNP is representation o...

Total product: Tot a l product of a factor is the amount of total output produced by a given amount of the factor, other factors h...

Accelerator: The accelerator explains the process by which an increase or decrease in the demand for consumption goods leads to an ...

Multiplier Accelerator (i) The multiplier shows the effect of change in investment on income and co...

Multiplier: The term “Multiplier” is generally used in Economics to mean the effect of 1-unit change in exogenous variable on some ...

Disposable income: After a good part of personal income is paid to government in the form of personal taxes, income taxes, personal ...

Gross Domestic Product (GDP): Gross Domestic Product or GDP define the total amount of production of goods and services within the ...

National Income: National Income or NI represents the total income received by land, labor and capital. It is constructed by subtra...

Gross Domestic Product (GDP): Gross Domestic Product or GDP define the total amount of production of goods and services within the ...

MEC curve slope downward: The slope of MEC curve is downward because of two reasons: (i) When more quantity of a good is produc...