Gross Domestic Product (GDP) is the total market value of all final goods and services produced in the domestic economy during a certain period. Alternatively, we can also define GDP as the total expenditure or total income in the
A GDP deflator or implicit price deflator is a ratio of nominal GDP to real GDP. Its change measures aggregate price movement in the economy, hence is inflation indicator. Unlike the consumer price index (CPI) and producer price index (PPI),
Social surplus is the sum between consumer surplus and producer surplus. Basically, this is the economic benefit that consumers and producers get when they transact in the market. The synonym for this term is economic surplus or total surplus.
Currency Depreciation: Meaning, Causes, Impacts
Currency depreciation is a decrease in the purchasing power of domestic currency against other currencies. Currency depreciation has considerable impacts on the economy, particularly international trade and international financial
Theory is an idea, an argument that something is true. These are usually a series of interrelated parts or variables, definitions, and propositions that present a systematic view of a particular phenomenon. A model determines the relationship between