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What do we mean by Goods & Services Tax (GST)?

Taxes refer to the charges that are levied on all the goods and services that we buy or sell. Taxes are paid by the individuals to the government that is…

What are the sources of Human Capital Formation?

We know the meaning of Human capital formation. We also discussed why education is considered important for the development of a nation? Now, we must learn the types of sources…

What is Cardinal Utility Approach?

The cardinal utility approach was founded by Alfred Marshall. He was one of the most influential economists of his time. Alfred Marshall was regarded as the father of neoclassical economics.…

Theory of Consumer Behavior

As an economist, you must study the theory of consumer behavior. Everyone acts as a consumer on daily basis. So what defines their behavior and what kind of choices they…

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How to solve national income basic conversion numerically?

We have seen the meaning of national income, some basic formulas, circular flow of income, stock and flow concept, and some more. Now, as per the request of some of…

What do we mean by Stock and Flow concepts?

These terms are commonly used in macroeconomics, National income accounting. We have seen the meaning of National Income and also some basic conversion formulas under National Income Accounting. Now we…

How do people become resources?

People become resources through the skills they acquired, through their knowledge they apply, through their productivity they contribute, and through their abilities. To understand this better, we will focus on…

What are the types of capital used in production?

We have discussed factors of production; there are four factors of production – land, labor, capital, and entrepreneurship. Our today’s focus is on the types of capital in the production…

How Is Education Considered To Be An Important Input For The Development Of A Nation?

Remember the famous saying “Education is the only treasure that cannot be stolen from us”. This is true – if you are an educated person, then you can manage and…

What is Demonetization?

Demonetization is a tool that is adopted by countries to solve issues related to inflation, corruption, counterfeiting, etc. This is not a commonly used term, but it is important to…

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