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The problem of Double Counting

The counting of the value of a commodity more than once is called double-counting. The problem of double counting leads to an overestimation of the value of goods and services…

Measures of Central Tendency

A central tendency refers to an average or a central value of a statistical series. Measures of central tendency refer to all those methods of statistical analysis by which averages…

Precautions While Calculating National Income

Under national income, we discussed 3 methods namely: value-added method, income method, and expenditure method. You can revise these methods before learning the precautions of each method while calculating national…

Domestic Territory & Normal Residents

Under national income, the concept of domestic territory and normal residents is crucial. Students get identification questions on this topic and are asked to provide the reasoning of the same.…

Functions & Importance of Statistics in Economics

You can revise the introduction to statistics post once. Then you can read about the functions and importance of statistics in economics. 1. Quantitative expression of economic problems In case…

Packaging as an Element of the Marketing Mix

Packaging refers to the act of designing and producing the container or wrapper of a product. In this post, I will be discussing packaging as an element of the marketing…

The Relation Between TC, TVC & TFC

Hi, today I will explain the relation between TC, TVC & TFC. It will be highly beneficial if you read my post on Total cost, Total variable cost, and total…

Introduction to Statistics

Statistics play an important role in economics. Statistics mean quantitative information on facts and findings. In Singular sense, statistics may be defined as the collection, organization, presentation, analysis, and interpretation…

GDP and Welfare

GDP is considered as an index of the welfare of the people. Welfare means the sense of material well being among the people. So, higher GDP indicates the greater welfare…

Marketing Mix: Product

The marketing mix involves creating a market offering to satisfy the needs and wants of the existing and potential customers. You can read a brief about the marketing mix. There…

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