What are Economic Sanctions ? Economic sanctions are a key foreign policy tool in international diplomacy. It is a strategy or policy implementation to influence the actions of other nations by restricting trade, investments, or financial transactions. Sanctions affect economies by limiting access to global markets, financial systems, and essential goods. Economic sanction can be … Read more
Introduction Economic disturbance is anything that leads to disruptions and irregularities in an economy . It can be any event or situation, natural or unnatural, that causes deviation from the expected economic conditions. Raghuram Rajan, an Indian economist and a former governor of the Central Bank of India, has defined economic disturbance as a disruption … Read more
Introduction Economic forecasting simply means making informed predictions about future economic conditions, opportunities, trends and developments. This includes assessing and analyzing the historical evidence and current economic scenarios to make projections about macro variables of the economy. Macro-economic variables include GDP growth, inflation rates, unemployment rates, interest rates etc. Elliott, G. and Tinnermann, A. describe … Read more
Introduction Sharing economy and gig economy are two distinct economic models. Both of these models focus on resources and exchange of resources but they have different approaches and purposes. To understand both of these concepts distinctly, we must know the differences between these two economic models. Some of the differences are: Difference between Sharing Economy … Read more
Introduction A country requires two policies to run its economy i.e. Fiscal Policy and Monetary Policies. Both of these policies are very crucial to steer and stabilize the economy and both the policies have different approaches to different aspects of the economy. Fiscal policy is more concerned with government actions and generally deals with taxation … Read more
Introduction Macroeconomics is a branch of economics that deals with the study of the economy as a whole, rather than an individual or a unit. It is concerned with macro issues such as economic growth , inflation, unemployment, monetary and fiscal policies, and international trade. Macroeconomics aims to understand the causes and effects of economic … Read more
Introduction Demand forecasting is the process of predicting the future demand for a product or service. This forecast is used to help businesses make informed decisions about production, inventory, and staffing. The forecast is typically based on a combination of historical data, industry trends, and economic indicators. Demand forecasting can be done using a variety … Read more
Introduction Poverty refers to the state or condition of having limited access to the resources and opportunities needed to meet basic needs such as food, shelter, clothing, education, and healthcare. It is a lack of access to the basic necessities of life, often accompanied by a low standard of living and poor quality of life. … Read more
Limitations of Microeconomics Microeconomics studies individual units, hence, it cannot provide the complete overview of the whole economy. The scope of microeconomics is limited and the study of microeconomics is based on many assumptions. There is no doubt about its importance but there are several limitations in microeconomics. Microeconomics Limitations Generalization Microeconomics studies individuals and … Read more
Importance of Microeconomics Microeconomics and Macroeconomics are two major disciplines in Economics. Microeconomics deals with the behavior of individuals, firms and households in decision making and allocation of resources whereas macroeconomics deals with the macro perspective i.e. the overall economy. Macro perspective of the economy involves the markets, businesses, consumers and the governments. Microeconomics explains … Read more