Introduction to economics
Savings + Taxes+ Imports = ----+ Government spending + Exports
Investment
The formula of producer surplus?
(P of producers - P intercept S) X Q/2
unemployment rate = ?
number of unemployed/labour force X 100
Define the importance of refutation.
To contradict/ disaprove
Elinor Ostrom contributed to?
Collective self-governance for common pool resources.
Ginni Coefficient formula=
area b/w diagonal & Lorenz curve/ entire area under diagonal.
Say's Law belongs to which century?
19th
Law of diminishing marginal utility states that
as consumption increases marginal utility decreases.
Mention 3 indicators of measuring inequality & poverty
Multidimensional poverty index
Minimum income standards
Gini's coefficient
21st Century focuses on .....
Behavioural economics
_________ shows sometimes there is a conflict between individual self-interest and collective firm interest.
Nash equilibrium.
mention two automatic stabilizers to reduce short-term business cycle fluctuation?
progressive income tax
unemployment benefits