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Economics 101, the Boycewire guide to everything economics. Let us guide you through Economics from start to finish.
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Read MoreOur complete guide to market failure. From the definition, causes and examples plus everything you need to know about market failure.
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Social capital refers to the links and bonds people form through friendships and acquaintances. These links can form through friendship groups, i.e. knowing a friend of a friend. Or, they can occur through daily social interactions.
Full DefinitionA budget deficit occurs when the government spends more than it receives through taxation. For example, if it receives $2 trillion in tax receipts, but spends $2.5 trillion on public services – it has a budget deficit of $500 billion
Full DefinitionNet Present Value (NPV) is the total value of future revenues, subtracted against any cash outflows during the same period. In other words, it calculates future streams of income and brings it in line to its present value. At the same time, it also factors in outflows.
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