Mercantilism Definition
Mercantilism is an economic policy whereby a nation aims to maximize exports and minimize the imports. It originates from the term ‘mercantile’, which refers to merchants and trade.
Economic System Definition
An economic system is a network that forms the economic relationships between individuals in society. In other words, how the people of a nation come together to create a complex whole and conduct economic transactions with each other.
Per Capita Definition
Per capita originates from the Latin language – meaning ‘by head’, or ‘per person’. In economics it is used primarily with GDP to find measurements such as GDP per capita, real GDP per capita, GDP (PPP) per capita, and Gross National Income (GNI).
What is a Trade Deficit
A trade deficit occurs when a nation imports more goods than it exports. In other words, a nation buys more from other countries, than it sells to other countries.
3 Types of Money
Money is a medium of exchange. It allows two people to trade without needing what the other wants. This can come in all types and forms. So long as people trust and accept a certain form of money; it can be used as a medium of exchange. For example, gold was historically used as a form of monies. Farmers would go to market and sell their cows in exchange for a certain amount of gold. This gold could then be exchanged by the farmer for a loaf of bread from the baker.
How is Inflation Measured
So now we have looked at what money essentially represents, let us look at how inflation is measured. Inflation is usually measured through the CPI, which is based upon a basket of goods.
Are Cryptocurrencies Worth the Risk? An Objective Analysis
What is Cryptocurrency What is Cryptocurrency Mining Types of Cryptocurrency How to Buy Cryptocurrency Advantages and Disadvantages of Crypto Is Crypto Secure Are Cryptocurrencies Worth the Risk? An Objective Analysis SPONSORED Post BY Paybis | Updated 24 August 2021 What is Cryptocurrency? Cryptocurrencies are described as the future of money. While for some, it has …
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Introduction to Microeconomics
Introduction to Microeconomics (eBook) Price: This eBook provides an introduction to basic microeconomic concepts and theories, allowing the reader to develop a fundamental understanding of microeconomics. It covers the majority of microeconomic topics within AP and A Level Economics, ranging from Market Structures to Production and Costs, to Elasticity of Demand. Sent within a couple …
The Tragedy of the Commons Definition
The tragedy of the commons is where shared resources are over-exploited because each individual is following their own self-interest. If each individual only took a limited quantity, there would be enough for everyone. However, due to the self-interest of the individual, many over-exploit the resource and leave nothing left for anyone – hence the tragedy.
Human Capital Definition
Human capital refers to the skills, habits, and other attributes each person possesses. In other words, the attributes that contribute to the production fo the final economic output.
