The branch of economics that looks at the economy as a whole. It looks at factors which affect the wider economy rather than individuals. Examples include inflation, trade, unemployment, and economic growth.
The consequences of the industrial revolution were far-reaching and included technological innovation, urbanization, labor exploitation, environmental degradation, social changes, and the rise of global trade and capitalism.
The Great Depression was caused by a combination of factors including the stock market crash of 1929, overproduction and overinvestment, the use of credit, a decline in international trade, and bank failures.
An embargo is a government-imposed restriction on trade or economic activity with a specific country or group of countries.
Critics of communism argue that it often leads to authoritarianism, inefficiency, lack of incentives, and human rights abuses, making it a bad system of governance and economics.
GNI, or Gross National Income, is the total value of goods and services produced by a country’s residents, including income earned abroad, minus income earned by non-residents within the country.
Monetary policy encompasses measures implemented by a central bank or financial regulator to control a nation’s money supply and accomplish distinct economic objectives like maintaining price stability, promoting full employment, and fostering economic growth.
Reaganomics was an economic policy in the 1980s that aimed to stimulate economic growth and job creation by reducing taxes and regulations.
The Phillips Curve is a macroeconomic concept that describes the inverse relationship between inflation and unemployment, implying that policy-makers can make trade-offs between the two.
In economics, stagnation is where a nation experiences an extended period of low economic growth.
Relative Poverty occurs when households earn less than 60 percent of the average wage.
