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Q. Describe Consumer Price Index?
Consumer Price Index:Consumer price index (CPI) is a measure of overall price level paid by consumers for various services and goods they purchase. Retail price information is gathered on each type of product and then weighted according to its significance in overall consumer spending, to construct CPI. Annual or monthly changes in CPI provide a good measure of the rate of consumer price inflation.
explain the relationship between scarcity,choice and opportunity cost
Taxes: Compulsory government levies collected to pay for public spending. There are numerous types of taxes (corporate, income, wealth, sales, environmentaland payroll taxes); each
Q. Define Contribution Pensions? Defined Contribution Pensions: A pension plan which makes no specified promise about level of pension paid out after retirement. In its place,
Price: The price factor is another important variable to be included in demand analysis. Here one has to consider the prices of the product and also its substitute and complement
explain land as a part of the four factors of production
what are the pros and cons of monopsony
stackelberg,bertnart,cournet about oligopoly
Explanation
Capital make large scale production and greater degree of specialization possible. Thus with capital accumulation the advantages of large scale production and specializations are o
In neoclassical economics, equilibrium exists when supply equals demand for a particular commodity. General equilibrium is a special (purely hypothetical) condition in which every
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