Economic growth and economic development are distinct yet interrelated concepts. Economic growth focuses on increasing economic output, measured by GDP and GNP, and occurs over short periods. Economic development, however,…
Banking can be understood as receiving money deposits from the public, creating credit, and providing loans and other financial services. Banks play an important role in the financial system and…
Money is a universally accepted medium of exchange and it facilitates the trade of goods and services. It is a standard measure of value a unit of account and a…
Introducing “A to Z of Economics”: Your Ultimate Guide to Economic Terms and Concepts! We are thrilled to announce the launch of our latest publication, “A to Z of Economics,”…
The economy is commonly divided into three main sectors: primary, secondary, and tertiary. Each sector represents a distinct area of economic activity and contributes differently to the overall economy. 1.…
Public utilities refer to essential services provided to the public that are necessary for daily life and economic activities. These services are typically managed by government entities, regulated private companies,…
Social infrastructure refers to the institutions, facilities, and systems that support a population’s social, educational, health, and cultural needs. Unlike physical infrastructure, which primarily focuses on economic functions, social infrastructure…
Physical infrastructure refers to the fundamental facilities and systems that support the functioning of an economy and society. It includes the built environment and physical structures essential for transportation, communication,…
In economics, stock is the goods or inventory in the production and distribution. It includes Raw material, work in progress and finished products which are held by the business. They…
Production refers to the process of converting raw materials, labor, and other inputs into finished goods and services. It encompasses all activities that create value and contribute to the utility…
