Ethical values and moral frameworks permeate exchange. The study of ethics in economic life is growing exponentially. … As economists, we need to understand how ethical conduct reduces transaction costs, enhances productivity and creates the social capital that lubricates exchange. Does economics impact what we consider ethical? The results ofRead More →
Why is capital important for economic growth? In order to create capital you need labor to produce it. Capital is used to generate wealth through investments. What is gained with capital deepening within an economy? Labor productivity growth comes from increases in the amount of capital available to each workerRead More →
Sectors of Indian Economy Three sectors – Primary, Secondary and Tertiary. Primary = Agriculture related. Secondary = Industry related. Tertiary = Service related. Sector share towards GDP : Tertiary (60%)> Secondary (28%)> Primary(12%). Sector share by working force : Primary (51%)> Tertiary (27%) > Secondary (22%)> What are the 3Read More →
California’s 2018 wildfires cost the US economy $148.5bn (£110bn) (0.7% of the country’s annual GDP), of which $45.9bn was lost outside the state, according to researchers from universities including UCL. … The state itself incurred damages of $102.6bn, roughly 0.5% of the US’s annual GDP. How Are wildfires affecting business?Read More →
Examples of Socialist Economy Some states are capitalistic, but countries like Norway, Sweden, Denmark, Iceland, and Finland follow socialism strictly. They are purely socialistic countries. These five Nordic countries are examples of the Socialist Economy. Is Germany a social market economy? Since the mid-20th century, Germany’s economic policy has beenRead More →
Keynesian theory states that if consuming goods and services does not increase the demand for such goods and services, it leads to a fall in production. A decrease in production means businesses will lay off workers, resulting in unemployment. Consumption thus helps determine the income and output in an economy.Read More →
Teaches Basic Life Skills: Entrepreneurship education teaches essential life skills such as an innovative approach to solve a problem, resolve real world problems, collaboration and working with a team, and many more. What are the benefits of entrepreneurship to the society? The benefits Economic growth. The bottom line of vibrantRead More →