In macroeconomic analysis, consumption is one of the most important components of aggregate demand and plays a fundamental role. Economists have developed a number of ideas that explain how individuals
Inflation Inflation is a sustained increase in the general price level of goods and services in an economy over time. When the general price level increases purchasing power of money
In this post we will discuss the concepts of nominal GDP, real GDP, GDP deflator and inflation. Before going forward we must know what GDP is? Gross Domestic Product is
Aggregate Demand Aggregate demand is the total quantity of goods and services demanded by all households, all firms, government and foreign sector in a year. It is the sum of
What is National Income? Before defining national income, it is necessary to define income. Any benefit either in form of money or other that is received against a service is
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