Dollar is a currency that is used in many western countries and is represented by the ‘$’ sign. Dollar is the common currency of countries such as Australia, Belize, Canada, Hong Kong, Namibia, New Zealand,...

Microeconomics is a branch of economics that focuses on studying the habits and finances of individual households. Macroeconomics is the branch of economics that deals with economy as a whole, rather than...

A country is deemed to be developing or developed mainly on the basis of economics, per capita income, industrialization, literacy rate, living standards etc. A developed country has a highly developed...

The economy enters into a recession when there is a general slowdown in economic activity. This entails that there is a widespread drop in consumer spending. Some economists claim that an economy enters into a...

GDP is used to calculate all the products or services that are produced within a country’s boundaries and is a small part of the National income. On the other hand, national income is the sum of all the income...