Indifference Curve

Indifference Curve – Definition, Schedule & Properties

The Indifference Curve Analysis approach was first introduced by Slutsky, a Russian Economist in 1915. Later it was developed by J.R. Hicks and R.G.D. Allen in the year 1928. What is Indifference Curve? Koutsoyiannis (1985) defines the indifference curve as the locus of points particular combinations or bundles of goods which yield the same utility …

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Basic Economic Problem

Basic Economic Problem

Scarcity | Choice | Opportunity Cost Three big questions summarise the scope of economics- How do choices end up determining what, how, and for whom goods and services are produced? Goods and services are the objects that people value and produce to satisfy human wants. What we produce varies across countries and changes over time. …

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Monetary Policy

Monetary Policy – Objectives of Monetary Policy

Monetary Policy Monetary policy refers to the combination of measures designed to control the supply of money and credits conditions in an economy for the purpose of achieving macroeconomic goals. In other words, it is the regulation of money supply, interest, and exchange rate through the monetary authorities with the view of achieving macroeconomic objectives. …

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