by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is a Prisoner’s Dilemma?When two individuals trying to resolve an issue act in their own self-interests rather than aiming for an optimal outcome, and as a result end up worsening the situation instead of resolving it, its called the Prisoners Dilemma...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is the Gold Standard?The Gold Standard is an exchange system for money or currency that is secured or backed by gold. Countries using this gold exchange standard system has a fixed-rate for this gold and does business with this fixed rate. The gold standard...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What are Economic Indicators?Economic indicators are reports that inform about how well the country’s economic performance is in a particular location. How are Economic Indicators Created?Generally, government authorities or private entities publish such reports...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Price Elasticity of Demand?The ratio of change in the quantity of product that is demanded or the product purchased to the change in price is called as Price Elasticity of Demand. Its formula in terms of economics is as follows PED = (dQ/Q) / (dP/P) Economists...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Legal Tender?Legal tender is a type of currency or medium of exchange. It is money that is valid and acceptable for the settlement of debts which must be recognized when issued. What Constitutes Legal Tender? Both bills and coins are regarded as forms of...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is the Business Cycle?From a conceptual observation, the business cycle is defined as the economy-wide fluctuations in trade and the general economic activity. The cycle is upward as well as the downward movement of various levels from gross domestic...
