by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What are Externalities?An externality is any positive or negative outcome of an economic activity that affects the population or surrounding environment that is not an intended or suspected effect or result. Externalities often occur when business activities affect...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Gross National Income?Gross National Income is the total of Gross Domestic Product and the income that foreign residents earn, less the income that non-residents earn in the local currency.How to Calculate Gross National Income?Gross National Income is...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Gross National Product?Gross National Product, known as GNP, is the total amount of final goods and services that a country produces in a given year.How to Calculate Gross National Product?Gross National Product is the sum of personal consumption, personal...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Empirical Testing?Empirical testing is a research method that employs direct and indirect observation and experience. These observations are recorded and analyzed using quantitative methods. What is the Empirical Cycle?The empirical cycle includes the...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is the Experience Curve?The experience curve, also known as Henderson’s law, is an economic model stating that the more a firm produces of a particular good or service, the more it gains in efficiency. Thus, the cost of production decreases in proportion to...
by TheBusinessProfessor | Feb 23, 2025 | Economic Analysis & Monetary Policy
What is Econometrics?Econometrics is the use of quantitative statistical methods and mathematics to forecast or predict future trends on the basis of historical data. Econometrics can be divided into two broad categories theoretical and applied econometrics.Who...
