Trade-off Between Inflation and Unemployment: ExplanationInflation and unemployment are among the most crucial economic indicators. Moreover, what makes the two even more important is… Read Article
What is “Principle 5: Trade can Make Everyone Better Off”?“Principle 5: Trade can make everyone better off” is the fifth principle out of the… Read Article
Utility in economics means the satisfaction that a user gets from consuming a product or service. Different users can get varying levels of utility… Read Article
Permanent Account: DefinitionA permanent account is a general ledger account that isn’t closed after the end of a financial year. Instead, an accountant carries… Read Article
Temporary Account: DefinitionTemporary Account, as the name suggests, is an account that exists to record the transactions of one accounting period only. Such an… Read Article
What is Principle 4: People Respond to Incentives?Eminent economist Mr. N. Gregory Mankiw gave us ten principles of economics in his famous book “Principles… Read Article
What is ‘Principle 3: Rational People Think at the Margin’?‘Rational people think at the margin’ is the third principle of the ten principles that… Read Article
What is Accounting Worksheet?Accounting Worksheet is basically a spreadsheet tool that assists bookkeepers and accountants in completing the accounting cycle. Or, we can say… Read Article
Accounting Transactions refer to any activity that can have a direct impact on the financial statements of an organization. It is the first step… Read Article
What is Principle 1: People face Trade-offs?Eminent macroeconomist N. Gregory Mankiw gave us ten principles of economics in his book “Principles of Economics.” The… Read Article