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Meaning of Economic System An economic system is the set of regulations that governments or societies exert to control and distribute various resources, goods, services, etc. in a given geographical location or a country. Economic systems have defined uses of economic resources, land, labor, capital, and physical resources, such as machinery and technology. An economic system is a complex structure containing various agencies, entities, governing bodies, and economic resources. There are numerous types of economic systems depending on the nature of control of the economy. Therefore, economic systems are the establishments that show the actual nature of the economy ... Read More
Introduction: What is Market Equilibrium? Market equilibrium is a condition of the market where the demand and supply balance each other. Usually, during times of over-supply, the prices go down which increases the demand. In the case of over-demand, the prices increase which diminishes the demand. The equilibrium price is the price at which supply meets the demand in a market. The periodic consolidation of an index or its sideways momentum shows market equilibrium over a certain period of time. The prices of a product in a market often hover over the equilibrium price level. When the prices go ... Read More
The shadow effects are applied to the text, which helps to improve the design and style of the style. Our website can be made more visually appealing by using the CSS shadow. These are the visual effects of drawing that look like an object’s shadow, which helps the objects have a 3-dimensional appearance. For adding shadows to texts and elements in CSS, the text-shadow and box-shadow properties are used. now, we are going to discuss about the text-shadow property. CSS text-shadow property The CSS text shadow is a property, which will add the shadow to text. A list of shadows ... Read More
Introduction: What is Human Capital? Human capital refers to the economic values of quality and ability of labor that impact productivity. In other words, human capital means the stock of skills, expertise, abilities, and knowledge in a country at a certain point in time. Usually, human capital is concerned with the intangible assets and qualities of human beings that improve individual performance and benefit the economy. Investment is needed in human capital to produce more human capital. Nations rely on human capital for the improvement of the economy and the creation of more human capital. There should be enough availability ... Read More
What is meant by the Classification of Data? Classification of data refers to organizing data into various relevant categories for simplicity and ease while using them. In economics and statistics, one has to often come across data categories that have their own properties. When data is organized depending on the properties of these categories, it is called data classification. Data classification helps in analysis and research. Data classification helps to find out and retrieve data quickly. It is useful in the sense of security, risk management, and compliance with various entities. Classification of data also means tagging it so that ... Read More
Introduction The measure of central tendency, also know as measures of center or central location, refers to a measure of summary that tries to represent the whole data set with a single value that shows the center value of the distribution. Three key measures of central tendency are recognized, namely, the mode, median, and mean. Each of these values shows a different indication of the central value of the distribution. The Mode The value that most commonly occurs in a distribution is the Mode. Considering the age of 11 players who are selected for a certain competition. 16, 16, 16, ... Read More
Introduction Global trade is advantageous for wealthy countries as they can use more of their resources, such as technology, capital, and labor, more efficiently than other countries. Different countries have different assets and natural resources which let them have a market internationally because they can sell their items cheaper than in the home market. Before learning about international trade, let us first try to understand what are imports and exports, as these two are inseparable parts of international trade. In trade, when one country buys products from the international marketplace is called import. On the other hand, when a ... Read More
What is Demand? Demand refers to a consumer's desire and ability to buy a product. This is known as individual demand. If all individual demands of a market are added together, then we get the market demand. Although these two are the most important and popular forms of demand, there are other types of demand too. Demand is the most basic tool in economics that is central to the idea of economics as a whole. Without demand, the markets will stop functioning, and hence, we won’t be able to run our societies. Demand is regulated by two laws, namely, the ... Read More
Whether in graphic design, photography, or even on a web page, adding shadows is a massive technique to create the appearance of depth and perspective. It is not necessary to open Photoshop or another visual editing program in order to apply this kind of effect to text, images, and other elements on a web page it can be done by using the CSS3 properties. You can make use of two properties. The majority of browsers support both of these features, they are listed below − text-shadow box-shadow Add the comma-separated list of shadows to add more than one ... Read More
Introduction Economic activities are at the core for an economy to survive. Categorizing economic and non-economic activities requires judging their objectives. Whirl economic activities have an economic return in mind, in the case of non-economic activities, no economic return is applicable. This tutorial discusses what economic and non-economic activities are, their characteristics, sectors of economic activities, and examples of some non- economic activities. What are Economic Activities? Economic activities are activities that are done for earning money and grow wealth. These activities are related to the production, distribution, and consumption of commodities and goods. Economic activities are performed with a ... Read More