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The Federal Reserve, often referred to as the Fed, is the central banking system of the United States. It was established in 1913 through the Federal Reserve Act and operates independently of the federal government. The primary objectives of the Federal Reserve are to promote stable prices, maximum employment, and moderate long-term interest rates. The …
The Reserve Bank of India (RBI) is the central banking institution of India and performs several crucial functions to maintain monetary stability and promote economic growth. Here are some key roles and responsibilities of the Reserve Bank of India: 1. Monetary Policy: The RBI formulates and implements monetary policy in India. It aims to maintain …
Gross Domestic Product (GDP) is a measure of the economic activity of a country. It is the total value of goods and services produced within the borders of a country in a given period of time, usually a year. GDP is often used as an indicator of a country's economic health, as it reflects the …
Inflation is basically a sustained increase in the general price level of goods and services over a period of time. When inflation occurs, the purchasing power of money decreases, which means that it takes more money to buy the same amount of goods and services. Inflation is measured by calculating the percentage change in the …
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Sir Rober Giffen has given this paradox. According to him, in the early 19th Century in Ireland, the people were poor and there were two food items available, potatoes and meat. Potatoes were cheaper in price than meat. Earlier, people behaved just like the Law of Demand since potatoes were cheap and higher became the …
Continue reading "The Giffen’s Paradox of Economics explained : Business Basics"
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