Design a site like this with WordPress.com
Get started

What is the Federal Reserve (Fed) in the United States of America and what are its key responsibilities?

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 …

What is the Reserve Bank of India (RBI) and what are its different roles and responsibilities?

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 …

What is Gross Domestic Product (GDP) and what are the three major ways of calculating GDP?

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 …

The Giffen’s Paradox of Economics explained : Business Basics

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 …