It is the advantages of Globalization which act to bring about economic welfare on international levels, thereby benefiting the worldwide population.
Mentioned below, are the advantages of Globalization which facilitate the development of world economies immensely:
According to Economypedia, “macroeconomics is the study of ‘big picture’ economics that relates to countries, regions or organisations as a whole, rather than individuals or families. It analyzes economic principles as related to unemployment, inflation, industry, and government.”
Theory of Exchange Rate Determination can be explained using different approaches. In the following section we have dealt with some of them.
Recession is the overall slowdown in the economic activity of a country/geographic area extending over a sustained period. While some experts define recession as an economic slowdown that lasts for more than three months, others take the timeframe as six months. A ‘Technical Recession’ is normally defined as two consecutive quarters of declining GDP or negative GDP growth. All the measures of production, such as Gross Domestic Product (GDP), employment, investment spending, capacity utilization, household incomes and business profits fall during this phase.
Economic depression is a severe and prolonged period of downturn. For a downturn to be classified as depression, the generally accepted definition calls for a decline of at least 10% in GDP and for a period of at least three years. Typically, depression is characterized by a sustained and significant shortfall in purchasing power.
Some characteristics of depression are:
An Introduction to Game Theory comprises information on the concept of Game Theory, its application and the various forms of games that the theory propounds. It is basically a theory of strategies where the agents indulge themselves in choosing the right combination of action to maximize the profit at the end of the game. These agents interact among themselves in the given situation. The situation normally is a conflicting one.
