Definition of Demand Shock A demand shock is a sudden and unexpected change in the demand for goods or services in the economy. It can be caused by a variety of factors, such as natural disasters, pandemics, or economic policies. When demand shocks occur, they can cause significant disruptions in […]
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Demand Theory
Definition of Demand Theory Demand theory refers to the study of how consumers behave with regard to the goods and services they purchase. It examines the various factors that affect consumer behavior and how those factors impact demand for different products. The goal of demand theory is to help businesses […]
Read moreDemographic Dividend
Definition of the Demographic Dividend The demographic dividend is a phenomenon that occurs when a country’s population structure shifts from having a high proportion of dependents (children and elderly) to having a high proportion of working-age adults (see also dependency ratio). This shift enables the country to experience accelerated economic […]
Read moreDemonetization
Definition of Demonetization Demonetization is a governmental action that involves replacing the existing currency in circulation with new banknotes or coins, which are usually of a different denomination. The goal of demonetization is to curb the circulation of black money, counterfeiting, and illegal activities or to promote a shift toward […]
Read moreDependency Ratio
Definition of Dependency Ratio The dependency ratio is a measure of the number of dependents (i.e., non-working, aged 0-14 and 65+) relative to the number of working-age individuals. It is expressed as a percentage, and it helps to gauge the degree to which a society’s working-age population supports those who […]
Read moreDependent Care Benefits
Definition of Dependent Care Benefits Dependent care benefits refer to expenses related to the care of a dependent, such as a child or elderly relative, that an employer provides. These benefits may include things like on-site childcare facilities, paid leave for dependent care, or subsidies for dependent care expenses. The […]
Read moreBrand Loyalty
Definition of Brand Loyalty Brand loyalty refers to a consumer’s preference for a particular brand over other brands in the same product category. That means the consumer consistently chooses the same brand whenever they make a purchase. Brand loyalty can develop over time and often results from positive experiences with […]
Read moreConsumer Goods
Definition of Consumer Goods Consumer goods refer to physical products that satisfy the wants or needs of consumers, such as clothing, food, electronics, and household appliances. These are tangible items that are purchased by individuals or households for personal use or consumption. In other words, they are the goods that […]
Read moreDevelopment Economics
Definition of Development Economics Development economics is a branch of economics that focuses on improving living standards and economic conditions in developing or low-income countries. This field aims to understand the root causes of poverty, inequality, and underdevelopment by examining economic, social, and political factors and their interactions. The main […]
Read moreDeveloped Economy
Definition of Developed Economy A Developed Economy is a country with a high level of economic growth and industrialization, also known as an “advanced economy” or “high-income economy.” These countries have high levels of gross domestic product (GDP) per capita, advanced infrastructure, and a highly skilled workforce that is predominantly […]
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