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National Income: Definition, Uses & Limitations

National Income: Definition, Uses, Problems & Limitations

National income is the monetary value of all goods and services produced in a country in a year or the totality of income accruable to all factors of production employed in producing goods and services in the year in the country such as wages, salaries, rents, interests and profits. It is equal to NNP - Indirect Business Taxes.

StudyHQ October 10, 2021

Economics

Economic Commission for Africa (ECA) – Features, Aims & Objectives

The United Nations Economic Commission for Africa is the continental organ that is responsible for the coordination of the developmental activities and efforts of the African countries under the agencies of the United Nations.

StudyHQ September 28, 2021

Economics

The General Agreement on Tariffs and Trade (GATT) | Aims & Objectives

The General Agreement on Tariffs and Trade (GATT) agreement was signed in Geneva, Switzerland in 1947 with the following basic principles:

StudyHQ September 25, 2021

Economics

Methods of Economic Analysis : Positive & Normative Reasoning

Economic analysis is both theoretical and empirical. Both theoretical and empirical analyses use three types of languages which are verbal, statistical and mathematical.

StudyHQ September 23, 2021

Economics

Measures of Dispersion: Definition, Types, Pros & Cons

Measures of dispersion or spread give us some idea of how the values of a distribution cluster around the average and to what extent the observations differ from the mean. The three main measures of dispersion of a distribution are the range, the variance and the standard deviation.

StudyHQ September 22, 2021