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Terms of Trade

Terms of Trade(TOT) is the amount exported in terms of amount imported. It is index number calculated by formula : (Index of Export / Index of Import) * 100.

Depression

In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than a recession, which is seen by economists as part of the modern business cycle.

What is Terms of Trade?

Terms of trade relates to international trade. It is a single number that represents the ratio of a particular country's exports and imports.

Chinese Economy - Thorough Lookup

The extraordinary emergence of China during the past three decades has been a hallmark  of the global economy,  heralding  a 21st century  world that  looks quite different from the previous  one.

Limitation of Barter System

Need for presence of double coincidence of wants: For barter to occur between two people, both would need to have what the other wants.

• Absence of common measure of value: In a monetary economy,

Consumer Surplus

Defining consumer surplus

Consumer surplus is a measure of the welfare that people gain from the consumption of goods and services, or a measure of the benefits they derive from the exchange of goods.

Marketing

Marketing, the process by which a product or service originates and is then priced, promoted, and distributed to consumers. In large corporations the principal marketing functions precede the manufacture of a product.

What determines price elasticity?

· The number of substitutes - the greater the substitutes, the more elastic the good - a small price rise means consumers switch to another brand.

Balance of trade

The balance of trade is the difference between the monetary value of exports