Define or Explain the following Concepts
1) Economics 2) Macro Economics 3) Money 4) Unemployment
5) Privatization 6) Economic Planning
Answers
Explanation:
refers to the whole region where buyers and sellers of a commodity are in contact with each other to effect purchase and sale of a commodity. It does not necessarily refer to a physical place as transactions can take place over the telephone, internet, etc. Producers and consumers thus sale and purchase goods though the medium of market
Answer:
1) the study or principles of the way money, business and industry are organized
2) the branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
3) the means of paying for something or buying something [coins or notes]
4) the situation of not being able to find a job
5) Privatization describes the process by which a piece of property or business goes from being owned by the government to being privately owned. It generally helps governments save money and increase efficiency, where private companies can move goods quicker and more efficiently.
6) Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.