Question

Difference between static equilibrium and dynamic equilibrium in economics

Answer 1

• In static economic analysis time element has nothing to do. In static economics, all economic variables refer to the same point of time.

On the contrary, in dynamic economics, time clement occupies an important role. Here all quantities must be dated. Economic variables refer to the different points of time.

Answer 2

Explanation:

In classical mechanics, a particle is in mechanical equilibrium if the net force on that particle is zero. By extension, a physical system made up of many parts is in mechanical equilibrium if the net force on each of its individual parts is zero