BUSINESS CYCLE: A business cycle is the periodic growth and decline of a nation’s economy, measured mainly by its GDP. Governments try to manage business cycles by spending, raising or lowering taxes, and adjusting interest rates. in economics
CONSUMER EQUILIBRIUM: In economics A state of maximum satisfaction. A situation where a consumer spends his given income purchasing one or more commodities so that he gets maximum satisfaction and has no urge to change this level of consumption, given the prices of commodities, is known as the consumer’s equilibrium.
ECONOMIES OF SCALE: Economies of scale are cost advantages companies experience when production becomes efficient, as costs can be spread over a larger amount of goods.
ELASTICITY OF DEMAND: The elasticity of demand, or demand elasticity, refers to how sensitive demand for a good is compared to changes in other economic factors, such as price or income. It is commonly referred to as price elasticity of demand because the price of a good or service is the most common economic factor used to measure it.economics
INFLATION: inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.
MACROECONOMICS: Study of the behavior of a national or regional economy as a whole. It is concerned with understanding economy-wide events such as the total amount of goods and services produced, the level of unemployment, and the general behavior of prices.
MEASUREMENT OF NATIONAL INCOME: The broadest and most widely used measure of national income is gross domestic product (GDP), the value of expenditures on final goods and services at market prices produced by domestic factors of production (labor, capital, materials) during the year.
For more sample test: https://kipcertification.com/knowledge-test-series/[/vc_column_text][/vc_column][/vc_row]