What is Economic Collapse? An economic collapse is a collapse of a national, regional, or domestic economy that usually follows a time of turmoil and…
Deflation – Definition, Causes, Effects and Examples
Deflation is an economic phenomenon characterized by a sustained decrease in prices. Deflation can be caused by a variety of factors, including a decrease in…
Dependency Ratio – Definition, Calculation and Example
What is the dependency ratio? The dependency ratio is the ratio of the Dependents (aged 0-14 and 65+) to the Working Age Population (aged 15-64)….
Developed Country: Definition, List, Criteria
Developed countries are countries that have a high level of economic and industrial development. They also have a high standard of living, with access to…
Demand Schedule – Definition, Types, Curve, Pros and Cons
A demand schedule is a table that shows the quantity of a good or service that consumers are willing and able to purchase at various…
Division of Labour – Definition, Advantages, Disadvantages and Examples
The division of labour is the process by which work is divided up between different people or groups. It is a way of increasing efficiency…
Devaluation – Definition, Causes, Examples and Advantages
What is Devaluation? Devaluation is a monetary policy tool used by countries to reduce the value of their currency by bringing a deliberate decline in…
Demand Shock: Definition, Meaning and Examples
A demand shock is an event that leads to a sudden increase or decrease in demand for a good or service. This can happen due…
Demand Theory – Definition, Law, Factors
Demand theory is the basic economic theory of demand and supply. It attempts to explain how prices and demand for goods are determined in a…
Classical Economics – Definition, Meaning, History and Examples
What is Classical Economics? Definition: Classical economics is a type of economics that focuses on economic growth and economic freedom by believing in free competition…
Demand Pull Inflation – Definition, Pros and Cons
Demand pull inflation is an economic theory that posits that inflation occurs when there is too much money chasing too few goods. The result is…
Helicopter Money – Definition, History, Examples and Criticism
Helicopter money is a term used to describe a situation where a central bank prints a large sum of new money and gives it directly…
Law of Diminishing Returns Explained
What are Diminishing Returns? Diminishing returns are the idea that the more you utilize something, the less value you get from it. Diminishing returns are…
What are Developing Countries?
What are Developing Countries? Development countries are those that have not yet reached “developed” status. The United Nations Department of Economic and Social Affairs defines…
Inelastic Demand – Definition, Types and Examples
What is Inelastic Demand? Inelastic demand is a situation in which demand for a good or service does not change very much in response to…
