Question

Waht is the difference between stagnation , recessionand deprecission ?

How is the HDI calculated ?Why is it important to look at HDI levels when evaluating growth ?

What tools can we use to assess productivity and is it a good measure of economic growth according to economics

Why is competion believed to be a positive source of eonnomic growth?

how do suply and demand work ?

what is the responsipility of goverment towards the market ?

what does the definition of GDP include ? Discusess all four elements and definition .

What is GNP? How is it different from GDP?

What is inflation ? And how does it relate to measure GDPat constant or current proces ?

What is the international political econom ?

What is the relationship between Scaricity and the allocation of resouces in sociaty ?

Wxplain how the concept of a " Trade off" impacts how economic and political decisions are made ?

Why is pportunity cost an important cost to consider ?

Explain the relatonship between incentives and decision- making by business or political leaders .

how can rationality explain individual and state behavior ?

What is the difference between microcosmic and macroeconomic ?

Answer 1

1. A recession is a decline in economic activity, that lasts at least for 6 months. In recession, all the economic factors such as production,prices, savings, investment decreases.

While, depression is a prolonged period of economic recession marked by a significant decline in employment and income. During recession, the time of decline in output is for a short period, whereas in case of depression, it's a significant decline and no amount of time can be given.

Stagnation is a period when the economy doesn't move for a prolonged period i.e. no economic growth occurs for a significant time period. But in case of recession or, depression the economy moves, it doesn't stop even if the growth is declining.