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The Gini Coefficient measures the area between the Lorenz curve and the line of absoluate equality in an economy. The bigger the Gini Coefficient, the greater the inequality in a single country. Fiscal polic...

The Phillips curve shows the inverse relationship between unemployment and inflation named after British economist AW Phillips. Once inflation and unemployment rates were plotted on a scatter diagram, the da...

Economies of scale and scope The concept of economies of scale were introduced by Adam Smith as a part of his famous works on division of labour. The main idea behind it is that efficiency of production chan...

Inflation is defined as "a sustained increase in the general price level." The accepted method of measuring inflation is by observation of change in the Consumer price index (CPI), which is derived...

Cost push inflation is the result of an increase in the price of the factors of production e.g. labour, raw materials. For example, an increase in the price of oil will increase the price of most raw materia...