The fundamental cycle of Economics (PDCW)
Thirupalu
Feb 19, 2023 19:33 PM
In a nutshell, Economics deals with the cycle of Production of goods and services, distribution of them, consumption of them and as a result generating wealth (PDCW). The generated wealth fuels this cycle to keep it going smoothly. Any activity that takes place in any one or more of these stages, either directly or indirectly, is called Economic Activity. All the other terms/concepts/phenomena in economics are derived and defined from this cycle and walk around this cycle.. The smooth running or hard running or break down or acceleration or deceleration, etc of this cycle decides the economic growth.
Comments