REVISION FOR KAS PRELIMS – CURVES FOR ECONOMY UNDERSTANDING
REVISION FOR KAS PRELIMS – CURVES FOR ECONOMY UNDERSTANDING
1. Supply Curve: Shows the relationship between the price of a good and the quantity supplied.
2. Demand Curve: Shows the relationship between the price of a good and the quantity demanded.
3. Kuznets Curve: Shows the relationship between economic growth and income inequality.
4. Laffer Curve: Shows the relationship between tax rates and government revenue.
5. Phillips Curve: Shows the trade-off between inflation and unemployment.
6. Lorenz Curve: Shows the distribution of income or wealth in a population.
7. Engel Curve: Shows the relationship between income and consumption patterns.
8. Scarcity Curve and Opportunity Cost Curve: Shows the trade-off between the production of two goods given limited resources.
9. Production Possibility Frontier (PPF) Curve: Shows the maximum possible output combinations of two goods given limited resources.