Economic Curves

Economics · आर्थिक वक्र · 15 facts

Lorenz Curve: measures income inequality; more bent = more inequality

Gini Coefficient: derived from Lorenz Curve; 0 = perfect equality, 1 = total inequality

Laffer Curve: shows relationship between tax rate and government tax revenue

Phillips Curve: inverse relation between inflation and unemployment

Engel Curve: shows relationship between income and quantity consumed

IS-LM Curve: shows equilibrium in goods market (IS) and money market (LM)

Demand Curve slopes downward; Supply Curve slopes upward

Production Possibility Curve (PPC): maximum output with given resources

Kuznets Curve: inequality first rises then falls with economic development

J-Curve: trade deficit worsens before improving after currency devaluation

Indifference Curve: shows combinations giving equal satisfaction to consumer

Kinked Demand Curve: explains price rigidity in oligopoly market

Backward-bending Supply Curve of labour: at high wages, workers work LESS hours

Total Cost Curve (U-shaped): falls then rises due to economies/diseconomies of scale

Budget Line: all combinations of two goods consumer can buy with given income