Lord Robbins in his book,” an essay on Nature and Significance of Economic Science” in 1931 defined Economics as Science of Scarcity. According to him,
Classical economists Adam Smith and J.B. Say developed study of wealth. As per Adam Smith,” Economics is an enquiry into the nature and causes of
Economics is the study of the activities of human beings which they perform for acquiring the limited or scarce resources for the satisfaction of their
The concept of total product, marginal product and average product is very important in economics. Let us discuss them one by one: TOTAL PRODUCT (TP):
Today we will discuss about concept of production function and its types. It is the functional relationship between physical input and physical output of a
These are the factors which decide the demand elasticity of the consumer. The elasticity of demand may be more elastic or less elastic. The six
There are sometimes exceptions to the law of demand: 1. Articles of distinction: it is also called Veblen effect. According to Prof. Veblen, there are
Last time, we have discussed about the concept of demand. Today we will show that there is an inverse relationship between demand and quantity demanded.
Today we will discuss about concept and assumption of law of demand. First, let us discuss about concept of demand. Concept of Law of demand
Last time we discussed the 8 factors affecting demand. Let us today discuss the Concept and types of Demand schedule. Demand schedule is the tabular
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