Last time I have discussed about the concept and nature of utility. Today I will discuss about the Types OF UTILITY APPROACH. Utility approach is basically

CONCEPT OF UTILITY Dear friends let us first discuss the concept or meaning of utility. Utility may be defined as the want satisfying power of

Today we will discuss the concept of opportunity cost with the help of examples. The concept of opportunity cost was developed by Austrian school of

Last time we have discussed the types of economics. Today we will discuss the difference between positive economics and normative economics. Let us discuss it:

The term economics is very common and Economics can be broadly classified into two parts: MICRO ECONOMICS: in microeconomics we study “I” which means individual.

Economics is the study of human activities which they perform with their limited resources to satisfy their unlimited wants.

Today we will discuss the law of diminishing marginal utility commonly known as law of DMU. It is known as Gossen’s first law also. It

There are two methods of economics Deductive method Inductive method Deductive method- classical economists favour this method. It is also known as hypothetical or abstract

Economics is considered as science of wealth as it is a study of the factors which are responsible for wealth generation. Thus in Economics we