Value: In Economics, the value of a product is taken in two senses. (i) Value-in-use. (ii) Value-in-exchange. The utility of a product which one gets to...
The Economics of Money, Banking, and Financial Markets set the standard for money and banking courses when it published in its first edition, and it continues...
In this upper-level undergraduate text, David Hyman delivers a solid economics-oriented approach to public finance and public policy. The 10th edition of...
Gujarati and Porter’s Basic Econometrics provides an elementary but comprehensive introduction to econometrics without resorting to matrix algebra...
DESCRIPTION: Maintaining G.S. Maddala’s brilliant expository style of cutting through the technical superstructure to reveal only essential details, while...
Economic Growth: Economic growth may be distinguished from economic development. Economic growth may be defined as the increase in production or consumption by...
It is commonly said that the economic development started after the year 1800. In this respect Angus Maddison who was an economic historical analysed the world...
There are a large number of definitions given by different economists. These are as follows: Prof. W. Elkan says, “Economic development means a process...
As we have already told that the economic development is neither traditional neo- classical economics, nor it is political economy it is just a body of...
The study of economic development is one of the newest, most dashing and most attracting branches of the broader disciplines of economics and political economy...
The Traditional Economics deals basically with the efficient, least cost allocation of scarce productive resources and with the optimal growth of these...
Wealth: In economic sense, any good or service that has value in exchange is called wealth. This means that any good and service that has the three...
The classical economists were of the view that economics has no relation with the nature of wants. In other words, economics has no concern with the goodness...
Subject-Matter: Price determination, Consumers equilibrium, distribution and welfare are the subject-matter of microeconomics. Full employment, national...
The importance and utility of the subject of Economics can be judged from this fact that it is now considered to be one of the most important and useful...
Microeconomics and macroeconomics are interdependent. Microeconomics takes a close-up view of the economy and concentrates on the choices made by individual...
Our satisfies maximum of his desires on priority basis. He achieves his satisfaction up to a maximum level with the help of available and alternatively used...
Positive Science: Positive science relates with the causes and facts about a certain problem and studied as “They are” in which a personal opinion...
Being a social science, economics deals with whole of the society. Therefore, instead of individual behaviour, collective economic behaviour is examined in the...
Now comes the important question of whether economics is a science or an art? Before we go to take up the question, we will first of all define what is a...
Macroeconomics / Macro Economic Analysis: The word “MACRO“. is derived from the Greek word “MAKROS“, which means large. Macroeconomics...
Microeconomics / Micro Economic Analysis The word ‘MICRO‘ is derived from the Greek word ‘MIKROS‘, which means “Small”. The...
Kinds of Economics: The following are kinds of economies: (1) Descriptive economics (2) Theoretical economics (3) Applied economics (1) Descriptive Economics:...
Subject Matter of Economics: Different economists have different opinions regarding subject matter of economics. According to Adam Smith and his followers the...
There me two methods of deriving economic laws or methods of economic analysis: (l) Deductive method (2) Inductive method Deductive Method: The deductive...
Inductive Method: Induction means reasoning or inference from particular facts to general principles. Inductive method is a process of arranging facts to draw...
Deductive Method: The deductive method is also named as analytical, abstract or prior method. Deduction means reasoning or inference from general to particular...
Physical / Natural science e.g. Physics, Chemistry, Biology, Geography etc. deal with matter. These sciences are made by experiments on the matter in the...
Moral laws are the most accepted values of a society particularly based on the teachings of a religion. These laws clearly tell us either to do something or...
Statutory laws or laws of the state are made by the legislature or the elected representative of the people. These laws are written in black and white for the...
Economic Laws: Law can be stated as “a repeated action which holds good at every time and at every place or if an action is repeated again and again and...
Economic Problem: According to the economists, a problem of choice is an economic problem. It can easily be explained in the light of Prof. Lionel...
Alfred Marshall defined economics as “Economics is a study of mankind in the ordinary business of life. It examines that part of individual and social...
Lionel Robbins Definition of Economics (Modern School of Thought) “Economics is the Science of Scarcity and Choice” Prof. Lionel Robbins has...
In the World’s Development Report of 1995, it was said that more than three-fourth of population lives in poor and less developed countries but they get...
Reasons or Need for Studying Development Economics or Scope of Development Economics Here we shall concentrate upon that what is the need behind studying...
Lind/Marchal/Wathen is a perennial market best seller due to its comprehensive coverage of statistical concepts and methods delivered in a student friendly...
Environmental & Natural Resource Economics is the best-selling text for this course, offering a policy-oriented approach and introducing economic theory in...
More than 40 million students have trusted Schaum’s Outlines for their expert knowledge and helpful solved problems. Written by renowned experts in their...
Offering the most cutting-edge coverage available, the 10th edition of the market-leading MICROECONOMIC THEORY: BASIC PRINCIPLES AND EXTENSIONS delivers a text...
Issues in Pakistan’s Economy: A Political Economy Perspective (Third Edition) by S. Akbar Zaidi Description: This book is about understanding Pakistan’s...
In the 17th century there emerged Industrial Revolution in Europe accompanied by a wider use of machines rather manpower; there was a chain of discoveries and...
Quite frequently these days people talk of research, both in academic institutions and outside. Several research studies are undertaken and accomplished year...
Discover how empirical researchers today actually think about and apply econometric methods with the practical, professional approach in Wooldridge’s...
Key Benefit: Economic Development, Twelfth Edition-the leading textbook in this field-provides students with a complete and balanced introduction to the...
The term macroeconomics was first used by the Norwegian economist Ragnar Frisch in 1933. Macroeconomics is clearly the younger sibling of the economics family...
We now pass from statics or comparative statics to dynamic analysis. In static analysis, for example, we discuss how equilibrium price is determined when the...
The number one textbook for intermediate macroeconomics courses since its first edition, this title is known for conveying the cutting edge in macroeconomics...
Tough Test Questions? Missed Lectures? Not Enough Time? Fortunately for you, there’s Schaum’s Outlines. More than 40 million students have trusted...
The fifth edition of Romer’s Advanced Macroeconomics continues its tradition as the standard text and the starting point for graduate macroeconomics...