Different economists have used various measures to access the level of development at a particular time. Some measures have been given below: Prof. W...
Author - Economics City
The amount of goods and services produced are called production and the portions of the produce offered for sale at prevailing prices in a given...
Meaning of Demand: Demand means the desire to purchase a commodity for which the consumer has the power to purchase. So, demand has two conditions:...
This question cannot be answered but back in the 1800s economists such as Jeremy Bentham thought that eventually they would be able to measure...
Total utility refers to the total satisfaction one gets from one’s consumption of a product while marginal utility refers to the satisfaction...
Utility: When we consume a product, we in fact use its utility. Therefore, we are now analyzing the concept of utility. Utility is the power of a...
Utility: An early introduction of the utility notion into social sciences was accomplished by the English Philosopher Jeremy Bentham (1748-1831)...
Measurement Scales: By measurement, we usually mean the assigning of numbers to observations or objects and scaling is a process of measuring. The...
Goods: A good is a material thing used to satisfy a human want or in other words, a good is a material thing which has utility to satisfy any human...
In order to satisfy unlimited wants people take up economic activities in the form of land, labour, capital and organization. As a result of the...
Human Wants: Human wants are the ends which human beings pursue for their satisfaction. Human wants are the instinctive desires which are however to...
DESCRIPTION Samuelson & Marks’ Managerial Economics, 7th Edition provides a detailed introduction to managerial economics for undergraduates...
DESCRIPTION Research Methods for Business: A Skill-Building Approach is a concise and straightforward introduction for students to the world of...
Description International Trade: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of the...
DESCRIPTION International Economics by Dominick Salvatore, presents a comprehensive, up-to-date, and clear exposition of the theory and principles of...