Utility: An early introduction of the utility notion into social sciences was accomplished by the English Philosopher Jeremy Bentham (1748-1831) After studying...
Tag - Economics
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 want. For...
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 combination of...
Human Wants: Human wants are the ends which human beings pursue for their satisfaction. Human wants are the instinctive desires which are however to be...
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...
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...