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...
Archive - August 2020
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...