Utility: An early introduction of the utility notion into social sciences was accomplished by the English Philosopher Jeremy Bentham (1748-1831) After studying...
Archive - November 2020
Measurement Scales: By measurement, we usually mean the assigning of numbers to observations or objects and scaling is a process of measuring. The four scales...
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...