Different economists have used various measures to access the level of development at a particular time. Some measures have been given below: Prof. W.W...
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 period of time...
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: (1) Desire/...
This question cannot be answered but back in the 1800s economists such as Jeremy Bentham thought that eventually they would be able to measure pleasure by...
Total utility refers to the total satisfaction one gets from one’s consumption of a product while marginal utility refers to the satisfaction one gets...
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 product by...
Utility: An early introduction of the utility notion into social sciences was accomplished by the English Philosopher Jeremy Bentham (1748-1831) After studying...
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...
DESCRIPTION Samuelson & Marks’ Managerial Economics, 7th Edition provides a detailed introduction to managerial economics for undergraduates, MBAs, and...
DESCRIPTION Research Methods for Business: A Skill-Building Approach is a concise and straightforward introduction for students to the world of business...
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