Microeconomics / Micro Economic Analysis The word ‘MICRO‘ is derived from the Greek word ‘MIKROS‘, which means “Small”. The...
Tag - Economics
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...
Physical / Natural science e.g. Physics, Chemistry, Biology, Geography etc. deal with matter. These sciences are made by experiments on the matter in the...
Moral laws are the most accepted values of a society particularly based on the teachings of a religion. These laws clearly tell us either to do something or...
Statutory laws or laws of the state are made by the legislature or the elected representative of the people. These laws are written in black and white for the...
Economic Laws: Law can be stated as “a repeated action which holds good at every time and at every place or if an action is repeated again and again and...
Economic Problem: According to the economists, a problem of choice is an economic problem. It can easily be explained in the light of Prof. Lionel...
Alfred Marshall defined economics as “Economics is a study of mankind in the ordinary business of life. It examines that part of individual and social...
Lionel Robbins Definition of Economics (Modern School of Thought) “Economics is the Science of Scarcity and Choice” Prof. Lionel Robbins has...
Alfred Marshall’s Definition of Economics (The Neo-classical view) “Economics is the Science of Material welfare” The neo-classical school...
“Economics is the science of wealth” The founder of the Modern Economics and Classical School of Thought, Scottish Economist Prof. Adam Smith has...
ORIGIN OF THE WORD “ECONOMICS” The word ‘Economics’ is derived from a Greek word “Oikonomos”, where Oikos mean Household and nomos mean...