Indifference Curve Analysis
by Indifference curve analysis is basically an attempt to improve cardinal utility analysis (principle of marginal utility). …
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Concept of Scarcity
Scarcity, refers to the basic fact of life that there exists only a finite amount …
Definition and Concepts of Economics: Wealth, Welfare, Scarcity and Growth Oriented definitions
Economics, as a study of wealth, received great support from the Father of economics, Adam …
Equilibrium and various forms of equilibrium
In economics, economic equilibrium is a situation in which economic forces such as supply and …
Inductive and Deductive methods of Economics
The Deductive Method Deduction Means reasoning or inference from the general to the particular or …
Macroeconomics Meaning, Scope and Importance
The term ‘macro’ was first used in economics by Ragner Frisch in 1933. But as …
Micro Economics
The word ‘micro‘ is derived from the Greek word ‘mickros’ meaning small. It is that …
Nature and Scope of Economics
Economics is that branch of social science which is concerned with the study of how …
Equilibrium Price
Equilibrium means a state of no change. Evidently, at the equilibrium price, both buyers and …
Control Techniques Traditional and Modern
Techniques of Managerial Control: Traditional and Modern Techniques Traditional Techniques Traditional techniques refer to the …