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 …

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Equilibrium and various forms of equilibrium

In economics, economic equilibrium is a situation in which economic forces such as supply and …

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Inductive and Deductive methods of Economics

The Deductive Method Deduction Means reasoning or inference from the general to the particular or …

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Macroeconomics Meaning, Scope and Importance

The term ‘macro’ was first used in economics by Ragner Frisch in 1933. But as …

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Micro Economics

The word ‘micro‘ is derived from the Greek word ‘mickros’ meaning small. It is that …

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Nature and Scope of Economics

Economics is that branch of social science which is concerned with the study of how …

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Equilibrium Price

Equilibrium means a state of no change. Evidently, at the equilibrium price, both buyers and …

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Control Techniques Traditional and Modern

Techniques of Managerial Control: Traditional and Modern Techniques Traditional Techniques Traditional techniques refer to the …

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Effective Control System

Managers are responsible for controlling in the organization and a manager must improve the effectiveness …

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Management by Exception (MBE)

It is a system of identification and communication that signals the manager as to when …

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