Please Share the below Post 5/5 - (1 vote) Introduction and Characteristics or (Features): A command economic system is radically different from a market economy. A command economy is also called a centrally planned economy....
Read MorePlease Share the below Post Rate this post The importance and utility of the subject of economics in daily life can be judged from this fact, that it is now considered to be one of the most important and useful subject as...
Read MorePlease Share the below Post Rate this post In recent years, the subject matter of economics is divided into two broad areas. One of them is called Microeconomics and the other is called Macroeconomics. These two terms...
Read MorePlease Share the below Post Rate this post Economics, like other social sciences, has two aspects. One aspect is analytical and the other is practical. Both these aspects are of great importance because economic analysis is the...
Read MorePlease Share the below Post Rate this post An economic theory derive laws or generalizations through two types of methods or techniques, used for economic analysis: Types of Economic Analysis: Following types (methods or...
Read MorePlease Share the below Post Rate this post Concept and Meaning of Economic Laws (Generalizations): Economics, like all other sciences, has drawn its own set of generalizations or laws. Economic laws (generalizations) are nothing...
Read MorePlease Share the below Post Rate this post The scope of economics is the area or boundary of the study of economics. In scope of economics, we answer and analyze the following three main questions: What is the subject matter of...
Read MorePlease Share the below Post Rate this post Basic economic problem of mankind owes its origin to the fact that human wants are numerous and of different kinds. The resources to satisfy these multifarious human wants are limited...
Read MorePlease Share the below Post 2.5/5 - (2 votes) In economics the term ‘ends’ describes the goals which a man wishes to achieve in the economic aspects of his life. The ‘means’ are the sources which are used to achieve the ends....
Read MorePlease Share the below Post Rate this post If we define economics as a science of administration of scare resources, then its scope becomes too wide and includes the whole economic life and not merely that part of it which is...
Read MorePlease Share the below Post Rate this post Marshall’s definition of economics remained an article of faith with all economists from 1830 to 1932. However, with the publication of Robbins book ‘Nature and Significance of...
Read MorePlease Share the below Post Rate this post The neo-classical school of economics led by Dr. Alfred Marshall gave economics a respectable place among social sciences. He was the first neo-classical economist who lifted economics...
Read More