Article originally published in HubPages The term ‘Economics’ has been derived from the Greek word ‘Oeconomicus’, which means management of the household. Thus, economics means; ‘household management’ or ‘management of household affairs’. Household management refers to managing the unlimited wants of the family members within the limited income of the family. The beginning of the […]
Definitions of Economics Read More »
Based on consideration of time, microeconomic analysis can be divided into three types. Micro Statics/Micro Static Analysis Comparative Micro Statics/ Comparative Micro Static Analysis Micro Dynamics/ Micro Dynamic Analysis The detailed study material and video presentations are attached below. The Video Presentation
Static and Dynamic Analysis of Microeconomics Read More »
Economics is all about making rational economic decisions in a state of scarcity. Economics study how scarce economic resources are allocated.And economics also analyzes the forces and trends that affect the economy as a whole, including the growth rate of output, the rate of the population that cannot find work, the rate at which price
Ten Principles of Economics BBS First Year Microeconomics Read More »
Alfred Marshall in his famous work ‘Principles of Economics’ explained the concept of producer surplus. This concept measures the benefit that sellers receive from participating in the market. Therefore, producer surplus measures the welfare of the producer. Producer surplus is the benefit that producers receive over his cost of providing goods against what he is
Producer’s Surplus Read More »
Macroeconomics is the branch of economics that deals with economic activity on a large scale. It means macroeconomics is the study of the whole economy in terms of the total amount of goods and services produced, total income earned, total consumption, the investment made and stock of capital, the level of employment of productive resources,
Introduction to Macroeconomics Read More »
Factor CostFactor Cost consists of the price paid to factors of production. In other terms, factor cost consists of income earned by a factor of production that is used in the production process. In general, the amount paid in the form of wages and salaries, rent, interest, and profit is known as factor cost. While
Different Types of Prices in National Income Accounting Read More »
