Economics

1. Definition: Micro economics means the discussion of small parts of economics. That means the branch of economics which deals with small parts, and then it is termed as micro …

The word Macro comes from the Greek word “Makros”. Macro means larger. Macro Economics discusses not about an individual or individual institution rather it discusses about the economy of a …

The word micro has been derived from Greek word “Micros” means small or little. Micro economics deals with the analysis of small individual units of economy such as buyers, sellers, …

Deductive Method: It is from generalized statement to a conclusion. Example: Man is mortal is a generalized statement. A. John is a man. Through deductive method we can conclude that …

There are some well remarketed differences between positive economics and normative economics which are discussed below: 1. Positive economics is the pure science regarding what is happening. On the other …

The economists are also divided regarding the nature of economics. The following questions are generally covered in the nature of economics. a) Is economics a science or an art? b) …

Every country has to solve the following five inter related problems: 1. What to produce? 2. How to produce? 3. How to distribute the national income? 4. How to ensure …

At present, the study of economics is very much important in our life. The necessity of the study of economics is discussed below: 1. Necessary in everyday life of a …

The economists are of different opinions regarding the subject matter of economics. Therefore, the subject matter of economics is gradually being wider. The subject matters of economics are as follows. …

1. The issues of human welfare are ignored: According to Prof. Boulding, Prof. L. Robbins discussed only the problem of scarcity. The problem of scarcity is applicable not only for …