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Economics- Definition
Economics is the study of how societies utilize limited resources to make valuable commodities and allocate them among diverse people.
Microeconomics handles with:
• Conduct of individual units
• When Consuming; How we select what to buy
• When manufacturing; How we decide what to produce
• Markets: The communication of consumers and producers
• Evaluation of aggregate issues:
?? Inflation
?? Economic growth
?? Unemployment
Direct and Indirect Benefits Life time earnings of an educated person is an instance of direct benefit from education. Skills produced in training or extension programmes in a
Q1 How many types of software organization? Explain each organization style with a suitable example? Q2 What are the factors that influence the group? Q3 Write short notes
economic problems are faced by all types of economies but they are dealt with differently in different types of economies.discuss
ROLE OF INFRASTRUCTURE IN THE ECONOMY: Economic Infrastructure produces services that directly facilitate and are basic to the carrying out of a wide variety of economic activ
Physical Capital: A tangible tool, machine, building or other productive asset that is used to produce other goods or services. Pollution: Many economic activities involve disch
Concept of Stock Replenishment This concept assumes that stock is always available whether there is demand or not. Consider the demand for constituent items, such as componen
EXCEPTIONAL SUPPLY
Economies of Scale The reduction in the cost of each additional unit produced as all factors of production increase. Factors contributing to economies of scale include discoun
objective of afirm
what is non- collusioligopoly and how its price and output is determined
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