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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
Allocation Function The shifting or reallocation of production property into or out of markets based on shifts in prices for the products or services produced in that market.
Examples
Is Indian companies running a risk by not giving attention to cost cutting
can economic laws proved universly
Location of industry and localization of industry: Location of industry tries to answer the key economic question "where to produce". It involves deciding on the area that an
difference between the cardinal analysis theory and ordinal theory
Explain about the perfect competition according to economics theory. The procedure of testing and refining theories is the key to the development of modern economics like a sci
how to compute the price of a laptop increase of 20% and there is a 40% drop in the aquantity demanded
criticisms of monopolistic competition
What is consumer surplus? What is its significance and what causes it to change?
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