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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
Why elasticity is important for economic analysis? Elasticity is a significant concept in understanding the incidence of indirect taxation, marginal concepts as they relate to
Define Law of conservation of mass, Explain briefly, Law of conservation of mass: In all physical & chemical changes the total mass of the reactants is equal to that of the produ
Various studies have concluded that the demand for movie cinema attendance is responsive to advertising. A study of one company, with movie cinemas in three neighbouring towns, sh
FOREIGN EXCHANGE MARKETS: A foreign exchange market (sometimes informally called the forex market, or denoted FEM) is a market in which different currencies are bought and sol
CONCEPT AND MEANING OF INFRASTRUCTURE: Infrastructure sectors are the backbone of a national economy. It has been commonly opined that infrastructure development is closely re
The table shows the demand schedule of Taylor Swift’s concert ticket. Draw the demand curve for her concert ticket
explain abnormal profits and normal profits
Use of Income elasticity of demand: Income elasticity of demand on the other hand, has the following uses (i) Income elasticity of demand shows how the pattern of consumer de
Economic Reforms and Industrial Growth Economic reforms were mainly intended to remove obstacles so that investment in industry may be accelerated. With this end in view, indu
what is a perfect competition and how does it differ from monopoly?
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