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Economics; Different Perspective
? Economics is the knowledge of the choices taken by people who are faced with scarcity.
? Scarcity is a condition in which resources are restricted but can be utilized in various ways; so one good or service should be sacrificed for the other one.
Society’s Choices
? The decisions of consumers, producers, and government decide how an economic system answers 3 fundamental questions:
1. What products do we manufacture?
2. How do we manufacture these products?
3. Who consumes or intakes the products?
Q. Explain the Post-Keynesian Economics? Post-Keynesian Economics: A modern heterodox school of economic thought that emphasizes more radical or non-neoclassical aspects of Joh
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why does gap between the ATC curve and the AVC curve decreases as the level of output increases
what is discounting principle?
State trading is often associated with canalisation. Canalisation means estaolishment of state monomply in foreign trade. In other words, an item that is canalised can be imported
CRITIQUE OF ECONOMIC REFORMS: The critique of economic reforms should consider the actual growth rate achieved, its impact on employment and poverty reduction, its impact on l
Consumer Behavior The description of how consumers allot their resources (income) to the purchase of various goods and services to get maximum in their well being. There a
Why has it been difficult to produce a single estimate of an environmentally adjusted or "greened" GDP? What are the two approaches that can be used to put a value on environmental
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REAL VERSUS NOMINAL PRICES • Nominal price is a complete or current dollar price of a good or service when it is sold. • Real price is the price related to a combined me
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