ECONOMICS AS A SOCIAL SCIENCE [Explained]
Economics as a social science INTRODUCTION TO ECONOMICS SCIENCE The word science is derived from the Latin word “Scientia” meaning knowledge. It is the intellectual …
Deciphering the Economics
Economics as a social science INTRODUCTION TO ECONOMICS SCIENCE The word science is derived from the Latin word “Scientia” meaning knowledge. It is the intellectual …
DEFINITION OF ECONOMICS WEALTH DEFINITION:– Adam Smith (1723-90). The great Scottish economist. WELFARE DEFINITION:- Alfred Marshall (1842-1924). The English economist. SCARCITY DEFINITION:- Lord Robbins (1898-1984). …
Positive and Normative science explained Meaning of Positive Economics POSITIVE STATEMENTS :Positive statements/ Science/ Economics: – they are that statements in which analysis is confined …
Micro and Macro Economics Explained Microeconomics: – The term Microeconomics is derived from the Greek word “MIKROS”. Meaning “Small”. The term was first coined by …
Production Possibility Curve It refers to the graphical representation of various possible combinations of two goods and services that an economy can produce with the …
Concept of Economy/Economic system It refers to the system by which people earn their livelihood (food, shelter, clothing, housing, health care, etc.) The economy is …
Concept of Scarcity: The concept of scarcity was first given by ‘Lionel Robbins’. It refers to a situation where demand for goods and services exceeds …