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 …
Introduction to Economics
WHAT IS THE DEFINITION OF ECONOMICS
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). …
WHAT IS POSITIVE AND NORMATIVE SCIENCE ? [Explained]
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
Micro and Macro Economics Explained Microeconomics: – The term Microeconomics is derived from the Greek word “MIKROS”. Meaning “Small”. The term was first coined by …
What is the Production Possibility Curve.
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 …
What is Economic System ?
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 …
Scarcity and Central Problems of an Economy
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 …