Economics as a social science INTRODUCTION TO ECONOMICS SCIENCE The word science is derived from the Latin…
Introduction to Economics
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DEFINITION OF ECONOMICS WEALTH DEFINITION:– Adam Smith (1723-90). The great Scottish economist. WELFARE DEFINITION:- Alfred Marshall (1842-1924)….
Positive and Normative science explained Meaning of Positive Economics POSITIVE STATEMENTS :Positive statements/ Science/ Economics: – they…
Micro and Macro Economics Explained Microeconomics: – The term Microeconomics is derived from the Greek word “MIKROS”….
Production Possibility Curve It refers to the graphical representation of various possible combinations of two goods and…
Concept of Economy/Economic system It refers to the system by which people earn their livelihood (food, shelter,…
Concept of Scarcity: The concept of scarcity was first given by ‘Lionel Robbins’. It refers to a…