WHAT IS THE DEFINITION OF ECONOMICS

DEFINITION OF ECONOMICS WEALTH DEFINITION:-  Adam Smith (1723-90). The great Scottish economist.WELFARE DEFINITION:- Alfred Marshall…

WHAT IS POSITIVE AND NORMATIVE SCIENCE ? [Explained]

Positive and Normative science explained Meaning of Positive Economics POSITIVE STATEMENTS :Positive statements/ Science/ Economics:…

Micro and Macro Economics | Explained

Micro and Macro Economics Explained Microeconomics: - The term Microeconomics is derived from the Greek…

What is the Production Possibility Curve.

Production Possibility Curve It refers to the graphical representation of various possible combinations of two…

What is Economic System ?

Concept of Economy/Economic system It refers to the system by which people earn their livelihood…

Scarcity and Central Problems of an Economy

Concept of Scarcity: The concept of scarcity was first given by ‘Lionel Robbins’. It refers…