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What is static Economics? Explain its uses and limitation.
Meaning: The study of economics on the basis of standstill condition is called static economic analysis or static economics. The changing condition of study is termed as dynamic economic analysis or dynamic economics. The concept of static and dynamic economics were first used by August Comte, a French sociologist for the first time.. Professor J.S.…
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Explain the merits and demerits of Micro Economics.
Introduction: The word micro means millionth part. Microeconomics makes in microscopic study of every small unit of the economy in greater detail, micro economic is that branch of economics that exclusively deal with the study of the behavior and action of only individual economic units in detail. Its splits up the entire study in the…
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Write a note on Quotas.
Introduction: Quotas in economics refers to limits set by a government on the quantity or value of a particular good that can be imported or exported during a specified period. These restrictions are used to control the amount of trade in certain goods and protect domestic industries from foreign competition depends on types of Quotas.…
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What is Tariff? Explain its types.
Meaning: Tariffs are taxes or duties imposed by a government on imported goods and services. They are used as a tool to control trade between countries, protect domestic industries, and generate revenue for the government. In other words a tariff is a tax levied on import which is used for two different purposes one is…
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What is terms of trade? Explain its concepts.
Meaning: The rate at which a given quantity of a country’s export goods are exchanged for a given quantity of import goods is called the terms of trade. In other words, the terms of trade means the rate at which one country’s goods are exchanged for another country’s good. In short, terms of trade mean…
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Explain the Heckcher-Ohlin theory of International Trade?
Introduction: Bertin – Ohlin, in his famous book inter regional and international trade 1933 criticize the classical theory of international Trade and formulated General Equilibrium Theory called Modern Theory of International Trade or Heckcher- Ohlin theory. It was Eli Heckcher, Ohlin’s teacher, first propounded the idea of international theory in 1919 that trade results from…
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Briefly explain the Comparative Cost theory of International trade.
Introduction: David Ricardo a British economist of 19th century analyzed the causes for and the benefit of international trade in terms of comparative cost. David Ricardo agreed with the analyses of Adam Smith that international trade would be mutually advantages of one country has absolutely advantage over another country in one commodity and the other…
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Explain the Features of international Trade.
Introduction: International trade is trade between different countries of the world. It refers to the exchange of goods and services between one country or region and another. It is also sometimes known as external or foreign trade. Trade between one country and another is called foreign trade. Foreign trade is the exchange of goods as…
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Explain the disadvantages of International trade.
Introduction: International trade is trade between different countries of the world. It refers to the exchange of goods and services between one country or region and another. It is also sometimes known as external or foreign trade. Trade between one country and another is called foreign trade. Foreign trade is the exchange of goods as…
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Explain briefly the Advantages of International Trade.
Meaning: International trade is trade among different countries or trade across political frontiers. It refers to the exchange of goods and services between one country or region and another. It is also sometimes known as inter regional or foreign trade .briefly, trade between one nation and another is called international trade. Advantages of international trade…