Latest posts
-
Explain the Keynesian Theory of Employment/Explain Keynes’s Principle of Effective Demand?
Introduction: keynes theory is based on empirical foundation and has policy implication. Keynes did not have much faith in laissez- faire policy and its automatic adjustment for optimization. Explanation of Keynes theory favored capitalism he suggested a reform in pure capitalism through government intervention in economic field of making necessary adjustment in order to ensure…
-
Briefly explain the Say’s Law of markets?
Introduction: Say’s law of market is the foundation theory of classical economics. Assumptions of full employment as a normal condition of a free market economy are justified by classical economics by a law known as say’s law of markets. It was this law on the basis of which classical economists thought that general over production…
-
What is an Indifference Curve? Explain the properties of an Indifference Curve.
Meaning: In economics, an indifference curve represents a graphical representation of combinations of two goods that provide a consumer with equal levels of satisfaction or utility. Indifference curves are used in microeconomics to illustrate consumer preferences and choices in decision-making. An indifference curve may be defined as a locus or path indicating different combination of…
-
Distinguish between Micro and Macro economics.
Meaning: The difference between micro and macro economics is huge. Microeconomics is a branch of economics that focuses on the behavior and interactions of individual economic units, such as households, firms, and industries, and their decision-making processes regarding the allocation of scarce resources. It analyzes the functioning of specific markets and examines how individual agents…
-
Briefly Explain the Law of Variable Proportions?
Introduction: In economic theory, the law of variable proportion occupies an vital place. It is one of the fundamental laws of production. The law of variable proportion is the new name for the well known” law of Diminishing returns.” of classical economist. According to classical economists there were three separate laws of production but the…
-
What is National Income? Explain the importance of National Income Estimation?
Meaning: The total income of the nation is called national income. The aggregate economic performance of the whole economy is measured by the national income data. In fact national income data provides summary statement of a country aggregate economic activity. In real times national income is the flow of goods and services produced in an…
-
Define National Income? Explain the methods of Estimation of National income.
Meaning: The total income of the nation is called national income, the aggregate economic performance of the whole economics is measured by the national income data. In fact national income data provides summary statement of a country aggregate economic activity. in real times national income is the flow of goods and services produced in an…
-
Explain the difficulties in the Estimation of National Income?
Introduction: National income accounting is not an easy task .A number of difficulties arise in the measurement of National income. Some of the difficulties in the estimation of national income are discussed below. Difficulties in the Estimation: also read: explain the Says law of markets.
-
What is National Income? Explain the concepts of National Income?
Meaning: The total income of the nation is called national income. The aggregate economic performance of the whole economics is measured by the national income data. In fact national income data provides summary statement of a country aggregate economic activity. In real times national income is the flow of goods and services produced in an…
-
ECONOMICS – 1 – PRINCIPLES OF ECONOMICS
UNIT WISE IMPORTANT QUESTIONS: UNIT: 1. INTRODUCTION TO ECONOMICS. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. UNIT – 2 . THEORIES OF CONSUMPTION. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. UNIT – 3 – PRODUCTION. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. UNIT – 4- MARKETS. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. 1.Oligopoly Market. 2. Duopoly. 3. Product…