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What is Economic Dynamics? Explain its uses and limitations.
Meaning: The term Dynamic means changing or moving. So, dynamic economics is a study of the changing economy. In other words it is a study of changes in the economic system. The word dynamic means causing to move in economic dynamics the relation between the relevant variable refer to different point of time. Its takes…
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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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What is Micro Economics? explain its features.
Micro economics Meaning: Microeconomics is a branch of economics that focuses on the study of individual economic units at the level of households, firms, and industries. It examines how these entities make decisions regarding the allocation of resources, production, consumption, and pricing of goods and services. Microeconomics is concerned with the behavior of individual agents…
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What is Supply? Explain the law of supply.
law of supply: The term supply refers to the amount that is actually offered for sale in the market at a price per unit of time hence supply is a part of the stock. Supply has all the attributes of demand a seller can sell a commodity when he has the ability and willingness to…
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What is Micro Economics? Explain its Merits and Demerits.
Meaning of Micro Economics: Micro Economics Meaning is micro study of every small unit of the economy in greater detail. The term Micro economics has been derived from Greek word MIKROS which means small. So micro economics is the study of a small part of the economy. Micro Economics is that branch of economy that…