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Explain the Law of Demand?
Introduction: The law of demand holds a great importance in economics, before this meaning of demand we learn. The term demand is different from desire, want; wish etc. In economics the term demand has different meaning. Any want or desire will not constitute demand. Demand is not mere desire for a commodity but it is…
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Explain the monetary policy of R.B.I OR Explain the quantitative methods of credit control.
Introduction: The central bank aims at providing financial and economic stability in the country. It supervises controls and regulates the activities of all the commercial banks and other financial institutions of the country. Thus central bank is the monetary institution whose main function is to control regulates and stabilizes the monetary system of the country…
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Explain the types of demand.
Introduction: The term demand is different from desire, want; wish etc. in the language of economics the term demand has different meaning. Any want or desire will not constitute demand. The other aspects of demand are as follows. Demand refers to the total or a given quantity of a commodity that are purchased by a…
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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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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…