What does Welfare Economics mean? Measuring and Value decisions!
Welfare Economics is a normative branch of economics that is concerned with the way economic activity ought to…
Essay on Opportunity Cost in Managerial Economics
What is Opportunity Cost? Opportunity cost analysis is an important part of a company’s decision-making processes; but, does…
What is the Price Mechanism or Market Mechanism?
Price Mechanism or Market Mechanism (Hindi); The mechanism through which the prices of commodities and factor services get…
Factors Affecting of Price Determination with Steps and Process
What is Price Determination? In Economics Price Determination is the interaction between the demand and supply in the…
Difference between Traditional and Managerial Economics
The primary difference between Traditional Economics and Managerial Economics; First, the Traditional economy is an original economic system…
Managerial Economics: Nature, Scope, and Principles
Managerial Economics can define as the amalgamation of economic theory with business practices to ease decision-making and future…
What is the Inductive Method of Economics?
Learned, What is the Inductive Method of Economics? Steps, Merits, and Demerits! The Inductive Method: Induction “is the process of reasoning from a part to the whole, from particulars to generals or from the individual to the universal.” Bacon described it as “an ascending process” in which facts are collected, arr...
What is the Deductive Method of Economics?
Learned, What is the Deductive Method of Economics? Steps, Merits, and Demerits! The Deductive Method: Deduction Means reasoning or inference from the general to the particular or from the universal to the individual. The deductive method derives new conclusions from fundamental assumptions or from truth established...
What are the Methods of Economics?
Learned, What are the Methods of Economics? Explaining here! Definition of Economics: The social science concerned with the efficient use of limited or scarce resources to achieve maximum satisfaction of human materials wants. Human wants are unlimited, but the means to...follows: 1. Deductive and 2. Inductive Method.
Explain are Economics is a Science and Art?
Learn, What is Economics? As a Science and Art! What is Science? Science is a systematized body of…