Opportunity Costs Opportunity Costs know two different types and different fields of application. In order to understand what opportunity costs are at all, it is first necessary to define the term a little more detailed. Definition of Opportunity Costs Opportunity costs or sometimes also referred to as withdrawal costs, alternative costs or shadow costs are revenues […]
Definition of Economics by robbins and criticism on his definition
Definition of Economics by robbins and criticism on his definition. Robbins after Marshall’s definition of economics give his own definition of economics. Robins claim that my definition is superior that the earlier definition. It does not suffer from any the defect from which earlier definition was suffered. Robbins […]
What is Monetary Policy and Fiscal Policy
What is Monetary Policy: Monetary policy is usually prepared by the central bank of a country, to monitor the flow of money. Definition of Monetary Policy: Monetary policy is mainly concerned with the process to control money supply/credit money, in order to meet certain social and economic objecting. These point […]
What is Economics
What is Economics: Definition of Economics: Economics is the social science that studies how rational individuals, groups, and organizations, manage scarce resources, which have alternative uses, to achieve desirable ends. 1. The branch of knowledge concerned with the production, consumption, and transfer of wealth. 2. The Economist’s Dictionary of Economics defines economics as “The study […]
10 Most Important Economics Concepts
10 Most Important Economics Concepts 1. Choice: In simple term this is the most important economic concepts & fundamental for understanding economics. If we take the holistic approach, the whole basis of economics depends on the concept of scarcity. In economics it’s assumed that the resources are scarce and thus for having something we need to […]
