Economics

Definitions of Economics

Definitions of Economics “In its infancy, Economics was called political Economy.” “The aim of political Economy is to show the way in which wealth is produced, distributed and consumed.” J.B.Say “Economics is the study of nature, causes and growth of national wealth” Adam Smith But Adam Smith paid too much attention to wealth as if wealth was every thing. No ...

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Various forms of Economic Analysis

Various forms of Economic Analysis 1. Micro V/s Macro Analysis:- In micro economic analysis we focus on individual units like a consumer, a producer, a firm, an industry, a single price or a single commodity. We analyse the behaviour of one market variable at a time – it is step by step analyse. Such an analysis helps us to understand ...

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What is Business Economics all about?

What is Business Economics all about: (i) Economics as a discipline provides a set of concepts and precepts. (ii) The concepts and precepts together furnish us the tools and techniques of analysis. (iii) Economic analysis is used as an aid to understand business practices and business environment (iv) Such understanding facilitates business decision making. Business Economics attempts to indicate how ...

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What is Economics all about?

What is Economics all about: Economics is the study and evaluation of economic problems. Each and every economic problem is a problem of choice and valuation. In business several decisions are to be taken. For example, a production unit has to decide- what to produce? When to produce? for Whom to produce? Why to produce? In the same way, a ...

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What is Business ?

Transforming a set of inputs into a set of output is the essence of economic activity. Through the process of transformation, the value of the output generated must exceed the value of input utilized. Creation of net value addition is the basic objective of all such activities. On the input side we have reference to men, materials, management etc. By ...

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