Microeconomics
Definition of Factor of Production and its Characteristics
Definition of Factor of Production and its Characteristics 1. Definition of entrepreneur The ability to combine the other three factors of production…
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Microeconomics
Definition of Need and Wants | Characteristics wise Explanation
Definition of Need and Wants | Characteristics wise Explanation Definition of Need A need is something that a person must have in order to thrive. Wi…
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Microeconomics
Alfred Marshall's Definition of Economics | Criticisms and Neo-Classical School of Thoughts
Alfred Marshall is a well known economist. He was behind Smith and for him all the way, approximately hundred twenty years after Smith's book …
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Microeconomics
Understanding Scarcity | Scarce Resources and Categories of Scarce Resources
Understanding Scarcity | Scarce Resources and Categories of Scarce Resources The term scarcity refers to the limited quantity of resources that are…
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Fundamentals of Economics
What is Economics? Microeconomics versus Macroeconomics Understanding the Basics
What is Economics? Microeconomics versus Macroeconomics Understanding the Basics Economics is a social science that studies the production, distrib…
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Fundamentals of Economics
Adam Smith's definition of Economics | Criticisms and Classical school of thoughts
In 1776, a Scottish economist and philosopher Adam Smith wrote a book (The wealth of nation), in which he defines the subject economics as "An…
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Fundamentals of Economics
Rostow's Stages of Economic Growth | Criticisms on Rostow
Rostow's Stages of Economic Growth Rostow's Stages of Economic Growth model is one of the liner economic models of historic economic growth. …
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