Showing posts with the label MicroeconomicsShow All
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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