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Comparison between Alfred marshall and robin's definition of economics?
The comparism between the definition of economics given by Alfred Marshall & Robbins is that it both studies human behaviors.
What are the merits of definition of economics given by robbins?
merits and demerits by robbin defination
Why is economics sometimes referred to as the dismal science?
This a nickname given to it by economist Carlyle in the 19th century. He used it as he referred to an earlier economist, Malthus, whose economic models shoed that the food supply would not keep up with population growth. This would of course cause a huge disaster. As such was possible so it seemed to many other economists the tag of dismal was attached to the study and workings of economics. Mathus was proved wrong.
What is the definition of budget in economics?
A budget line is a line showing the alternative combinations of any two goods that a consumer can afford at given prices for the goods and a given level of income.
What is the definition of budget line in economics?
A budget line is a line showing the alternative combinations of any two goods that a consumer can afford at given prices for the goods and a given level of income.
Comparison between Alfred marshall and robin's definition of economics?
The comparism between the definition of economics given by Alfred Marshall & Robbins is that it both studies human behaviors.
What are the merits of definition of economics given by robbins?
merits and demerits by robbin defination
Why is economics sometimes referred to as the dismal science?
This a nickname given to it by economist Carlyle in the 19th century. He used it as he referred to an earlier economist, Malthus, whose economic models shoed that the food supply would not keep up with population growth. This would of course cause a huge disaster. As such was possible so it seemed to many other economists the tag of dismal was attached to the study and workings of economics. Mathus was proved wrong.
What is the definition of budget in economics?
A budget line is a line showing the alternative combinations of any two goods that a consumer can afford at given prices for the goods and a given level of income.
What is the definition of budget line in economics?
A budget line is a line showing the alternative combinations of any two goods that a consumer can afford at given prices for the goods and a given level of income.
What is the object of the study of economics?
The object of economics, according to J.S. Mill, is that sphere of man's action that is involved in the pursuit of wealth. However, Lionel Robbins supplanted this definition of economic sciences by arguing that, "Economics is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses"
State of the Economy in 1998?
INTRODUCTION TO MANAGERIAL ECONOMICS The word economics is derived from a Greek term "OCIO NOMOS" which means house management it explains how different individuals behave while managing their economics activities. Economics teaches us how a person tries to satisfy his unlimited desires with the limited resources at his disposal. In other word it teaches us how to use the available scares resources to meet our unlimited desires. Hear the question of choice comes in the need for choice arises in the context of "Scarcity". MANAGERAL ECONOMICS: Economics is concerned with determining the means of achieving given objectives in the most efficient manner. While managerial economics is the application of economic theory and private institutions. It is an extraction from economic theory, particularly micro economics those concepts and techniques which enable the decision. Makers to efficiently allocate the resources of the firm. If also enables the decision makers to understand the economic environment and the effect of changes in this on resources allocation within the organization Definition: Economics is deals with money or money oriented activities. According to M N Nair's and Meram "Managerial economics consist of the use of economic modes of thought to analyses business situations" According to Haynes "Managerial economics is economics applied in decision making". Nature & Scope of Managerial Economics:- The nature of economics can be known through its relation with micro and macro economics normative and descriptive economics, the theory of decision making operations research and static's. It is said that a successful business economist will try to integrate the concepts and methods from all the disciplines. The main focus in managerial economics is to find an optimal solution to a given managerial problem. The problem may relate to production, reduction or control of costs determination of price of a given product or service make or buy decision inventory decision. Capital management investment decision or human resource management. The economist is concerned with analysis of the economy as a whole where as the managerial economist is essentially concerned with making decision in the context of a single firm. The main areas of managerial economics Þ Demand analysis Þ Cost analysis Þ Production Þ Pricing decisions Þ Profit management Þ Capital management
Why did Rutherford started the electrons name with k why not with a?
Rutherford started the electrons name with k and not with a because the first shell name was given k and Rutherford was having a doudt if he started with a and one more electron must be there then was alphabet must be given to that elactron
What is total product in economics?
Total product in economics is all the goods and services produced by a business during a given period of time with a given amount of input.
How are grades rationed in your economics class?
There are several ways that grades may be determined in an economics class. Grades me be given on a curve or they may be given a percentage based on the work that was completed throughout the class.
Who was given credit for discovering the proton?
Ernest Rutherford is credited with the discovery of the proton.
What is economics goals?
economics goals is to know how to manage is scares resources to satisfy is numerous wants or desire at a particular given time
