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Define Micro economics and explain their merits and demerits?
microeconomics seeks to explain the working of individual prices, wages, particular industries. merits of microeconomics: 1. formulating economics policies and scare resource of the country 2. achieve maximum output with minimum input.
What is positive economics and negative economics?
Positive economics deals with objective analysis and factual statements about economic phenomena, focusing on what is or what will be based on evidence and data. It seeks to describe and explain economic behavior without making value judgments. In contrast, normative economics involves subjective opinions and value-based statements about what ought to be, addressing questions of fairness, equity, and policy recommendations. Together, these two branches help to understand both the functioning of economies and the ethical implications of economic choices.
What are different kinds of economics?
Economics is one social science among several but has fields bordering on other areas, including economic geography, economic history, public choice, cultural economics, and institutional economics. One division of the subject distinguishes two types of economics. Positive economics ("what is") seeks to explain economic phenomena or behavior. Normative economics ("what ought to be," usually as to public policy) prioritizes choices and actions by some set of criteria; such priorities reflect value judgments, including selection of the criteria. Another distinction is between mainstream economics and heterodox economics. One broad characterization describes mainstream economics as dealing with the "rationality-individualism-equilibrium nexus" and heterodox economics as defined by a "institutions-history-social structure nexus." Areas of economics may be classified in various ways, but an economy is usually analyzed by use of microeconomics or macroeconom. Economics as an academic subject often uses geometric methods, in addition to literary methods. Other general mathematical and quantitative methods are also often used for rigorous analysis of the economy or areas within economics. Such methods include the following.mathematical economics. econometrics. national accounting. Some selected field of economics ::agricultural economics. economic growth and development economics. economic system. environmental economics. financial economics. game theory.industrial organisation. information economics.international trade and finance. labour economics.law and economics. public finance. manegarial economics. welfare economics.
Why is the idea of scarcity a starting point thinking economically?
Economics seeks to solve the scarcity problem, which exists because resources are limited whereas needs and wants are unlimited.
What do you mean by managerial economics and what is science?
Managerial economics applies economic theory and methods to business and administrative decision making. Managerial economics prescribes rules for improving managerial decisions. Managerial economics also helps managers recognize how economic forces affect organizations and describes the economic consequences of managerial behavior. It links traditional economics with the decision sciences to develop vital tools for managerial decision making. This process is illustrated in Figure 1.1. Managerial economics identifies ways to efficiently achieve goals. For example, suppose a small business seeks rapid growth to reach a size that permits efficient use of national media advertising. Managerial economics can be used to identify pricing and production strategies to help meet this short-run objective quickly and effectively
Define Micro economics and explain their merits and demerits?
microeconomics seeks to explain the working of individual prices, wages, particular industries. merits of microeconomics: 1. formulating economics policies and scare resource of the country 2. achieve maximum output with minimum input.
What is positive economics and negative economics?
Positive economics deals with objective analysis and factual statements about economic phenomena, focusing on what is or what will be based on evidence and data. It seeks to describe and explain economic behavior without making value judgments. In contrast, normative economics involves subjective opinions and value-based statements about what ought to be, addressing questions of fairness, equity, and policy recommendations. Together, these two branches help to understand both the functioning of economies and the ethical implications of economic choices.
What is a quatitavive question?
The key word in the question is quatitavive. This is too close to two possible alternatives: quantitative and qualitative. A quantitative question seeks information in numerical form, a qualitative question seeks information which is descriptive but not numerical.
What is one question religion seeks to answer?
The purpose of life
if a question seeks an explanation is it rhetorical?
No. A rhetorical question is asked only for effect and no answer is expected.
Is fascism liberal?
NO. Fascism specifically seeks to restrict the individual rights and liberties which form the basis of liberal policy.
What is the question socialism attempts to answer?
The key question that Socialism seeks to answer is: Who should be in control of the industrial means of production, such as factories? Socialism seeks to answer this question by arguing that the population as whole, represented by committees, should own the means of production and not individual capitalists.
What document sets the grounds for the court's jurisdiction basis of the case and the relief that the plaintiff seeks?
what web site d.h.s. case
What is an accelerating universe?
An accelerating universe is a theory which describes and seeks to explain the increasing rate of the expansion of the universe.
What is accelerating universe?
An accelerating universe is a theory which describes and seeks to explain the increasing rate of the expansion of the universe.
What are different kinds of economics?
Economics is one social science among several but has fields bordering on other areas, including economic geography, economic history, public choice, cultural economics, and institutional economics. One division of the subject distinguishes two types of economics. Positive economics ("what is") seeks to explain economic phenomena or behavior. Normative economics ("what ought to be," usually as to public policy) prioritizes choices and actions by some set of criteria; such priorities reflect value judgments, including selection of the criteria. Another distinction is between mainstream economics and heterodox economics. One broad characterization describes mainstream economics as dealing with the "rationality-individualism-equilibrium nexus" and heterodox economics as defined by a "institutions-history-social structure nexus." Areas of economics may be classified in various ways, but an economy is usually analyzed by use of microeconomics or macroeconom. Economics as an academic subject often uses geometric methods, in addition to literary methods. Other general mathematical and quantitative methods are also often used for rigorous analysis of the economy or areas within economics. Such methods include the following.mathematical economics. econometrics. national accounting. Some selected field of economics ::agricultural economics. economic growth and development economics. economic system. environmental economics. financial economics. game theory.industrial organisation. information economics.international trade and finance. labour economics.law and economics. public finance. manegarial economics. welfare economics.
Which scientific term is used to describe a testable model that seeks to explain natural phenomena?
A scientific term used to describe a testable model that seeks to explain natural phenomena is a scientific theory. It is formulated based on observations, experiments, and evidence to provide a thorough explanation of a particular phenomenon in nature.
