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It study Human behaviour "wants and scarcity"

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Blaise Durgan

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4y ago

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Why is lord robbins definition the most acceptable definition of economics?

It study Human behaviour "wants and scarcity"


Who discovered economics?

Lord Robbin


What was an economic reason for the institution of serfdom?

The answer differs depending on political and economic thought. Austrian economist would point out Nobel prize winner Frederick Hayek's work The Road to Serfdom. The main reason is the threat of force from others. In exchange for some security people take on the oppression of the lord. The Ludwig von Mises Institute has many free articles on the subject of economics and the relationship it has with economics.


Supply-side economics means?

Very basically supply-side economics is a view on the economy which differs from the norm i.e. Keynesian economics. The differences are complicated and numerous but one key one is the aggregate supply cure, that is that Keynes (lord john maynard keynes) drew the LRAS curve as a horizontal line with a curve upwards at the end (i.e full employment) that is that to achieve full employment inflation will be caused the closer you get. Where as supply-side economists such as Friedman draw the LRAS curve as perfectly inelastic (i.e. vertical) as they believe that the current level of employment is always the maximum as the unemployed are voluntarily unemployed because they are unwilling to work for a low enough wage. There are numerous other differences and the one i have briefly tried to outline is a very brief and just a small insight into the differences.


What are the scope of business economics?

Scope of Business Economics: 1. Consumer analysis focusing on demand 2. Production analysis 3. Equilibrium analysis focusing cost and revenue 4. Structure of markets and its imperfection 5. Pricing of products and services 6. Capital and profit management.