Meaning of National Income In this article, we explain the meaning and features of national income. You will know what national income actually is and what it measures. Meaning and Features of National Income The human resources of a nation combinedly working with capital and natural resources produce annually various quantities of goods and services. […]
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The key terminologies/(basic terminologies of National Income) related to national income are briefly explained below. Domestic Territory of a Country United Nations states that economic or domestic territory is the geographical territory, governed by a government within which, individuals, goods, and capital distribute freely. It includes the following geographic or electoral boundaries: Normal Residents of
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Introduction The economy is a system in which all the economic agents are interdependently working and doing their respective economic activities. It means consumers are involved in buying goods and services, producers are producing and selling goods and services, and the government is there to become part of such transactions, as well as for control
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In this article, we explain the major properties of the Cobb-Douglas production function Introduction to Cobb Douglas Production Function The Cobb-Douglas production function is an empirical production function developed by Charles W. Cobb (American Mathematician) and Paul H. Douglas (American Economist) based on empirical studies of various manufacturing industries of the USA. This production function
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Meaning of Stock Variables A stock can be defined as an amount determined at a particular point in time. On August 1, 2020, there may be Rs. 20,000 in your bank account. On August 10, 2020, there may be Rs. 25,000 in your bank account. All such values are stock values, as these are measured
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The Bachelor of Business Administration (BBA) is a special program of Tribhuvan University in the semester system which consists of eight semesters. The student will have to go through the various core and optional papers along with internship and report writing. BBA provides a fundamental education in business and management principles allowing students to specialize
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Introduction The term equilibrium in the ordinary sense is a state of balance. It indicates the case in which the forces working in the opposite directions are in the position of balance. Equilibrium condition refers to the state from where there is no tendency to change until there is a change in the forces influencing
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Resource allocation plays a vital role in solving economic optimization problems. The productive resources like land, labor, capital, equipment, technology, etc. are inadequately available. Due to the inadequate availability of resources, the issue of resource allocation becomes serious. Resource allocation can be defined as the distribution of resources (human, financial, and natural resources) for various
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Concept and Meaning of Opportunicty Cost The problem of scarcity and choice gives birth to the concept of opportunity cost. It means the concept of scarcity and choice is also related to the economic problems of scarcity and choice. Resources are scarce and at the same time, they can be put into alternative uses. Therefore,
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Scarcity and Choice: The Emergence of Economic Problems Scarcity The wants of human beings are limitless and resources to fulfill them are limited. It is a fact that the total quantity of products that can be produced by applying the productive resources of an economy is insufficient to satisfy all the needs and wants of
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