Basic Economics

Allocation of Resources

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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Difference between Microeconomics and Macroeconomics

The subject matter of economics is broadly divided into two branches, namely microeconomics and macroeconomics. Microeconomics and macroeconomics have become household worlds today. Microeconomic and macroeconomic analysis is now considered two important approaches to economic analysis. Microeconomics The prefix ‘micro’ is originated from the Greek word ‘mikros’, meaning small. It is the study of the …

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