Study Materials

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Major Properties of the Cobb-Douglas Production Function

Major Properties of the Cobb-Douglas Production Function

In this article, we explain the major properties of the Cobb-Douglas production function Introduction to Cobb Douglas Production Function The ...
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Concept of Stock and Flow Variables

Concept of Stock and Flow Variables

Meaning of Stock Variables A stock can be defined as an amount determined at a particular point in time. On ...
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Concept of Equilibrium and Disequilibrium

Concept of Equilibrium and Disequilibrium

Introduction The term equilibrium in the ordinary sense is a state of balance. It indicates the case in which the ...
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Allocation of Resources

Allocation of Resources

Resource allocation plays a vital role in solving economic optimization problems. The productive resources like land, labor, capital, equipment, technology, ...
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Concept of Opportunity Cost

Concept of Opportunity Cost

Concept and Meaning of Opportunicty Cost The problem of scarcity and choice gives birth to the concept of opportunity cost ...
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Scarcity and Choice

Scarcity and Choice

Scarcity and Choice: The Emergence of Economic Problems Scarcity The wants of human beings are limitless and resources to fulfill ...
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Macroeconomics and Business Environment

Macroeconomics and Business Environment

This article explains the relationship between macroeconomics and the business environment Macroeconomics and Business Environment Macroeconomics is the study of ...
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Static and Dynamic Analysis of Macroeconomics

Static and Dynamic Analysis of Macroeconomics

In this article, we have explained the static and dynamic analysis of macroeconomics. Introduction to Static and Dynamic Analysis of ...
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The Laws of Returns to Scale

The Laws of Returns to Scale

Introduction The laws of returns to scale explain the input-output relationship under the condition that both the inputs (labor and ...
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Law of Variable Proportion

Law of Variable Proportion

Introduction The law of variable proportion is a widely observed law of production that takes place in the short run ...
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Factors Affecting Price Elasticity of Demand

Factors Affecting Price Elasticity of Demand

In this article, we have explained different factors affecting the price elasticity of demand The value of price elasticity of ...
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The Law of Substitution

Introduction German economist H.H. Gossen developed his second law as the law of substitution or the law of equi-marginal utility/the ...
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Law of Diminishing Marginal Utility

Law of Diminishing Marginal Utility

In this article, we tried to explain the law of diminishing marginal utility Introduction The Law of Diminishing Marginal Utility ...
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Total Utility, Marginal Utility, and their Relationship

Total Utility, Marginal Utility, and their Relationship

Concept of Cardinal Utility: Total Utility and Marginal Utility In this article 'total Utility, marginal Utility, and their relationship', we ...
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Meaning and Types of the Production Function

Meaning and Types of the Production Function

Meaning of the Production Function The technical process that links inputs to the output of a good is known as ...
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Concept of Production, Total, Average and Marginal Product

Production, Total Product(TP), Average Product(AP), and Marginal Product(MP)

Meaning of Production In economics, production means the creation of utility for sale. The act of creating utility is done ...
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Capital Formation Process

Capital Formation Process

Meaning of Capital Formation All the man-made factors used in further production are known as capital. Capital formation, therefore, refers ...
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Characteristics of Developing Countries

Characteristics of Developing Countries

The countries in which the process of development has started but not completed and having a developing phase of different ...
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Differences between Closed Economy and Open Economy

Differences between Closed Economy and Open Economy

An economy that does not involve in overseas trade is known as the closed economy and an economy having participation ...
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Introduction to open economy

Introduction to Open Economy

Meaning/Introduction to Open Economy The economy in which there is the provision of international trade or foreign trade is known ...
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