Study Materials

Meaning of National Income In this article, we explain the meaning and features of national income. You will know what ...

The key terminologies/(basic terminologies of National Income) related to national income are briefly explained below. Domestic Territory of a Country ...

Introduction The economy is a system in which all the economic agents are interdependently working and doing their respective economic ...

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

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

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

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

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

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

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

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

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

Introduction The law of variable proportion is a widely observed law of production that takes place in the short run ...

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

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

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

Concept of Cardinal Utility: Total Utility and Marginal Utility In this article 'total Utility, marginal Utility, and their relationship', we ...

Meaning of the Production Function The technical process that links inputs to the output of a good is known as ...

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

Meaning of Capital Formation All the man-made factors used in further production are known as capital. Capital formation (the process ...