class 11 economics note

Concept of Short-Run and Long-Run

In economics short-run and long-run do not reflect any time period like the concept of short-term and long-term. Economists connect the word short-run as well as long-run or the concept of short-run and long-run with the ability of producers to adjust different factors of production while producing goods and services. Thus, the concept of short-run …

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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 try to explain the meaning of total utility, marginal utility, and the relationship between marginal utility and total utility In economics, the term utility refers to ‘the pleasure or satisfaction that individuals get from their …

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Characteristics of Developing Countries

The countries in which the process of development has started but is not completed, have a developing phase of different economic aspects or dimensions like per capita income or GDP per capita, human development index (HDI), living standards, fulfillment of basic needs, and so on. The UN identifies developing countries as a country with a …

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