TU BBA/BBM/BBS Economics Note

Relationship between Concepts of National Income at Market Price and Factor Cost

Leave a Comment / Macroeconomics, Study Materials /

After discussing several key concepts of national income at market price as well as at factor cost, in this article, we attempt to establish the relationship between concepts of national income at market price and factor cost. As we know that various concepts of national income can be measured in terms of market price as […]

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Meaning and Features of National Income

2 Comments / Macroeconomics, Study Materials /

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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Basic Terminologies of National Income

Leave a Comment / Macroeconomics, Study Materials /

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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Major Properties of the Cobb-Douglas Production Function

7 Comments / Microeconomics, Study Materials /

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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Allocation of Resources

1 Comment / Basic Economics, Study Materials /

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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