Introduction: Say’s law of market is the foundation theory of classical economics. Assumptions of full employment as a normal condition of a free market economy are justified by classical economics by a law known as
Meaning: In economics, an indifference curve represents a graphical representation of combinations of two goods that provide a consumer with equal levels of satisfaction or utility. Indifference curves are used in microeconomics to illustrate consumer
Meaning: The difference between micro and macro economics is huge. Microeconomics is a branch of economics that focuses on the behavior and interactions of individual economic units, such as households, firms, and industries, and their
Introduction: In economic theory, the law of variable proportion occupies an vital place. It is one of the fundamental laws of production. The law of variable proportion is the new name for the well known”
