Explain the precautions in the estimation of national income.
INTRODUCTION: The estimation of national income refers to the process of calculating the total economic output of a country over a specific period, usually a…
What is Macro economics? explain the merits and demerits.
Meaning: Macro economics is that branch of economics which deals with the study of aggregate or average behavior of the entire economy. In it we…
Explain the Subsistence theory of wages.
Introduction: The subsistence theory of wages originated by the French economist in the 18th century and was developed by Adam Smith. It received the support…
Write a note on Risk bearing theory and Uncertainty theory of profit?
Risk bearing theory of profit: This Theory of risk bearing was put forwarded by American economist professor Bernard Hawley in 1907 according to him profit…
Write a note on loanable funds theory.
Introduction: According to classical economist the rate of interest is the price paid for the use of capital. Loanable funds theory is an improved from…
Explain the concept of Quasi rent.
The concept of quasi rent was first introduced by Marshall. He explained that besides land, other factors also get rent the only difference is that…
Explain the Marginal productivity theory of wages.
Introduction: The Marginal Productivity Theory of Wages is an economic theory that explains how wages are determined in a competitive labor market. The theory is…
Explain the modern theory of rent?
Introduction: Ricardo was of the opinion that rent arises due to differences in the fertility of land but the modern economist do not agree with…
ECNOMICS-1 PRINCIPLES OF ECONOMICS.
MODEL ANSWER PAPER UNIT- 1 Q. 1. Critically explain the wealth definition of economics? The wealth definition is the fundamental definition of economics. The economics…
Explain the cost concepts under short-run and a long-run.
Meaning: In general terms cost refers to an amount to be paid or given up for acquiring any resources or services. in economics, cost can…
