Explain the properties of Land and Labor?
Meaning of Land: The term land mean the surface of the earth of soil in ordinary term .but in economic the term lands means not only soil but also all other natural resources available to
Explain the Economies of Scale.
Meaning of Economies of Scale: Economies of scale refer to the cost advantages that a business or organization can achieve as a result of an increase in the scale of production or size of operations.
Write a note on Production Function.
Meaning of production function: The term production means transformation of physical inputs in to physical outputs. The term inputs refers to all those things which are required by the firm to produce a particular product.
What is Production? Explain the importance of Production?
Meaning: Production is one of the most important activities in the circle of economic activity. production is the process of changing the form of input or adding utility to the goods. A producer need not
Define Profit? Explain the Innovation theory of Profit?
Meaning: Profit refers to the financial gain or benefit that an individual or business receives from an investment, business operation, or entrepreneurial activity. It is one of the key motivations for engaging in economic activities
Explain the Loanable Funds theory of Interest?
Introduction: Loanable funds theory of interest is an extension of the classical theory of interest the theory was formulated by a Swedish economist wick sell. Later on professor Robertson, Ohlin and others have redefined it.
What is Wage Differentials? Explain the causes of Wage Differentials?
Meaning: The term wage differential refers to the wage differences which exist between different occupations or different individuals in the same occupation. For example a film star may earn RS 2cr a year which a
Explain the concept of Quasi Rent.
Meaning: 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 rent may accrue to land in the long run
Briefly explain the Ricardian theory of Rent?
Introduction: In the ordinary language, the term rent means any periodical payment made by a person for the privilege of using an asset belonging to someone else. It denotes a payment made for the hiring
Explain the Marginal Productivity theory of Distribution?
Introduction: The concept of marginal productivity theory is the heart of this theory of distribution. David Ricardo and Edward west first developed this concept, later on economists like JB Clark, Jevons, wick steed, Walrus, marshal