Introduction: In ordinary usage, only tangible or material thing, such as books, furniture, clothes, food etc. are called good. But in economics, a “good” refers to a tangible, intangible item that satisfies human wants and
Meaning of Land: In economics, “land” refers to a factor of production that includes the natural resources found on or beneath the Earth’s surface. It includes everything from fertile soil, forests, minerals, and water to
Meaning of Labour: Features and Types of labor are the important part of the topic labor. But before to this we under stand the meaning. In economics, “labor” refers to human effort, both physical and
Meaning of Supply: Features of supply is the important concept of the question but we also study the meaning of supply. In economics, “supply” refers to the quantity of a good or service that producers
Meaning of Production. In economics, “production” refers to the process of converting inputs (such as labor, raw materials, and capital) into output (goods and services) that can be consumed or used to satisfy human wants
Meaning of Economic laws: Economic laws are principles or generalizations that describe the tendencies, relationships, and patterns observed in economic phenomena. These laws are derived from empirical observations, data analysis, and theoretical models. They provide
Meaning of Assumption: In the context of various fields, including economics, science, and modeling, “assumptions” refer to the conditions or premises that are taken to be true or accepted as the basis for reasoning, analysis,
Meaning of Demand. In economics, “demand” refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a specific period. It represents the relationship between
Meaning of Want: In economics, a “want” refers to the desire or wish for goods and services that can satisfy human needs. Wants are essentially the specific ways in which individuals express their broader needs.
Meaning of utility: The concept of Utility was introduced in economics by Prof. William Stanley Jevons, an English economist. According to him utility is the quality possessed by an object of producing pleasure or preventing
