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 Consumption. In ordinary language, the term consumption means eating some food stuffs but in economics, Consumption refers to the use of goods and services by individuals or households to satisfy their wants and
Welfare definition is also called as Neo-Classical definition of economics. Alfred Marshall gave this definition in his book called Principles of Economics which was published in 1890. Alfred Marshall defined Economics as the study of
The wealth definition is the fundamental definition of economics. The economics is derived from the Greek word oikos and Nomos which means household and management .So in its original sense, economics means house hold management
Meaning of Capital: In economics, “capital” refers to the assets or resources that are used in the production of goods and services. Capital is a factor of production, alongside labor and land. It includes physical
