What is Demand in Economics? Demand in Economics is an economic principle that can be defined as the quantity of a product that a consumer desires to purchase goods and services at …
What is Demand in Economics? Demand in Economics is an economic principle that can be defined as the quantity of a product that a consumer desires to purchase goods and services at …
Supply chain Management (SCM) refers to the management of key business processes which are related to the product flow and conversion of goods from the raw material to the goods …
What is Economics? Economics is that branch of social science that is concerned with the study of how individuals, households, firms, industries, and government take decisions relating to the allocation …
What is Supply in Economics? ? Supply is an economic principle that can be defined as the quantity of a product that a seller is willing to offer in the market …
What is Niche Market? A niche market is a subset of a market on which a particular product or service is focused. The market subset is usually based on five different …
The trade cycle, a dynamic economic phenomenon, involves recurring patterns of expansion and contraction, influencing business cycles. Explore its meaning, features, and types for comprehensive insights. What is Trade Cycle …
In this article, you’ll learn about 4 Phases of Business Cycle in Economics. 4 Phases of Business Cycle Business Cycle (or Trade Cycle) is divided into the following four phases Prosperity …
FAQ
Frequently Asked Questions
Economics is a social science that focuses on the production, distribution, and consumption of goods and services. The study of economics is primarily concerned with analyzing the choices that individuals, businesses, governments, and nations make to allocate limited resources.
In the 20th century, English economist Lionel Robbins defined economics as “the science which studies human behaviour as a relationship between (given) ends and scarce means which have alternative uses.” In other words, Robbins said that economics is the science of economizing.
Studying economics gives students an insight into how political decisions and the wider world are influenced by the abundance or scarcity of resources.
There are two main branches of economics, microeconomics, and macroeconomics. Microeconomics deals with the behavior of individual households and firms and how that behavior is influenced by government. Macroeconomics is concerned with economy-wide factors such as inflation, unemployment, and overall economic growth.
Each economy functions based on a unique set of conditions and assumptions. Economic systems can be categorized into four main types: traditional economies, command economies, mixed economies, and market economies.
PV Narasimha Rao is referred to as the “father” of Indian Economics for the introduction of the free market reforms during his tenure.
Economics is regarded as a social science; it studies how people in an economy employ the already scarce resources with or without using money.