marginal analysis

Practical Importance of Marginal Analysis.

I have already noted that the margin is a very important concept in economics. It is at the margin choices are made. This marginal...
concept of margin

CONCEPT OF MARGIN

“Margin” is a very important concept in economics. The living Webster Encyclopedic dictionary of the English Language defines the word “margin” as “a border...
meaning of economics

MEANING OF ECONOMICS

People have defined economics in many ways since publication of Adam Smith’s inquiry into the nature and causes of the wealth of Nations,in 1776....
concept of utility

CONCEPT OF UTILITY

The capacity of a good to give satisfaction is called “utility”In other words,utility is the satisfaction which a consumer derives from using a commodity...
theory of consumer behavior

THE THEORY OF CONSUMER BEHAVIOR.

In order to understand the workings of the consumer goods market,we must study the behavior of the individual consumer. We are all consumers and...
concept of choice

CONCEPT OF CHOICE

Since we cannot satisfy all our wants because of scarce resources,we must choose among the options that are available to us.Choice means the distribution...
concept of scarcity

CONCEPT OF SCARCITY

Scarcity is one of the most important elements in economics.It forms the core of the economic problem.By definition,scarcity means the inability of human beings...
scope of economics

NATURAL AND SCOPE OF ECONOMICS

Economics is a social science.Otther social sciences include Political Science,Sociology,Anthropology,Psychology,  Philosophy and Religion.Economics studies a Particular aspect of social or human behavior,namely;the act of...
concept of economics

MEANING AND BASIC CONCEPTS OF ECONOMICS

It is necessary for the beginner in the study of economics to know the meaning or definition of the subject, and to know some...
structure of atom

NATURAL OF ELECTRICITY

Conductors and inslulators The ultimate particles from wich any substance is made are called atoms. Some substance, called elements, contain only one sort of atom...