Showing posts with the label FUNDAMENTAL OF ECONOMICSShow all
FUNDAMENTAL OF ECONOMICS
Robbins's Definition of Economics | Merits and Demerits
The most accepted definition of economics was given by Lord Robbins in 1932 in his book "An Essay on the Nature and Significant of Economics Sc…
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FUNDAMENTAL OF ECONOMICS
Production Possibility Frontier; with graphical explanation
Definition: "A production possibility frontier is a curve which shows various combinations of set of two goods which can be produced with the gi…
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FUNDAMENTAL OF ECONOMICS
Definition of cardinal approach and ordinal approach
Definition of Cardinal Approach/Utility The notion of cardinal approach was formulated Neo-Classical Economist Alfred Marshal and his followers who h…
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