Posts by Nirmal Tiwari

Micro Economics: Derived from the Greek word ‘Mikros’ which means small. It is the branch of economics that deals with the individual economic units such as individual consumer, individual firm/seller,…

The methodology of economic analysis is broadly classified into two categories: one attempts to describe the reality (Positive Economics) and other uses value judgement ( Normative Economics)............

Organization organizes other factors of production, bring them together, manages and coordinates them to produce goods, and takes risks to earn profit. Organization may be of different types such as…

Capital refers to man made things which are used for further production of wealth or goods and services. Capital includes Machines, tools, buildings, vehicles, money (Note: Money is included in…

Labor refers to the physical and metal efforts of human beings with the objective of earning income. Features: Active factor of production: labour is an active factor of production. Labour…

Land: land refers to all natural resources which are free gift of nature. It includes soil, rivers, waters, forests, mountains, mines, deserts, air, sun etc. Features/characteristics of land: Limited in…

Both the definition consider economics as a social science dealing with human activities.......

Lionel Robbins defines economics in terms of scarcity and choices. Scarcity refers to limited resources or scarce resources at our disposal. But the human wants and needs are unlimited and…

The welfare definition of economics was given by the leader of Neo-classical economists Alfred Marshall. He published the book “principle of Economics” in 1890 AD and defined economics in terms…

Wealth definition of economics is given by Adam Smith. Adam Smith published a book entitled ‘ An Enquiry into the Nature and Causes of Wealth of Nations’ in 1776- popularly…