Nirmal's Blog

It is the graphical representation that shows the maximum possible combination of two goods that an economy can produce with the full-utilization of available resources within the economy. PPC is…

An economic system where the major economic activities are conducted by the government and private sectors. Mixed economy encompasses the features of both market economy and socialist economy In this…

Also called planned economy or controlled economy Major economic activities such as production, consumption, distribution and exchange of goods and services are organized and carried out by state/government. Example: Cuba,…

It is also called capitalist economy, open economy or free enterprise economy. In market economy, all economic activities such as production, consumption, distribution, exchange etc are organized and carried out…

Process of focusing on a particular area or skill while producing goods and services is called specialization. It is the ultimate outcome of division of labor It results into the…

Dividing a whole work into different units and sub-units according to the skills, knowledge, expertise, experience of the labourer/worker is called division of labour. Read More........

A situation in which human wants and needs are in excess of the available resources is called scarcity. Economic resources are available in limited quantity and we can not satisfy…