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Various definitions of economics , finance. educational informations. Characteristics of definitions and criticism. Laws of various concept of economics. Educational informations for students. Specially for the students of management faculty.

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May 18, 2021

Adam Smith Definition of Economics

August 14, 2020

Adam Smith's definition of Economics... Adam Smith, founder of modern economics and the leader of classical economists developed economics as a separate social science. So he is regarded as a father of Modern Economics. He wrote a book on the subject named " An Enquiry into the Nature and Causes of the Wealth of the Nations " which was published in 1776AD. This book is regarded as the holy book of economics and popularly know as'The Wealth of Nations'. The name of the book is itself sufficient to understand what economics is and the subject matter does it cover. According to him, economics is the study of the nature and causes of the wealth of the nation and it is concerned with production and increase of nation's wealth. The term wealth means sufficient money resources. This definition was supported by various classical economists like J. B. Say, J. S. Mill, F. A Walker, David Ricardo, Thomas Robert Mathus...

What is macroeconomics? Explain its uses/importance.

August 20, 2020

Macroeconomics... The term 'macro' seems to have derived from Greek word 'makros' meaning large. So macroeconomics is concerned with the economic activities as a whole. It studies the situation and performance of aggregate and sub aggregate variables of the whole economy like national income, general price level, total employment, total investment, inflation, deflation etc. Therefore, it's also called aggregate economics. It analyzes and establishes functional relationship between these aggregates and sub aggregates variables. It has the objective of studying policies, principles and problems relating full employment and growth of resources. According to K. E Boulding "Macroeconomics deals not with individual quantities but with aggregate of these quantities, not with individual incomes but with national income, not with individual prices but with price level, not with individual output but with national output". It tries to explain how country's...

Law of demand with its criticisms.

August 30, 2020

Law of Demand... It is one of the most well-known and most applied theory in microeconomics. It is the basis of consumption, production, exchange and distribution of goods and services. It was first introduced and developed by Alfred Marshall in his book “Principles of Economics” published in 1890 AD. It is based on functional relationship between price and quantity demanded for a particular commodity i.e Qdx=F(Px). According to this law, when price of a commodity decreases, quantity demanded for the commodity increases and vice versa, if other factors remaining the same. It means there is inverse relationship between price and quantity demanded for a particular commodity. According to Alfred Marshall, “The amount demanded increases with a fall in price and decreases with a rise in price, other things being equal . “ Assumptions of Law of Demand : The law of demand is based on several assumptions which may or may not be true in real life. Some of them are as ...

Comparison between the Marshall and Robbins definition of economics...

August 17, 2020

Marshall defined economics as a science of material welfare. It emphasized on human welfare through the attainment and use of the material requisites of well-being. On the other hand, Robbins's definition of economics as a science of scarcity and choice emphasized on maximum satisfaction while satisfying unlimited wants through limited means which have alternative uses. From intensive analysis of these two definitions, we find the following similarities and dis-similarities:- Similarities..... 1. Study of human efforts : Both Marshall and Robbins considered economics as the study of human behavior or efforts for the material welfare of human beings or maximum satisfaction of human beings. 2 . Study of rational man: Both definitions are based on the assumption of rational man. The function of attaining and using material things for welfare of human beings in Marshall's definition and maximizing satisfaction through the scarce resources in Robbins's definition can be ach...

Why Robbins's definition is superior than other definitions?

August 17, 2020

Economics is a dynamic and social science. Various economists defined it in their own way in different period of time. Each definition has its own importance and features. So we can't criticize them relatively. Although Adam Smith's wealth definition criticised dismal science, it had played an important role in prosperity of various countries of Europe and America. Later, Alfred Marshall redefined economics as a science of material welfare. He claimed that wealth is for the benefit of mankind and mankind is not for the wealth. In 1932 AD, modern economics professor Robbins defined economics as a science of scarcity and choice. Robbins's definition is regarded as logical, scientific and superior than other definitions of economics due to following reasons:- 1. Scientific definition : Robbins's definition is more scientific than earlier definitions. It doesn't classify human activities into material- non material, economic- non economic, social- non social and so on....

Adam Smith Definition of Economics

August 14, 2020

Adam Smith's definition of Economics... Adam Smith, founder of modern economics and the leader of classical economists developed economics as a separate social science. So he is regarded as a father of Modern Economics. He wrote a book on the subject named " An Enquiry into the Nature and Causes of the Wealth of the Nations " which was published in 1776AD. This book is regarded as the holy book of economics and popularly know as'The Wealth of Nations'. The name of the book is itself sufficient to understand what economics is and the subject matter does it cover. According to him, economics is the study of the nature and causes of the wealth of the nation and it is concerned with production and increase of nation's wealth. The term wealth means sufficient money resources. This definition was supported by various classical economists like J. B. Say, J. S. Mill, F. A Walker, David Ricardo, Thomas Robert Mathus...

What is macroeconomics? Explain its uses/importance.

August 20, 2020

Macroeconomics... The term 'macro' seems to have derived from Greek word 'makros' meaning large. So macroeconomics is concerned with the economic activities as a whole. It studies the situation and performance of aggregate and sub aggregate variables of the whole economy like national income, general price level, total employment, total investment, inflation, deflation etc. Therefore, it's also called aggregate economics. It analyzes and establishes functional relationship between these aggregates and sub aggregates variables. It has the objective of studying policies, principles and problems relating full employment and growth of resources. According to K. E Boulding "Macroeconomics deals not with individual quantities but with aggregate of these quantities, not with individual incomes but with national income, not with individual prices but with price level, not with individual output but with national output". It tries to explain how country's...

Law of demand with its criticisms.

August 30, 2020

Law of Demand... It is one of the most well-known and most applied theory in microeconomics. It is the basis of consumption, production, exchange and distribution of goods and services. It was first introduced and developed by Alfred Marshall in his book “Principles of Economics” published in 1890 AD. It is based on functional relationship between price and quantity demanded for a particular commodity i.e Qdx=F(Px). According to this law, when price of a commodity decreases, quantity demanded for the commodity increases and vice versa, if other factors remaining the same. It means there is inverse relationship between price and quantity demanded for a particular commodity. According to Alfred Marshall, “The amount demanded increases with a fall in price and decreases with a rise in price, other things being equal . “ Assumptions of Law of Demand : The law of demand is based on several assumptions which may or may not be true in real life. Some of them are as ...

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Adam Smith Definition of Economics

August 14, 2020

Adam Smith's definition of Economics... Adam Smith, founder of modern economics and the leader of classical economists developed economics as a separate social science. So he is regarded as a father of Modern Economics. He wrote a book on the subject named " An Enquiry into the Nature and Causes of the Wealth of the Nations " which was published in 1776AD. This book is regarded as the holy book of economics and popularly know as'The Wealth of Nations'. The name of the book is itself sufficient to understand what economics is and the subject matter does it cover. According to him, economics is the study of the nature and causes of the wealth of the nation and it is concerned with production and increase of nation's wealth. The term wealth means sufficient money resources. This definition was supported by various classical economists like J. B. Say, J. S. Mill, F. A Walker, David Ricardo, Thomas Robert Mathus...

What is macroeconomics? Explain its uses/importance.

August 20, 2020

Macroeconomics... The term 'macro' seems to have derived from Greek word 'makros' meaning large. So macroeconomics is concerned with the economic activities as a whole. It studies the situation and performance of aggregate and sub aggregate variables of the whole economy like national income, general price level, total employment, total investment, inflation, deflation etc. Therefore, it's also called aggregate economics. It analyzes and establishes functional relationship between these aggregates and sub aggregates variables. It has the objective of studying policies, principles and problems relating full employment and growth of resources. According to K. E Boulding "Macroeconomics deals not with individual quantities but with aggregate of these quantities, not with individual incomes but with national income, not with individual prices but with price level, not with individual output but with national output". It tries to explain how country's...

Law of demand with its criticisms.

August 30, 2020

Law of Demand... It is one of the most well-known and most applied theory in microeconomics. It is the basis of consumption, production, exchange and distribution of goods and services. It was first introduced and developed by Alfred Marshall in his book “Principles of Economics” published in 1890 AD. It is based on functional relationship between price and quantity demanded for a particular commodity i.e Qdx=F(Px). According to this law, when price of a commodity decreases, quantity demanded for the commodity increases and vice versa, if other factors remaining the same. It means there is inverse relationship between price and quantity demanded for a particular commodity. According to Alfred Marshall, “The amount demanded increases with a fall in price and decreases with a rise in price, other things being equal . “ Assumptions of Law of Demand : The law of demand is based on several assumptions which may or may not be true in real life. Some of them are as ...

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#difference between shift in demand curve and movement along demand curve.
#factors causing shift in demand curve.
#movement along demand curve
#shift in demand curve
Adam Smith's definition of economics
advantage of inflation
agents of production
aggregate economics importance of macroeconomics
basic economic problem scarcity and choice
benefits of inflation

Bird's eye view analysis
cause of inflation
causes of downward sloping of demand curve
criticisms/limitations/weakness
definition of factors of production
Definition of inflation
Definition of macroeconomics
Derivation of individual demand curve
derivation of market demand curve.
disadvantage of inflation
Economic circle
effect of inflation
essay on inflation
exceptions/limitations/criticisms of law of supply
feature and criticism of Adam Smith's definition of economics i.e wealth definition
features and characteristics of labour
features and characteristics of land as a factor of production
Features and criticism of Robbins definition of economics
first bike of nepal
first e-bike of nepal yarti of nepal
garde 11 economics note
Grade 11 economics
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importance of macroeconomics
importance of microeconomics
inputs of production
key areas of macroeconomics
Law of demand
Law of supply
macroeconomics
macroeconomics definition
Major features of Robbins definition of economics
Material welfare definition of Marshall
Material welfare definition of Marshall features and criticism of Marshall's definition of economics
Meaning and definition of demand with its various types.
Meaning and definition of economic development.
Meaning and features/characteristics of capital as a factor of production
Meaning and types of goods with example
meaning of active factor of production
Meaning of allocation of resources
Meaning of capital as a factor of production with features and characteristics
meaning of capitalism system
meaning of demand function
Meaning of factors of production
meaning of free market economy
meaning of inflation
Meaning of labour as a factor of production
Meaning of land as a factor of production
Meaning of macroeconomics
Meaning of market economy
Meaning of market equilibrium.
Meaning of opportunity cost
Meaning of production possibility curve
Meaning of scarcity and choice
Meaning of sole trading/individual enterprise/business with features and characteristics
Meaning of supply
meaning of various types of goods with example
note on inflation
Notes on wealth definition of economics
Positive and normative economics
PPC curve also called transformation curve
process of allocation of resources
reason of why demand increases when price decreases
Robbins's definition of economics is superior than other definitions
Scarcity and choice definition of economics by Robbins
Shift in production possibility curve
short note on macroeconomics
short note on scarcity and choice
Similarities and differences of Marshall and Robbins definition
Subject matter of economics
supply function
The wealth of nation
upward and downward shift in production possibility curve
various determining factors or determinants of supply
What are the various determinants of demand?
what are the various determining factors of demand?
What is price theory and it's importance
What's microeconomics?