ECONOMICS the branch of knowledge concerned with the production‚ consumption‚ and transfer of wealth. the social science that studies economic activity to gain an understanding of the processes that govern the production‚ distribution and consumption of goods and services in an exchange economy. SCARCITY: THE NEED TO CHOOSE Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive
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DEPENDENCY THEORY: - Economic development theorists over the last few centuries have developed models for explaining the “undeveloped-ness” of countries in the third world countries. From Durkheim to the International Monetary Fund (IMF)‚ we have‚ time after time‚ come to witness the rise and fall of development theories and their explanations for the predicament that many poor countries face. Dependency theory has (more so than others) lasted a great deal of time in the framework of the international
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and foremost‚ both of these terms mentioned are sub-categories of economics itself. As the names of ‘micro’ and ‘macro’ imply‚ microeconomics facilitates decisions of smaller business sectors‚ and macroeconomics focuses on entire economies and industries. These two economies are mutually dependent‚ and together‚ they develop the strategy for the overall growth of an organization. They are the two most important fields in economics‚ and are necessary for the rise in the economy. Microeconomics focuses
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1. Distinguish between Micro economics and Macro economics. Microeconomics may be defined as that branch of economic analysis‚ which studies the economic behavior of the individual unit‚ maybe a person‚ a particular household‚ or a particular firm. It is a study of one particular unit rather than all the units combined together. In microeconomics‚ we study the various units of the economy‚ how they function and how they reach their equilibrium. An important tool used in that of microeconomics is
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Wheat production and scarcity Economic is a social science which focuses on human behaviors and deals with scarcity. So economist study scarce resources to satisfy unlimited human wants‚ and this definition is deals with two things 1- The scarce resources 2- Unlimited human wants Scarcity is the central of economic problem and the scarcity means the available resources are not sufficient to produce all goods and services that are wanted A society’s resources include natural endowments
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Toyota Financial Services (TFS) recently undertook a major business transition programme to in-source its back-office functions. This required that a large number of Toyota and Lexus retail finance contracts‚ together with all their associated transaction data‚ be converted from an external IBM mainframe-based system to an in-house system. The new system was based on the Lynx "Portfolio" software package using Unix and Oracle technology. ATD consultants worked closely with TFS throughout the data
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Dragon fruit Production in Palawan: An Assessment of Its Potential for Agricultural Production in Palawan Background Dragon fruit is the fruit of several cactus species. These fruit are also known as pitaya‚ native to Mexico and Central America; Growing Dragon fruit commercially is common in places like Thailand and Vietnam where the climate makes the dragon fruit conditions just right for growing dragon fruit cactus all the way successfully to fruit. There are most commonly cultivated
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Economics | | |Sr. No. |Core Areas |Percentage | |1. |Micro-Economics |15% | |2. |Marco-Economics |15% | |3. |Econometrics
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Short Essay – The idiom of co-production – The idea of StS The new civilization of postmodern age‚ which brings with it a new economy‚ new political order and a new lifestyle in the ever-accelerating flow of historical time is accompanied by our terms of radical transformation of society to overcome one-sided and narrow rational-scientific and technological world view. At present‚ technology‚ social‚ economics‚ ethics and other areas do not develop independently of each other‚ but their relationships
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What is Economics? Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods. Economics explains how people interact within markets to get what they want or accomplish certain goals. Since economics is a driving force of human interaction‚ studying it often reveals why people and governments behave in particular ways. There are two main types of economics: macroeconomics and microeconomics. Microeconomics focuses on the actions
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