DEFINITION OF MACROECONOMICS:

DEFINITION OF MACROECONOMICS: In 1933, Swedish economist Professor Ragnar Frisch primary applied and invented the particular key phrase ‘macro’. The phrase macroeconomics hails from the Ancient Greek expression  “makros”, which means large,  big, huge, significant, substantial. Macroeconomics is among the significant subdivisions from the review of economics.Macroeconomics is the review of economics including phenomena in […]

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Production Theory

Production Theory PRODUCTION: Production is usually a method through which useful resource and power tend to be combined in the production area, actually a combination of raw materials and important ingredients and create services or products through these. Production objective is to combine various component and its particular implement. As an illustration, a farmer possesses […]

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1st Nobel winner Jan Tinbergen

The Dutch economist Jan Tinbergen (1903–1994) gave several theories about economics and obtained  the Nobel Memorial Prize (awarded along with Ragnar Frisch) regarding “having developed and applied dynamic models for the analysis of economic processes” On April 12, 1903, the Dutch economist Jan Tinbergen was in The Hague, Netherlands. In 1921, Tinbergen completed his university […]

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IMPORTANCE AND LIMITATION OF MICROECONOMICS

IMPORTANCE OF MICROECONOMICS Ahead of Keynesian innovation, the entire body regarding economics mainly contained micro economics. The actual traditional economics as well as the neo-classical economics belonged for the domain regarding micro economics. The importance and also uses regarding microeconomics with brief usually are seeing that under: Microeconomics is essential to know the actual functioning […]

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METHODOLOGY OF ECONOMICS

Methodology of Economics

METHODOLOGY OF ECONOMICS The actual methodology of economics issues the actual guidelines underlying financial argumentation.You’ll find two approaches to thinking about theoretical economics. There’re the actual deductive along with inductive approaches. DEDUCTIVE METHOD: Deduction suggests reasons or inference on the general towards certain or on the wide-spread towards a particular person.This consists of the procedure […]

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