perfect competition describes the perfect being a market
in which there are many firms, all producing homogeneous
Theories of Population and development
Early economists like Adam Smith and T R Malthus stressed on the critical role of land for
economic growth. Adam Smith in his book The Wealth of Nations began with a
Macro Economics: An Introduction
Macroeconomics is the branch of economics concerned with
aggregates, such as national income, consumption, and
Dictionary of Economics
Macroeconomics as "The study of whole economic
Demand & Supply
What is Demand?
Demand is a desire backed by ability and willingness to
pay for a commodity.
The demand for anything at a given price is the amount of it
which will be bought per unit of time at that price.
Demand Curve (Law of Demand)
An Economic system is the system of production,
distribution and consumption of goods and services of an
economy. It is the set of principles and techniques by which
problems of economics are addressed, such as the economic
problem of sca
The law of demand and supply predict the direction
of changes in price and quantity in response to
various shifts in demand and supply. But often it is
not enough to know merely whether quantity rises or
falls in response to a change in price;
Production in economics is generally
understood as the transformation of inputs
into outputs. It some times defined as the
creation of utility and value.
Factors of Production
The factors of production have been traditionally
What is Economics?
Adam Smith (1723-1790) The father of economics
Book - An enquiry into the nature and causes of wealth of
it is the science of wealth or study of wealth Later JB Say and FA Walker also keeps the same
Is Economics a science?
What is a science?
A statement is scientific only if it is open to the
logical possibility of being found false. This
definition means that we evaluate scientific
statements by testing them, by comparing
them to the world about us.
Sustainable Development with population
Definition of Sustainable Development
It is the process in which people satisfy their needs and improve their quality of life in the
present while safeguarding the ability of future generations to meet their own nee