What is property rights?
The ability of an individual to own and exercise control over scarce resources.
The ability of an individual to own and exercise control over scarce resources.
Market economy is an economy that allocates resources through the decentralized decisions of many firms and households as they interact in ...
The axiom of diminishing marginal utility The marginal utility of a commodity diminishes as the consumer acquires larger quantities of it....
1.Rationality 2.Consistency 3.Transivity 4.The revealed preference axiom
1.Rationality 2.Utility is Ordinal 3.Diminishing Marginal Rate Of Substitute 4.Total Utility 5.Cinsistency And Transitivity.
1.Rationality 2.Cardinal Utility 3.Constant marginal Utility of Money 4.Diminishing Marginal Utility 5.Total Utility
What is Cardinal Utility? Utility which can be measured numerically is called cardinal utility.
What is Economics? Economics is the study of how societies use scarce resources to produce and deliver the valuable goods in order to fulfi...
What is Microeconomics? Microeconomics deals with the behavior of individuals, firms and households and how they make decisions. Microecon...
What is inflation?? Inflation refers to the increase in the general price level of an economy over a period of time.A rise in the price leve...