Factors Influencing Elasticity of Demand
Factors Influencing Elasticity of Demand There are many factors on which the elasticity of demand depends. These factors influence the elasticity of demand of a commodity either individually or …
Category: Micro Economics
Measures to Promote Small Scale Industries in India
Measures to Promote Small Scale Industries in India Small Scale Industries have contributed a lot for the development of the economy of India. Still SSI face problems due to …
Advantages and Disadvantages of Socialistic Economy
Advantages of Socialistic Economy The following are some of the advantages of Socialistic Economy. 1. Best Utilization of Resources Socialistic economy can bring about efficient and best utilization of …
Defects or Wastes of Monopolistic Competition
Defects or Wastes of Monopolistic Competition The many defects of monopolistic or imperfect competition are referred to as wastes of competition. Five kinds of wastes or defects are enumerated. …
Deductive & Inductive Methods of Economic Analysis | Merits | Demerits
Methods of Economic Analysis Like any other science, Economics adopts two important methods in its investigations and formulation of laws and principles. The two methods are Deductive Methods and …
Limitations of Consumer’s Sovereignty
Limitations of Consumer’s Sovereignty Is consumer really an-undisputed ‘monarch’ in a capitalistic economy? Are there any limitations to his powers? To what extent can this consumer-king extend his authority …
Capitalistic System | Meaning | Features of Capitalistic Economy
Meaning of Capitalistic System Capitalism stands for an economic order in which the instruments of production (Land, Labour, Capital and Organization) are owned and controlled privately and production takes …
Nominal Wage | Real Wage | Meaning | Factors determining Real Wage
What is a Nominal Wage? Nominal Wages refer to the wages paid in terms of money. This can be called money wages. The remuneration received by labour in cash …
Speculation | Meaning | Kinds | Genesis | Speculation Proper
What is Speculation? By speculation is meant the purchase or sale of anything in the hope of profit from anticipated change in price. The essence of speculation lies in …
Role and Significance of Elasticity of Demand
Role and Significance of Elasticity of Demand The concept of Elasticity of demand has significant role to play in economic theory and practice and we shall study the importance …