Globalization means the economic integration of the country with the rest of the world. This involves four components: Reduction of trade barriers in the ...

The word ‘reform’ means to ‘form again’. It also means ‘to make better by making necessary changes’. For instance, we say that a very good teacher can reform ...

The Major Limitations of the Price Mechanism are as follows : The price mechanism is unable to cope with the supply of those goods or services where the ...

The sectoral composition of GDP in India has undergone substantial changes since 1950-51. The share of agriculture has declined while that of industrial and ...

The negative relationship between the price of a product and quantity demanded is referred to as the law of demand. It states that the lower the price of a ...

The Economic System of Nation is a components of economic environment. The economic system of a particular nation exhibits its economic concept, economic ...

Law of variable proportions: The law of variable proportions examines the, production function assuming one factor as variable and others as fixed. ...

The objective of all the firms in perfect competition is to maximize the profits: The firm is said to be in equilibrium when it maximizes its profits (n) ...

It refers to change in quantity demanded due to change in price in the same demand schedule. When price falls, then quantity demanded increases causing ...

Utility is the want satisfying power of a commodity. The satisfaction a consumer receives from consuming a product is called utility. Total utility refers to ...