Utility – Concept and Characteristics of Utility

Utility – Concept and Characteristics of Utility

Meaning of Utility Utility means the power that satisfies any want. It is such an internal quality; which is found in all commodities desired by a person. The quality (power or capability) of commodity which satisfies the human want; directly or indirectly is called Utility. Those commodities, which have wants satisfying power are called ‘Useful Commodities‘.

Macro Economics – Importance, Limitations and Difficulties

Macro Economics – Importance, Limitations and Difficulties

Meaning of Macro Economics The word macro means big. Thus, in Macro Economics, either the whole economy is studied or those big units which are related to the economy as a whole. Definition In the words of Prof. Boulding Macro Economics deals not with individual quantities as such but aggregates of these quantities, not with individual incomes but national income, not with individual output but with national output. Thus, macro economics studies the various groups related to the whole economy, like,…

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Micro Economics – Importance, Limitations and Difficulties

Micro Economics – Importance, Limitations and Difficulties

Introduction to Micro Economics In the present times, the study of economics is done from two viewpoints namely Micro and Macro. From the first viewpoint, the economic problems of various units, like – individuals, families, firms etc. are studied individually, whereas; from the second viewpoint, the same units of persons, families, firms etc., are studied in a combined form. Micro Economics is concerned with a specific, particular or an individual whereas; Macro Economics is concerned with a group. Meaning The word…

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9 Essentials From Semalt To Give Your SEO A Boost

9 Essentials From Semalt To Give Your SEO A Boost

The web always comes in handy although most people surfing tend to limit their options to the first page of results that show up on Google (or any other search engine). As such, your company must either be involved in an ardent SEO campaign or pay-per-click advertising. If SEO is done right, you’re guaranteed a good ranking. Michael Brown, the Customer Success Manager of Semalt, elaborates on tips to help you with the SEO strategy.

Robbins Definition Of Economics

Robbins Definition Of Economics

Introduction Of Robbins Robbins definition of Economics challenged Dr. Marshall definition of Economics which was a major improvement over the definition of Adam Smith and other ancient Economists. Before Prof. Lionel Robbins, Prof. Marshall tried to give complete and faultless definition of economics. At that time people started thinking that the Economic Science has completely develop and matured. But in 1932, after the publication of Prof. Robbins’s book An Essay on the Nature and Significance of Social Science, a controversy…

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Criticism Of Marshall Definition – Robbins Criticism

Criticism Of Marshall Definition – Robbins Criticism

Criticism Of Marshall Definition The Dr. Marshall definition of Economics is a major improvement over the definition of Adam Smith and other ancient Economists. This definition was recognized between 1890 to 1932 and it seemed that the controversy relating to the definition of Economics had ended. But, a renowned Professor of ‘London School of Economics’, Prof. Leonel Robbins in his book ‘An Essay of the Nature and Significance of Social Science’ in 1932 criticized Marshall’s definition in loud words, which…

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Marshall Definition of Economics

Marshall Definition of Economics

Economics is a science of choice making. Introduction Of Marshall Marshall definition of Economics was first to challenge Adam Smith definition. Dr. Alfred Marshall (Born. 26 July, 1842, Died 13 July 1924) was the first Economist, who denied the wealth related definitions of Adam Smith, which was in vogue for a long time, in his two books published in 1890 named Principles of Economics and Economics of Industry, and declared them wrong, and defined it as not the study of…

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