Conclusion

Conclusion Whether the assumptions of economic are true or not, it is necessary to bear them in mind so that we arc all the time aware or the limitations of the conclusion at which we may . This is specially necessary when couscous policies have to be form lat d for...

BASIC ASSUMPTIONS IN ECONOMICS

BASIC ASSUMPTIONS IN  ECONOMICS It is seen above that economic laws arc governed by the phrase other things being equal. This means that , while reasoning out economic phenomena, we take certain things for granted, These arc the various assumptions that underlie...

LAWS OF ECONOMICS

LAWS OF ECONOMICS Like every other science. Economic too. has drawn its own set  generalizations. which ale called the laws of Economics. These laws ale supposed to govern and explain all economic activity. In the words of Marshall,  laws lay he defined thus: Laws rue...

Call Economics Solve Practical problems

Call Economics Solve Practical problems The  economists gelled ally hold the view that it is the function of Economics to solve  Local problems. The economic these primes may be very important and the economist’s opinion is of great value. But 110 problem can...

Positive or Normative Science

Positive or Normative Science In discussing the scope of Economics. we have also to consider whether Economics is a positive or a normative science. A positive science only explain what is and normative science tells us  hat to be, i.e., right or wrong of a thing...

True Nature of Economics

True Nature of Economics It is however. necessary to understand the true nature of Economics. The paradox of economical is that it is a science and yet it cannot predict future course  as the natural sciences like Itchy,and Chemistry can. Man is endowed with a...