Macroeconomics notes

Understanding the Basic Principles of economics

Being the social science discipline, Economics is a complex field that revolves around the study of how individuals, businesses, and governments make decisions and allocate resources to satisfy their wants and needs. At the core of this discipline are a set of principles that guide economic decision-making and analysis. Let’s begin understanding the basic principles

Understanding the Basic Principles of economics Read More »

Marginal utility total utility and diminishing marginal utility

Marginal utility total utility and diminishing marginal utility are the key concepts of micro-economics asked in the curriculum of higher secondary school. Utility analysis means how and how much satisfaction or benefits the given person derives from the commodity he chose. Meaning of utility in microeconomics In simple terms, utility is the satisfying power of

Marginal utility total utility and diminishing marginal utility Read More »

Country’s standard of living depends on it’s ability to produce

Is it correct to say that “Country’s standard of living depends on it’s ability to produce goods and services?” if yes, then how does it results? Why do economists assert that a country’s standard of living depends on it’s ability to produce goods and services? What is the relationship between productive capabilities of nation and

Country’s standard of living depends on it’s ability to produce Read More »