Merits and demerits of Scarcity Definition of economics
What are the merits and demerits of Scarcity Definition of economics?
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The merits of scarcity definition are: i) This definition is analytical. ii) Universal in application. iii) Considering the concept of opportunity cost and a positive study.
Limitations of Scarcity Definition of economics are: i) It is too narrow and too wide. ii) It offers only light but not fruit iii) It is confined to micro analysis and ignores the growth economics.
Illustrates the managerial Economics according to Savage and John?
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States the Extension and Contraction of Demand.
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