Explain the modern definition of economics
Explain the modern definition of economics?
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Prof. Samuelson gave this definition: Economics is the study of how people and society end up choosing, with/without the use of money to utilize scarce productive resources that might have alternative uses to make various commodities and allocate them for consumption among various persons or groups in society. Economics estimates the costs and benefits of making patterns of resources use better.
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Illustrates the Scope of Managerial /Business Economics?
what are the criteria for good forecasting
Illustrates the term Law of Demand? Answer: The law of Demand is termed as the “first law in market”. It shows the relation in between quantity and price
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What are the external factors in governing prices?
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