Category: Economics
Law of Diminishing Marginal Utility Definition:Eminent economist Alfred Marshall defines the Law of Diminishing Marginal Utility as follows: “The additional benefit which a person derives from a given increase of …
What is National Income? Definition: The total value of goods and services which has been produced during the period of one year is called national income. Explain briefly three different ways …
What is difference between perfect competition market and monopoly market? Number of Sellers: In conditions of perfect competition there are a large number of sellers in the market. The individual …
What is indirect tax ? Definition: An Indirect Tax is a tax which is collected from an intermediary/supplier who subsequently shifts the burden of the tax to the consumers as it …
Definition of Money Traditional approach: According to the traditional approach, money is regarded only as a medium of exchange. This definition emphasizes on the liquidity aspect and is expressed as …