The Giffen’s Paradox of Economics explained : Business Basics

Sir Rober Giffen has given this paradox. According to him, in the early 19th Century in Ireland, the people were poor and there were two food items available, potatoes and meat. Potatoes were cheaper in price than meat. Earlier, people behaved just like the Law of Demand since potatoes were cheap and higher became the …

Macroeconomics explained in 9 simple points!

1. The word Macro has been derived from the original Greek word 'Makros' 2. It studies in aggregate or uses the aggregate approach of study 3. It studies the factors in total and thus is termed as Aggregative Economics 4. For e.g. Aggregate Demand, Aggregate Supply, National Income, Aggregate Saving, National Output, Aggregate Investment. 5. …

Microeconomics Explained in 8 simple points!

1. Microeconomics has been derived from the Greek Word 'Mikros' 2. It studies individual entities or takes individual approach to study the economic factors 3. It studies each unit in detail for e.g : Individual Demand, Individual Supply, Individual Income, Individual Saving, Individual Output, Individual Investment, Profit & Loss of one particular company. 4. One …

What is Economics, its main types and what does it relate to?

Economics is basically the study of scarce resources and their distribution in the society and world at large. In today's terms, the discipline is mainly concerned with the nature and distribution of wealth as a resource. It includes analysis of markets, trends and variety of exchanges which occur between or within nations and is ultimately …