7 Things You Should Know About Economics
7 things about Economics
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7 things about Economics
Demand is defined as the quantity of a commodity that a consumer is willing and able to buy in the market, keeping other things constant (Ceteris paribus). For example, a…
Consumer equilibrium using indifference curve analysis is at a point where the consumer indifference curve touches the budget line. We have done consumer theory, consumer equilibrium using utility analysis, the…
The marginal rate of substitution refers to the rate at which the consumer substitutes one good, to obtain one more unit of the other good. Today, we will understand the…
Another important topic in economics after the budget line is the indifference curve analysis. The word ‘Indifference’ means being ‘neutral’ or having no effects at all. An indifference curve is…
Energy is a crucial part of economic infrastructure. There are several challenges when it comes to energy: it is mostly insufficient in the rural sector, not only due to affordability…
Probability is a measure of the likelihood of an event to occur. Many events cannot be predicted with total certainty. We can predict only the chance of an event to occur,…
In the late 1950s and 1960s. Pakistan introduced a variety of regulated policy framework for import substitution industrializing.
Great Leap Forward in China started in 1858.
Global warming is a direct result of a man-made increase in carbon dioxide and other greenhouse gases because of the burning of fossil fuels and deforestation
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