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What is the law of diminishing marginal utility?

What is The Law of Diminishing Marginal Utility?

This law is a part of consumer behavior, and it talks about the behavior of the consumer when they consume any commodity in excess. If you want. Then revise; the…

What do we mean by the process of rural development?

The most common issue that every country faces is the process of rural development. A topic that every person should know. Let’s understand its meaning and the issues related to…

What is the law of diminishing marginal utility?

What is the role of human capital in economic development?

This is an important topic for us to understand: that means how an efficient workforce can contribute to the development of a nation. As of now, we have discussed the…

What do we mean by Goods & Services Tax (GST)?

Taxes refer to the charges that are levied on all the goods and services that we buy or sell. Taxes are paid by the individuals to the government that is…

What are the sources of Human Capital Formation?

We know the meaning of Human capital formation. We also discussed why education is considered important for the development of a nation? Now, we must learn the types of sources…

What is Cardinal Utility Approach?

The cardinal utility approach was founded by Alfred Marshall. He was one of the most influential economists of his time. Alfred Marshall was regarded as the father of neoclassical economics.…

Theory of Consumer Behavior

As an economist, you must study the theory of consumer behavior. Everyone acts as a consumer on daily basis. So what defines their behavior and what kind of choices they…

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How to solve national income basic conversion numerically?

We have seen the meaning of national income, some basic formulas, circular flow of income, stock and flow concept, and some more. Now, as per the request of some of…

What do we mean by Stock and Flow concepts?

These terms are commonly used in macroeconomics, National income accounting. We have seen the meaning of National Income and also some basic conversion formulas under National Income Accounting. Now we…

How do people become resources?

People become resources through the skills they acquired, through the knowledge they apply, through the productivity they contribute, and through their abilities. To understand this better, we will focus on…

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