Wealth Definition of Economics

Wealth Definition : Adam SmithThe wealth oriented definition of economics was given by Adam Smith. Adam Smith was a economist, philosopher and author, who was born is Scotland. He is termed as the...

Production Possibility Curve

Production Possibility CurveSince the resources are scarce, the society has to decide about the goods to produce: wheat, cloth, roads, electrical goods, for example. Once the nature of goods to be ...

Origin and Development of Economics

Origin of EconomicsThe word 'Economics' was derived from the Greek word 'Oikonomia', which is a combined word of oikos and nomia. 'Oikos' means household and 'nomia' means custom. In simple words...

Concept of Elasticity and types of elasticity

Concept of Elasticity of Demand: The concept of elasticity of demand was first introduced by the classical economists A.A Cournot and J.S. Mill. Later on, neo-classical economists Alfred Marshall...

Types of Price Elasticity of Demand

Types/Degree  of Price Demand1.       Perfectly Elastic Demand  When negligible change in price leads to infinite change in quantity demanded ,the demand for a commodity is said to be perfectly ela...

Income Elasticity and its types

Income Elasticity of Demand: The proportionate change in quantity demanded for a goods due to the proportionate change in consumer's income is called income elasticity of demand. Income elasticity...

Cross Elasticity of demand and its types

Cross Elasticity of Demand:The percentage change in quantity demanded for a commodity due to percentage  change in price of its related goods, other things remaining the same is known as cross ela...