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Net Economics #Classical Economists and their work# Economic theory

 Net Economics #Classical Economists and their work# Economic theory Pls follow , like and share Classical economics, also known as classical political economy, is a school of economic thought that emerged in the late 18th and early 19th centuries. It laid the foundation for modern economics and was dominant until the late 19th century. Classical economists focused on understanding the mechanisms of economic growth, production, and distribution of goods and services in market economies significant contributions and the years in which they were active: Adam Smith (1723-1790): Major Work: "The Wealth of Nations" (1776) Contributions: Smith is often referred to as the father of economics. In "The Wealth of Nations," he introduced the concept of the invisible hand, arguing that individuals pursuing their own self-interest in a free market economy unintentionally promote the general welfare. He also discussed the division of labor, productivity, and the role of markets i

Insitute of Economics and Management studies Empowering Minds in Economics & Management Studies

  Insitute of Economics and Management studies Empowering Minds in Economics & Management Studies Welcome to Institute of Economics and Management Studies, a renowned institution dedicated to shaping future leaders in the domains of economics, management, commerce, and Indian Economic Services. With a rich legacy of excellence and a commitment to nurturing intellectual growth, we provide a comprehensive education that prepares students for dynamic careers in today's global marketplace. Our Courses: Net Economics: Our Net Economics program is designed to equip students with a strong foundation in economic principles, theories, and quantitative methods. Through a blend of theoretical knowledge and practical applications, students gain a deep understanding of economic systems, policy analysis, and research methodologies. With a focus on developing analytical and critical thinking skills, our graduates are prepared to tackle complex economic challenges in academia, government, rese

11 Reason to be sucessful in Net Jrf Economics exam

  11 Reason to be sucessful in  Net Jrf Economics exam  1) Interested in the mind- Start developing mentally that you are learning best ie Economics , it's particularly important that you're interested in and engaged with your subject. 2) Aptitude for Mathematical Economics - Interpreting visual data like graphs and some  basic Mathematics like Calculus, Linear algebra and statistics will help you in basic prepartion of Net Exams.You should work on this .  3) Knowledge of  Basic Economics - Read Basic books to make your concept clear.This will help you to understand complex Economics concept. 4) Understanding Diffrent theories of scholars - Read some concepts Theories of Classical, Neo classical , Keynes and other scholars.which will be help you to start on your prepartion 5) Self Motivated - Self driven, Committed, Concentrated, Trust yourself. 6) Time Management-Successful students should plan their weeks  well in advance  to complete their study. 7) Admitting you don't u

Income and substitution effect

 INCOME & SUBSTITUTION  EFFECT  INCOME  EFFECT  The income effect, in Microeconomics is the resultant change in demand for a good or service caused by an increase or decrease in a consumer's purchasing power of real Income  As one's income grows, the income effect predicts that people will begin to demand more (and vice-versa). So-called normal goods will exhibit this typical pattern. Inferior goods, on the other hand, may see their demand actually fall as income increases. An example of such an inferior good could be store-brand items: as people become wealthier they may opt instead for more expensive name brands Understanding the Income Effect The income effect is a part of consumer choice theory—which relates preferences to consumption expenditures andre consumer  demand curve that expresses how changes in relative market prices and incomes impact consumption patterns for consumer goods and service  when real consumer income rises, consumers will demand a greater quantit

Agricultural and Industrial policy in India Ugc Net Economics

  Agricultural  and Industrial  policy in India Ugc Net Economics  National Agriculture Policy, 2000 The Government of India announced a National Agriculture Policy on July 28, 2000. This policy aims to attain: (i) growth rate in excess of 4% per annum in the agriculture sector, (ii) growth, that is based on conservation of soil, water and biodiversity, (iii) growth with equality, (iv) growth that is demand driven and caters, the small markets and maximises benefits from exports of agricultural products in the face of the challenges arising, from economic liberalisation and globalisation, The important characteristic features of this policy are as follows: (1) Privatisation of agriculture and price protection of farmers in the post QR (Qualitative Restriction) regime would be part of the government’s strategy to synergise agricultural growth. The main focus is on use of resources and technology, adequate availability, of credit to the farmers and protecting them from seasonal and price

Set Theory Mathematical Economics

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 Mathematical Economics Mathematical economics  is the application of mathematical method to represent theories and analysed problem in  Economics. Mathematics allows economists to form meaningful, testable propositions about wide-ranging and complex subjects which could less easily be expressed informally. Further, the language of mathematics allows economists to make specific positive  claims about controversial or contentious subjects that would be impossible without mathematics. Today we  will discuss about Set theory Set Theory  is a branch of mathematical logic where we learn sets and their properties. A set is a collection of objects or groups of objects. These objects are often called elements or members of a set. For example, a group of players in a cricket team is a set.  Since the number of players in a cricket team could be only 11 at a time, thus we can say, this set is a finite set. Another example of a finite set is a set of English vowels. But there are many sets that h

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