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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

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

Econometrics Regression Analysis part 1

Econometrics Regression Analysis Part 1   Regression analysis is a statistical method used to model and analyze the relationship between a dependent variable and one or more independent variables. In the context of econometrics, this technique is widely employed to understand and quantify the relationships between economic variables. Here's a more detailed breakdown: Dependent Variable (Y): This is the variable that you want to predict or explain. In econometrics, it often represents an economic outcome or phenomenon, such as GDP, inflation, or unemployment rate. Independent Variable(s) (X): These are the variables that you believe influence or explain changes in the dependent variable. They are also referred to as predictor variables. In economics, independent variables can include factors like interest rates, government spending, or consumer income. Linear Regression Model: The simplest form of regression assumes a linear relationship between the dependent and independent vari

Net Economics Important Interpretation in one place

  Net Economics  Important Interpretation in one place MICRO Economics  Microeconomics is the branch of economics that deals with the behavior of individual economic units such as consumers, firms, and resource owners. Here are some important definitions in microeconomics: Supply and Demand: The fundamental concept in microeconomics where the price and quantity of goods in the market are determined by the balance between what producers are willing to supply and what consumers are willing to buy. Elasticity: A measure of how sensitive the quantity demanded or supplied of a good is to changes in price, income, or other factors. Utility: The satisfaction or pleasure derived from consuming goods and services. It is a fundamental concept in understanding consumer behavior. Costs of Production: The expenses incurred by firms in the process of producing goods and services, including fixed and variable costs. Perfect Competition: A market structure in which there are many small firms, identica

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

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