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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

UGC NET,UPSC and other competitive Exams -Theory of unavoidable losses(Diminshing returns )

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UGC NET,UPSC and other competitive Exams -Theory of unavoidable losses(Diminshing returns ) Theory of Diminshing return In financial aspects, consistent losses is the decline in the negligible (gradual) yield of a creation procedure as the measure of a solitary factor of creation is steadily expanded, while the measures of every single other factor of creation remain steady. The theory of unavoidable losses expresses that in every single profitable procedure, including a greater amount of one factor of creation, while holding all others steady ("ceteris paribus"), will sooner or later yield lower gradual per-unit returns.The theory of consistent losses doesn't infer that including to a greater extent a factor will diminish the all out creation, a condition known as negative returns, however in reality this is normal. The hypothesis expresses that when the variable factor (work) is utilized increasingly more with the given fixed factor (capital), all out result

UGC NET,UPSC and other competitive Exams -Theory of unavoidable losses(Diminshing returns ) or law of Variable proportion (Microeconomics) and stages of creation(short run creation)

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UGC NET,UPSC and other competitive Exams -Theory of unavoidable losses(Diminshing returns ) or law of Variable proportion (Microeconomics) and stages of creation(short run creation) Law of Diminshing return In financial aspects, consistent losses is the decline in the negligible (gradual) yield of a creation procedure as the measure of a solitary factor of creation is steadily expanded, while the measures of every single other factor of creation remain steady. The theory of unavoidable losses expresses that in every single profitable procedure, including a greater amount of one factor of creation, while holding all others steady ("ceteris paribus"), will sooner or later yield lower gradual per-unit returns.The theory of consistent losses doesn't infer that including to a greater extent a factor will diminish the all out creation, a condition known as negative returns, however in reality this is normal. The hypothesis expresses that when the variable factor

UGC NET ,UPSC and other competitive Exams (Microeconomics) Comes back to scale(Return to a scale) creation work

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UGC NET ,UPSC and other competitive Exams (Microeconomics) Comes back to scale(Return to a scale)  creation work Return to a scale In financial aspects, comes back to scale and since a long time ago run normal all out expense are connected however various ideas that depict what occurs as the size of creation increments over the long haul, when all information levels including physical capital use are variable (picked by the firm). The idea of profits to scale emerges with regards to a company's creation work. It clarifies conduct of the pace of increment in yield (creation) comparative with the related increment in the sources of info (the variables of creation) over the long haul. Over the long haul all components of creation are variable and liable to change because of a given increment in size (scale). While economies of scale show the impact of an expanded yield level on unit costs, comes back to scale center just around the connection among information and yield am

UGC Net ,UPSC and other competitive exams since a quite long ago( Long Run) and Short Run Creation (Production) Microeconomics

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UGC Net ,UPSC and other competitive exams since a quite long ago( Long Run) and Short Run Creation (Production)Microeconomics Short Run and Long Run creation In financial aspects the long run is a hypothetical idea where all business sectors are in balance, and all costs and amounts have completely balanced and are in balance. The since quite a while ago run stands out from the short run, where there are a few limitations and markets are not completely in balance. All the more explicitly, in microeconomics there are no fixed elements of creation over the long haul, and there is sufficient time for modification so that there are no requirements forestalling changing the yield level by changing the capital stock or by entering or leaving an industry. This stands out from the short run, where a few components are variable (reliant on the amount delivered) and others are fixed (paid once), obliging passage or exit from an industry. In macroeconomics, the since quite a while

UGC NET ,UPSC and other competitive Exams Creation (MicroEconomics production)capacities key piece of displaying national yield and national salary

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UGC NET ,UPSC and other competitive Exams Creation (MicroEconomics production)capacities key piece of displaying national yield and national salary output and National income Creation capacities are a key piece of displaying national yield and national salary. For a substantially more broad conversation of different kinds of creation capacities and their properties, their connections and beginning. The creation capacities recorded beneath, and their properties are appeared for the instance of two elements of creation, capital (K), and work (L) , generally for heuristic purposes. These capacities and their properties are effectively generalizable to incorporate extra factors of creation (like land, characteristic assets, enterprise, and so forth.) Creation work gives the mechanical connection between amounts of physical information sources and amounts of yield of products. The creation work is one of the key ideas of standard neoclassical hypotheses , used to characterize

UGC NET,UPSC and other Competitive exam ,Microeconomics Creation ( Production) development , performance and Financial development

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UGC NET,UPSC and other Competitive exam ,Microeconomics Creation ( Production) development , performance  and Financial development. Ugc Net Production Financial development is regularly characterized as a creation increment of a yield of a creation procedure. It is normally communicated as a development rate delineating development of the genuine creation yield. The genuine yield is the genuine estimation of items delivered in a creation procedure and when we subtract the genuine contribution from the genuine yield we get the genuine salary. The genuine yield and the genuine pay are created by the genuine procedure of creation from the genuine sources of info. The genuine procedure can be portrayed by methods for the creation work. The creation work is a graphical or numerical articulation demonstrating the connection between the data sources utilized underway and the yield accomplished. Both graphical and scientific articulations are exhibited and illustrated. The creat

CREATION ,IDEA AND ITS PARTNER MICROECONOMICS PRODUCTION FOR UGC NET,UPSC and other Competitive Exams

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CREATION ,IDEA AND ITS PARTNER MICROECONOMICS PRODUCTION FOR UGC NET,UPSC and other Competitive Exams PRODUCTION UGC NET Creation is a procedure of consolidating different material sources of info and unimportant data sources (plans, know-how) so as to make something for utilization (yield). It is the demonstration of making a yield, a great or administration which has worth and adds to the utility of people. The zone of financial aspects that centers around creation is alluded to creation Hypothesis which in numerous regards is like the utilization (or shopper) hypothesis in financial aspects. Monetary prosperity is made in a creation procedure, which means every single financial movement that point straightforwardly or in a roundabout way to fulfill human needs and needs. How much the necessities are fulfilled is regularly acknowledged as a proportion of financial prosperity.  Monetary prosperity Underway there are two highlights which clarify expanding monetary

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