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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 exam Financial approach or Monetary cash balance approach by Central Bank

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UGC NET, UPSC and other competitive exam Financial approach or Monetary cash balance approach by Central Bank Financial approach Financial approach is the arrangement embraced by the fiscal authority of a nation that controls either the loan cost payable on momentary obtaining or the cash supply, frequently focusing on expansion or the financing cost to guarantee value soundness and general trust in the money. Objective of Financial objective 1) Not at all like financial approach which depends on government to spend out of downturns, fiscal arrangement plans to control the cash supply, for example 'printing' more cash or diminishing the cash supply by changing loan costs or evacuating overabundance holds. 2) Further objectives of a money related approach are for the most part to add to the steadiness of GDP , to accomplish and keep up low joblessness, and to keep up unsurprising trade rates with different monetary forms. Fiscal financial aspects

MicroEconomics Law of Diminshing Marginal Utility Complete investigation For UGC Net,Upsc and other competitive test

MicroEconomics Law of Diminshing Marginal Utility Complete investigation For UGC Net,Upsc and other competitive test The law of Diminshing Marginal  utility is one of the fundamental laws of financial matters. The law speaks to the essential inclination of human conduct. As indicated by the law, when a shopper builds the utilization of a decent, there is a decrease in MU got from each progressive unit of that great, while keeping the utilization of different merchandise consistent. At the end of the day, as increasingly more of products are expended, the procedure of utilization sooner or later yields littler and littler augmentations to the utility. For instance, an individual feels extremely eager and chooses to have sweets. The first sweet devoured by him/her gave most extreme fulfillment to him/her. In such a case, on a 10-point scale, he would give ten focuses. Hence, the utility got from first unit of sweet would be ten. His/her pace of fulfillment is best till eight

MICROECONOMICS UTILITY COMPLETE INVESTIGATION FOR UGC NET,UPSC AND OTHER COMPETITIVE EXAMS

MICROECONOMICS UTILITY COMPLETE INVESTIGATION FOR UGC NET,UPSC AND OTHER COMPETITIVE EXAMS UTILITY   The utility is a mental marvel; that infers the fantastic intensity of a decent or administration. It varies from individual to individual, as it relies upon an individual's psychological frame of mind. The quantifiability of utility is constantly merely dispute. The two head speculations for the utility are cardinal utility and ordinal utility. Numerous conventional business analysts hold the view that utility is estimated quantitatively, similar to length, tallness, weight, temperature, and so forth. This idea is known as cardinal utility concept . Then again, ordinal utility idea communicates the utility of an item regarding 'not exactly' or 'more than'. Reason For Examination CARDINAL UTILITY ORDINAL UTILITY Which means Cardinal utility is the utility wherein the fulfillment got by the shoppers from the utilization of good or administration c

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