Importance of Microeconomics Microeconomics and Macroeconomics are two major disciplines in Economics. Microeconomics deals with the behavior of individuals, firms and households in decision making and allocation of resources whereas macroeconomics deals with the macro perspective i.e. the overall economy. Macro perspective of the economy involves the markets, businesses, consumers and the governments. Microeconomics explains … Read more
Introduction Poverty Trap is a re-incurring mechanism where poor people remain poor. It is a state where poor people can’t get out of the cyclical pattern of poverty. In economic theory, poverty trap is a self-perpetuating condition where an economy, caught in a vicious cycle, suffers from persistent underdevelopment. Prof. Ragnar Nurkse, an Estonian economist, … Read more
AMARTYA SEN Amartya Kumar Sen is an Indian Economist born on 3rd November 1933 in Santiniketan, India. Mr. Sen studied at Presidency College and Calcutta and then completed his higher degree from Trinity College in Cambridge. Mr. Sen has made contributions to welfare economics, social choice economics, economic theories of famines, decision theory, development economics … Read more
Deductive method of Economic Analysis The deductive method is also named as an analytical, abstract or prior method. Deductive method consists in deriving conclusions from general truths, takes a few general principles and applies them to draw conclusions. The deductive method derives new conclusions from fundamental assumptions or from truth established by other methods. We … Read more
Introduction The deductive method is also named as an analytical, abstract or prior method. The deductive method consists in deriving conclusions from general truths, takes a few general principles and applies them to draw conclusions. Merits of Deductive Methods Demerits of Deductive Methods Reference ECONOMICS MCQ WITH SOLUTION
