Types of production
Production is undertaken by firms, also known as enterprises, or businesses. There…
Factors of production
Production involves the creation of goods and services by using scarce resources.…
Positive and normative economics
As a social science, economics attempts to use the principles and methods…
The role of the professional economist
Professional economists apply their skills of description, analysis, model building, and prediction…
The methods used by economists
Economists use scientific observation and deduction in their investigations. To achieve this they: Describe…
The study of economics
The study of economics involves three related investigations. 1. Why scarce resources are exchanged?…
The nature of economics
Economics is the scientific study of the ownership, use, and exchange of scarce…
Difference between offer and an invitation to offer
An offer is defined in section 2 (a) of the Indian Contract…
