Economy
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Law of Diminishing Marginal Utility
A major concern in the theory of consumer behaviour is to find consumer’s equilibrium i.e., consumer’s maximum satisfaction within given…
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The Cardinal Approach
The major exponent of this approach Alfred Marshall (1842-1924) and his followers are of the view that utility can be…
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Modern Theory Of Factor Pricing
Marginal productivity theory was discarded by the modern economists. “Marginal productivity theory does not explain the determination of wages, rent…
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Canon of Taxation
According to Phillips Hardwick, “Taxes are compulsory transfers of money from private individuals, groups or institutions to the Government.” Comprehensive…
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Types of Taxes
Basically there are two types of taxes i.e. direct taxes and indirect taxes. However, there are further types of direct…
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Circular Flow of National Income
The movement of national income from households to firms and from firms to households in a circular manner during a…
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Expenditure Approach
Under Total Expenditures Approach, national income is computed by taking the summation of expenditures of households, firms and government on…
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Factor Income Approach
Under this approach, national income is calculated by taking the summation of rewards of factors of production for their services…
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Output Approach
We take the summation of market value of all final goods and services produced both inside and outside the national…
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Difficulties in Measuring National Income
It is the summation of the market value of all final goods and services/rewards of factors of production/expenditures of both…
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