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ALFRED MARSHALL’S DEFINITION OF 2) PRICE DETERMINATION: It explains as to how the interaction of demand and supply
ECONOMICS
determine the price of different products. Hence, we also study the role of price
ALFRED MARSHALL’S DEFINITION OF
ECONOMICS Marshall is a well- mechanism in a free enterprise economy for the allocation of resources, determination
known economist. He was behind Smith and for of investment direction consumption pattern etc.
him all ...
3) NATIONAL INCOME DISTRIBUTION: Under this topic the distribution of national
INSTRUMENTS OF COMMERCIAL POLICY income among different factors of production in the form of wages, rent, interest and
INSTRUMENTS OF COMMERCIAL POLICY profits is studied.
The main instruments or tools which are
now-a-day used for achieving the objectives of ...
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12/28/2017 BASIC PROBLEMS IN MICRO ECONOMICS ~ Advanced Economics
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BASIC PROBLEMS IN MICRO ECONOMICS
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Classical economists uphold the opinion that there is always full employment in the
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economy of a country under Laissez-faire capitalism. This is so because price
mechanism or the interaction of the force of demand and supply automatically rationalize
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the allocation of resources. The basic economic problems with come up to be
automatically settled through the role of price mechanism are as under:
SOCIAL ICONS
1) HOW ARE THE PRODUCTIVE RESOURCES ALLOCAED?
FOLLOWERS 2) HOW IS THE LEVEL OF PRODUCTION DETERMINED?
3) HOW IS NATIONAL PRODUCT DISTRIBUTED?
Followers (1)
4) HOW IS THE PRODUCTIVE CAPACITY OF THE ECONOMY MAINTAINED /
DEVELOPED?
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GROSS NATIONAL PRODUCT (GNP)
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