Come friends, today we will know about William Petty. Sir William Petty FRS (26 May 1623 – 16 December 1687) was an English economist, physician, scientist and philosopher. He became the first to serve Oliver Cromwell in Ireland and the Commonwealth of Nations. He developed efficient methods for surveying the land that was to be …
A final goods or consumer goods is a commodity that is used by the consumer to satisfy current needs or needs, as opposed to intermediate goods which are used to produce other goods. A microwave oven or a bicycle is a final good, while some parts of it are purchased to manufacture intermediate goods . …
National Accounting or National Accounting System ( NAS ) is the implementation of complete and consistent accounting techniques to measure the economic activity of a nation . These include elaborate built-in measures that rely on double-entry accounting . By design, this type of accounting makes the sum of both sides of the account equal, even …
Let us know today about Microeconomics. Microeconomics is a branch of economics that studies the behavior of individuals and companies in making decisions about the allocation of scarce resources and the interactions between these individuals and companies. One of the goals of microeconomics is to analyze market mechanisms that establish relative prices between goods and …
Economics is the social science that studies how people interact with value ; Specifically, the production , distribution , and consumption of goods and services . Economics focuses on the behavior and interactions of economic agents and how the economy works. Microeconomics analyzes the basic elements in the economy, including individual agents and markets , …