What is economics?

-
It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.
                              OR
 The branch of knowledge concerned with the production,consumpation and transfer of wealth. 

Comments

Post a Comment

Popular posts from this blog

Monopolistic Competition – definition, diagram and examples

-
Image
Definition:  Monopolistic competition is a market structure which combines elements of monopoly and competitive markets. Essentially a monopolistic competitive market is one with freedom of entry and exit, but firms can differentiate their products. Therefore, they have an inelastic demand curve and so they can set prices. However, because there is freedom of entry, supernormal profits will encourage more firms to enter the market leading to normal profits in the long term. A monopolistic competitive industry has the following features: Many firms. Freedom of entry and exit. Firms produce differentiated products. Firms have price inelastic demand; they are price makers because the good is highly differentiated Firms make normal profits in the long run but could make supernormal profits in the short term Firms are allocatively and productively inefficient. Diagram monopolistic competition short run In the short run, the diagram for monopolistic competition is the sa...
Read more

The Tragedy of Karbala: A Story of Unmatched Sacrifice and Eternal Legacy.

-
Image
 Introduction The tragedy of Karbala is not merely an incident of the past. It is a living chapter in the history of humanity, one that continues to inspire courage, justice, and resistance against tyranny. This historic event unfolded on the 10th of Muharram in the year 61 A.H. (October 10, 680 CE) in the scorching plains of Karbala, Iraq. It was here that Imam Hussain ibn Ali (a.s.), the beloved grandson of Prophet Muhammad (s.a.w.), stood against the corruption and oppression of Yazid ibn Muawiya. The Battle of Karbala, fought on 10 October 680 CE (10th of Muharram, 61 AH), stands as a pivotal event in Islamic history, particularly within Shi'a tradition. This confrontation occurred near the Euphrates River in present-day Iraq and involved a small group led by Husayn ibn Ali, the grandson of Prophet Muhammad, opposing the forces of the Umayyad Caliph Yazid.  Historical Context The Rise of the Umayyad Dynasty Following the assassination of Caliph Ali ibn Abi Talib in 661 ...
Read more

WHY NUMBER OF RAPE CASES ARE INCREASING DAY BY DAY IN JAMMU &KASHMIR

-
Image
On May 4, a 45 year old nomad woman was raped and murdered in Nishat, on the outskirts of Srinagar, while she left to graze her herd. J&k police arrested 4 individual with the help of women's tribal community. Now fast forward to 12th May after chaos on the Frontline and nearby cities, the moral questions arise what is happening?  Where are we heading? We talk about other states, the brutal crimes happening thr and states inability to brought justice and now things are happening in our own backyard, the surge of crimes In J&k over past years is alarming and we as citizens hv no idea about it, we let it past like it's none of our business, we are anware about the forcing agents behind the immorality, be it prevalent consumption and sale of Alcohol ,drugs and other immoral norms and woke culture(how unfortunate it is despite being a Muslim majority state still Alcohol is legal while other major states like Gujrat and bihar are Dry, have we forgotten our islamic roots or t...
Read more