Solution to the Basic Economic Problems: Capitalistic, Socialistic and Mixed Economy! Uneven distribution of natural resources, lack of human specialization and technological advancement etc., hinders the production of goods and services in an economy. Every economy has to face the problems of what to produce, how to produce and for whom to produce. More or less, all the economies use [...]
In this article we will discuss about the government intervention in food grains of India. Economics of Price Support: About two-thirds of the increase in farm income in advanced countries of the European Union (EU) and in USA, is provided through price supports. For the typical price support, the government sets a minimum domestic price for the agricultural production and [...]
In this article we will discuss about economic law. After reading this article you will also learn about nature and limitations of economic laws. Meaning of Economic Law: Every science has its certain laws. Thus, like other sciences, economics has its own laws, too. Such laws describe how a consumer or a producer behaves. The consumer is assumed to maximise [...]