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Difference: Returns to Scale and Economies of Scale | Economics

The upcoming discussion will update you about the differences between returns to scale and economies of scale. Returns to scale return to the technical relationship between a portionate change in all factors (the size or scale of single plant) and the resulting change in output. Thus, returns to scale refer to changes made by a […]

Difference between Microeconomics and Macroeconomics

The upcoming discussion will update you about the differences between microeconomics and macroeconomics. It was the first Nobel Laureate economist Ranger Frisch who drew a distinction (in the year 1933) between the two major branches of econom­ics: microeconomics and macroeconomics. These two terms have by now been adopted by all economists. Microeconomics is the branch […]

Difference between Economic Laws and Economic Theories

The upcoming discussion will update you about the differences between economic laws and economic theories. Every important law and generalisation of economics is based upon some assumption(s). There is a feeling among some group of people that, if unrealistic assumptions are made the laws originating there-from will be invalidated or falsified. However, another group of […]

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