Capitalist economy
Capitalist Economy refers to a type of economy wherein private owners own the means of production such as land and capital. There is no kind of interference from the government in the economic activities of the country.
Economics
Indian Economy
The Indian economy consists of all the production units or institutions such as farms, factories, workshops, railways, hospitals, schools and banks.
Basic Concepts of Economics
In this article you will learn basic concepts of Economics. Human wants are countless and are of various kinds. A human is a bundle of desires, with wants infinite in variety and number.
What is Consumption In Economics?
Consumption refers to the destruction or lessening of the utility of goods and services for satisfying human wants. Therefore, it is said that consumption is the beginning and end of all human activities.
What is Production In Economics?
Production refers to the creation of wealth or utility. It is an activity which results in the creation of goods and services to satisfy human wants. It is a process in which some materials are transformed from one form to another.
Types of Capital
Capital is all those goods which are used for further production of wealth. There are various types of capital as follows
Utility In Economics
In Economics, utility is defined as the capacity of a commodity or service to satisfy human wants. In simple words, it can also be called the want-satisfying capacity of a commodity or service.
Goods In Economics
In Economics, goods are objects or things which can satisfy our wants. These can be classified on the basis of tangibility and price.
Human Wants
Human wants are countless and are of various kinds. A human is a bundle of desires, with wants infinite in variety and number. Some wants are natural such as food, air, clothing and shelter without which existence is not possible.
What is Finance?
Finance is defined as the provision of money at the time It is required. In other words, Finance is the procurement of funds and their effective utilization.