Principles of economics /
H.S. Agarwal.
- 8th ed
- Cranbrook, Kent, English : Cranbrook, Kent, English : Global Professional Pub, Global Professional Pub. 2013 ;
- 1 online resource $a
Cover; Title Page; Title Page2; Copyright; Preface to the Eighth Edition; Preface to the First Edition; Contents; 1. The Scope and Nature of Economics; Introduction; The Subject Matter of Economics; Definition of Economics; Wealth Definitions; Welfare Definitions; Criticisms of Welfare Definitions; Scarcity Definitions; Criticisms of Scarcity Definitions; Comparison between Robbins Definition and Marshall s Definition; Growth Definitions; The Central Problem of an Economy; Society s Production Possibility Curve; Uses or Applications of Production Possibility Curve. Circular Flow of Economic ActivityThe Circular Flow in a Two-Sector Economy; The Circular Flow in a Three-Sector Economy; Economics as a Science; Nature of Economic Laws; Economics as a Positive or a Normative Science; Economics as an Art; The Relation of Economics with other Subjects; Exercises; Multiple Choice Questions; Part One: Basic Concepts; 2. The Methodological Issues in Economics; Introduction; The Nature of Economic Theory or Economic Laws; What is a Theory?; Steps of Formulating an Economic Theory; Applications and Uses of Economic Theories; Limitations of Economic Theories. Methods of Economic TheoriesDeductive Method; Advantages of Deductive Method; Limitations of Deductive Method; Inductive Method; Advantages of Inductive Method; Limitations of Inductive Method; Complementarity of the Two Methods; Exercises; Multiple Choice Questions; 3. Economic Models; Introduction; Meaning and Nature of Economic Models; Meaning of Economic Models; Nature of Economic Models; Concepts in Model Building; Building a Micro Static Model; The Model; Limitations of Model Building; Exercises; Multiple Choice Questions; 4. Microeconomics and Macroeconomics; Introduction. MicroeconomicsMacroeconomics; Interdependence of Micro- and Macroeconomics; Exercises; Multiple Choice Questions; 5. Economic Statics and Economic Dynamics; Introduction; Economic Statics; Scope of Static Economics; Advantages of Economic Statics; Limitations of Economic Statics; Comparative Statics; Economic Dynamics; Advantages of Economic Dynamics; Limitations of Economic Dynamics; Exercises; Multiple Choice Questions; 6. The Concept of Economic Equilibrium; Introduction; Classification of Equilibrium; Stable, Unstable and Neutral Equilibrium. Stability Conditions of Equilibrium Walras vs. MarshallShort-run and Long-run Equilibrium; Unique and Multiple Equilibrium; Static and Dynamic Equilibrium; Partial and General Equilibrium; The Walrasian Model of General Equilibrium; Assumptions of the Model; Criticisms of the Walrasian Model; Exercises; Multiple Choice Questions; 7. The Role of Price Mechanism; Introduction; Role of Price Mechanism in a Free Enterprise Economy; Limitations of Price Mechanism in a Free Market Economy; Role of Price Mechanism in a Mixed Economy; Role of Price Mechanism in a Socialist Economy; Exercises.
Cover; Title Page; Title Page2; Copyright; Preface to the Eighth Edition; Preface to the First Edition; Contents; 1. The Scope and Nature of Economics; Introduction; The Subject Matter of Economics; Definition of Economics; Wealth Definitions; Welfare Definitions; Criticisms of Welfare Definitions; Scarcity Definitions; Criticisms of Scarcity Definitions; Comparison between Robbins Definition and Marshall s Definition; Growth Definitions; The Central Problem of an Economy; Society s Production Possibility Curve; Uses or Applications of Production Possibility CurveCircular Flow of Economic ActivityThe Circular Flow in a Two-Sector Economy; The Circular Flow in a Three-Sector Economy; Economics as a Science; Nature of Economic Laws; Economics as a Positive or a Normative Science; Economics as an Art; The Relation of Economics with other Subjects; Exercises; Multiple Choice Questions; Part One: Basic Concepts; 2. The Methodological Issues in Economics; Introduction; The Nature of Economic ... This book is designed to provide a comprehensive introduction to the economic theories, both the established and the less orthodox, behind some of the most vital areas of economics today. The topics covered include welfare economics, international trade, income and employment, trade cycles and economic growth, public finance and economic systems. Each topic is clearly elucidated with different theoriesand models lucidly explained with the help of diagrams and graphs. For each chapter there are exercises and multiple choice questions. The author, a professor of economics, is the author of many.