Tag Archives | economics

Write brief notes on Micro and Macro Economics

Micro and Macro these terms were first used by the Swedish economist Rognar Frisch in 1920s to represent the “level of aggregation” of economic variables analyzed in an economic problem. The word micro means “small”, while macro stands for “large”.

What are the differences between Sociology and Economics?

Sociology is the study of social relationships or social activities but Economics is the study of only the economic activities of man. In Sociology society is regarded as the unit of study whereas in Economics the individual is the target of study.

What is the relationship between Sociology and Economics?

Sociology and Economics as social sciences have close relations. Relationship between the two is so close that one is often treated as the branch of the other, because society is greatly influenced by economic factors, and economic processes are largely determined by the environment of the society.

What is Rybczynski Theorem?

Rybczynski Theorem discusses the effect of economic growth on a nation’s trade. It states that at constant prices, an increase in one factor endowment will increase by a greater proportion the output of the good intensive in that factor and will reduce the output of the other good.

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