WELCOME TO YOU I heartily welcome you to read this post on "Consumer behaviour analysis". very basic concepts. Share your thoughts as they're very powerful. ------------------------------ Utility The want satisfying power of a commodity for a particular period of time is called as utility. It is the main basic for demand for that commodity. Every economic good has utility as we've written in previous concepts. Cardinal utility This concept was developed by Marshall a  British economist. if the satisfaction derived from a different commodities by the consumer is expressed in terms of numbers (numerical values) such as 1, 2, 3, 4... etc It is called as Cardinal utility. (Cardinal numbers). Ordinal utility This concept was introduced by John R. Hicks. According to this concept, Utility is subjective so, The satisfaction can be measured by ranks such as, 1st, 2nd 3rd, 4th... etc. We can observe the difference between satisfaction which is derived by consuming different go

WELCOME TO YOU I heartfully welcome you to read this post. In previous posts, We've already written Concepts related to Industries. to read that post: Visit  https://economics-subject.blogspot.com/2021/06/concepts-in-industrial-sector.html With that knowledge we're going to read about:  Meaning of Industries Types, Importance in economic growth major problems faced by the industry, Measures to support and promote industrial growth, How government is involved to support industries. Importance of industries in a country.  Industry Industry is one of the major sector in the economy. It increases employment, efficiency in a labour, promotes regional development, education, infrastructure etc. Simply Industry deals with extraction, conversion and production of goods  Small Scale Industries If the process of manufacturing and production is done in small scale that means on smaller amount, it is called as a small scale industry. It has number of advantages like equal distribution of i

Welcome To You I heartfully welcome you to read about Micro economics and Macro economics. Share your thoughts as they're very powerful. ------------------------------ Economics In previous posts, it already said that Economics is broadly categorised into 2 types or branches. Micro and Macro economics. One can say simply that micro economics is everything about Prices, Consumer behaviour, firms, households, each decisions, Individuals, etc. It mainly deals with prices and markets. Whereas, Macro economics is also another branch of economics which studies about all aspects of an economy as a whole or single unit. It studies overall performance, problems of economy, growth etc. It is based on 2 main perspectives. that is long-term and short-term analysis. Micro economics is developed by classical economists such as Adam Smith, Jean-Baptiste Say, David Ricardo, Marshall, Thomas Robert Malthus, John Stuart Mill, etc. Introduction of the terms Ragnar Frisch was the first economist to us