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 heartily welcome you to read this post about analysing the terms "Economic growth and Economic development". Share your thoughts as they're very powerful. ------------------------------ Introducing both terms The two terms namely Economic growth and Economic development are the important indicators for measuring the rate of growth in the economy which leads to gradual development. If a country can produce More output, The level of employment will be very high which leads to high level of consumption, Demand, Supply, equal distribution of income, etc. as a result, Gradually there is an improvement in the infrastructure, well-being, growth in both social and economical dimensions. So, We can conclude that the measurement of economic growth is for short period. whereas, Economic development can be achieved with economic growth in long period or long-term. Economic growth Simply the term economic growth refers to an increase in the real output of the country ...

WELCOME TO YOU I heartily welcome you to this post. I've written following points based on my knowledge. I may not provide full information but I'm sure you will understand the theme of subject. ------------------------------ It looks like a very simple question, but there is a lot to know while searching the meaning and about economics subject. Economics is a Social science which means it focusses on the social issues. generally a social science studies and works for the welfare of the society. It plays a vital role in Managing Resources,  Choosing wisely between wants and decision making process and also distribution of wealth. So, it is the study about how humans, business organizations, governments, countries takes the decisions and uses the resources. For example, if you have 100 R.S, generally the wants will be more but you will prioritize the spending money on the things which you needed at that time. here the problem arises to spend the money and to take good decision. ...