About Lesson
An exception to Marshall’s law of demand is called “Giffen’s Paradox”. The paradox states that for some special inferior goods, the amount demanded does not rise with a fall in their price, rather it decreases.
Basic Concepts on Economics
This lesson provides the description of goods and students are able to define goods and classify them on different basis.
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Concept, Definition, nature and subject matter of economics
This lesson contains the basics of economics. After completion, students will be able to define economics
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Consumer Behavior
This Lesson describes about the law of diminishing marginal utility. After completion, students will be able to explain about the law of diminishing marginal utility including its importance and limitations.
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Demand
This Lesson explains in details about the demand and its determinants. After completion, students will be able to describe demand and predict demand of a commodity by analyzing the different determinants.
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Supply and Cost
This lesson describes supply and helps students to know the determinants of supply.
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Market
This lesson explains about the basic concept of market. After studying, students will be able to explain about market
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Land and Rent
This chapter explains about the factors of production and Land as a Factor of production
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Labour and Wage
This Lesson describes about Labour and also explains its characteristics. After studying, students will be able to define labour and show the different characteristics of labour.
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Capital and Investment
This Lesson describes Capital. After studying, students will be able to explain about capital and distinguish between different types of capital.
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Organization and Profit
This topic will dal with the concept of organization and profit.
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Theories of Population
This topic will discuss about various theories of population.
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