Basic economics sense:Each science has its own language. Economics has its own language too. There are some terms that are employed in a special logic in economics. Therefore we should understand the meaning of some fundamental concepts such as goods, wealth, income, value, price and market. When we do not understand their meaning correctly, it might result numerous confusion.Wealth:
In normal speech, whenever we refer to wealth, we mean money. However in economics, it has a unique meaning. It refers to those scarce goods that satisfy our needs and which have money value. We might consider anything which has money value as wealth in economics.Every economic goods contain value–in–exchange. Therefore wealth comprises all economic goods. Wealth has been stated as “stock of goods existing at a specified time that contain money value”.Characteristics of Wealth:The characteristics of wealth are as shown below:1. It should possess utility. It should have the power to satisfy a desire. As Marshall says “they should be desirable”.2. It should be restricted in supply. For illustration, air and sunshine are necessary for life. We can’t live without them. However we do not consider them as wealth since they are available in large amounts. Such goods are termed as free goods.3. Wealth must be transferable. That is, it must be possible for us to transfer the ownership from one person to the other.4. It should have money value.5. It might be external. For illustration, the good-will of a company is exterior wealth.Utility, scarcity and transferability are therefore significant characteristics of wealth.Classification of Wealth:Wealth might be categorized into:a) Personal wealth (i.e., individual wealth) b) Social wealth (i.e., collective wealth), c) National wealth (a + b) and d) Cosmopolitan wealth (for example, ocean).
Latest technology based Economics Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Nature and Scope of Economics help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Nature and Scope of Economics, project ideas and tutorials. We provide email based Nature and Scope of Economics help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Nature and Scope of Economics. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of the Economics assignments, which may help you to solve your complex issues of Nature and Scope of Economics. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
the computers of 1990s are known as fifth generation computers. the speed is very high in this generation.
tutorsglobe.com normal flora of the intestinal tract assignment help-homework help by online types of normal flora tutors
tutorsglobe.com antigens assignment help-homework help by online immunology tutors
tutorsglobe.com immobilization assignment help-homework help by online industrial microbiology tutors
tutorsglobe.com timber yielding plant–teak assignment help-homework help by online economic importance tutors
tutorsglobe.com arthritis assignment help-homework help by online bones and joints tutors
tutorsglobe.com distinguishing features of bryophytes assignment help-homework help by online bryophytes tutors
Structure and Function of Plant Cells tutorial all along with the key concepts of Components of Plant Cell, Protoplast, Cytoplasm, Membranes and Cell Compartment, Cytoskeleton, Cell Wall, Nucleus, Ribosomes
tutorsglobe.com performance budgeting assignment help-homework help by online budget tutors
melting point determination tutorial all along with the key concepts of mel-temp operating instructions caution, experimental procedures, taking a melting point, mixture melting point, determination of the identity of an unknown
there are two kinds in video modulation - positive modulation (while the intensity of picture brightness results increase in amplitude of the modulated envelope, it is termed as positive modulation.), negative modulation
www.tutorsglobe.com offers preparation of 1º amines homework help, preparation of 1º amines assignment help, online tutoring assistance, organic chemistry solutions by online qualified tutor's help.
Theory and lecture notes of Complex Numbers all along with the key concepts of complex numbers, Imaginary number, Equality of Complex Numbers, Complex Conjugates and Graphing Complex Numbers. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Complex Numbers.
tutorsglobe.com wave nature of electrons assignment help-homework help by online atomic structure tutors
The advantages of the uniform costing high standards, cost comparision, healthy competition, automation of data, benefits to similar units, fair prices, decreased labour turnover.
1939656
Questions Asked
3689
Tutors
1469346
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!