Hypothetico deductive research is a kind of scientific research method that combines forming hypothesis with Deductive reasoning. It plays very important role in testing theories and hypotheses. Comparative to other research methods, it is more versatile as it is commonly…
Empirical research method is a core part of scientific research that laid the foundation of modern science. This method is used to gain knowledge and understanding of the world around us. It also plays pivotal role in addressing real world…
It is a type of advantage, in terms of production cost, given industry or business achieve when they substantially increase the volume of production of product. When the size of production increases considerably, the given product becomes more cheaper due…
How are opportunity cost and comparative advantage interlinked? What is mean by opportunity cost? How does opportunity cost influence decisions? Why are they important for free trade? If you think that these questions are worthwhile, then, let’s begin to explore…
Comparative advantage is a fundamental concept in microeconomics. It explains how individuals, businesses, and nations can benefit from specializing in the production of goods and services in which they have a relative efficiency. An entity or industry possesses a comparative…
Someone well said that decisions in life are hardly black and white. It means that person, a rational being, know how to make best out of available opportunities while making critical choices. In short, thinking at margin means better additional…
Elasticity and inelasticity of demand and supply is a subject matter of micro economics. If the demanded quantity changes in response to the changes in other variables like taxes or incentives regarding goods and services or product, the demand of…
Monetary policy of Reserve Bank of India is aimed to influence the nations financial condition in terms of liquidity, interest rates, inflation, exchange rates, etc. It is definitely a powerful instrument in the hands of central banks of any nation.…
It is well said that “hypothesis” is an engine or driving force for research and investigation. So, writing a good hypothesis is necessary to conduct focused research and enable researcher to derive the most probable timely valid conclusion. In short,…
The exact difference between statement and claim is that both “statement and claim” are assertive sentences, and assert something either in negative or positive way. But, “claim” invokes debate; demands more supporting reasons; and it needs to be proved in…