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Economics All NAMES BY SHRISHTY AGARWAL - UNICOM
Economics All NAMES BY SHRISHTY AGARWAL - UNICOM
Defined business economics in terms of the use of economic analysis in the formulation of
business policies - JOEL DEAN
JAMES BATES AND J.R. PARKINSON “Production is the organized activity of transforming
resources into finished products in the form of goods and services; and the objective of
production is to satisfy the demand of such transformed resources”.
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www.universeofcommerce.com Shrishty Agarwal
Defines OLIGOPOLY as that “situation in which a firm bases its market policy, in part, on the
expected behaviour of a few close rivals” – Prof. STIGLER
Monopolistic competition theory - CHAMBERLIN
Distinction between selling cost & production cost - CHAMBERLIN
VERY IMPORTANT:
Fluctuations in economic activities are due to fluctuations in aggregate effective demand –
KEYNES
Trade Cycle is a purely monetary phenomenon. – HAWTREY
Modern Business activities are based on the anticipations of business community and are
affected by waves of optimism or pessimism - PIGOU
Trade cycles occur as a result of innovations which take place in the
system from time to time / trade cycles occur due to onset of
innovations - SCHUMPETER
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