To answer your question about why it is wrong to say that micro economics studies the tree and macro economics studies the forest – The difference between microeconomics and macroeconomics can be explained by using the example of a tree…
To answer your question about why it is wrong to say that micro economics studies the tree and macro economics studies the forest – The difference between microeconomics and macroeconomics can be explained by using the example of a tree…
IV. Centrally directed economic systems 2. Arthashastra Some examples of central direction is also found in Kdautilya’s “Arthashastra” which consists of 150 chapters or 6000 shlokas composed in the interested of the Maurya King Kautilya also known as Vishnugupta or…
IV. Centrally directed economic systems 1 Introduction: Central direction as a mechanism to solve the economic problem was resorted to by the olden kings even in India. The political organisation was headed by the king i.e.a hereditary institution under the…
III (2 c ii) Earlier economic systems were based on customs, conventions and traditions. ii. Jajmani system A similar system existed in North India known as the Jajmani system. The word Jajman comes from the sanskrit word “Yajman” which means…
III (2 c i) Earlier economic systems were based on customs, conventions and traditions. C i).Balutedari System: In olden days there existed the Barter system of exchange i.e. exchange of goods for goods. Money was not used. Individuals earned their…
III (2 b)Earlier economic systems were based on customs, conventions and traditions. b).Feudalism: The feudal mode of production consumption & distribution prevailed in most European countries during the middle ages. The fundamental feature of feudalism was that the society was…
III Earlier economic systems were based on customs, conventions and traditions. 2.Owner-Worker Tenant Systems:- a) Slavery:- With a few powerful people becoming owners of land & other property, they became rulers having superior powers & rights over those who were…
Earlier economic systems were based on customs, conventions and traditions. 1. Primitive communism or village economy To begin in very early times when man began to live in groups, a sort of crude and simple system was evolved to meet…
Economic systems An economic system is an orderly institutional arrangement evolved & adopted by human societies. It is a mechanism which a society/nation adopts to solve the economic problem. It is an institutional arrangement through which important decisions such as…