Law of Diminishing Marginal Utility
The concept was first introduced by German economist Hermann Heinrich Gossen in 1854 and was later refined by economists like …
Cardinal Utility
A rational consumer aims to allocate their income among available goods to yield the highest possible satisfaction or utility, given …
Concepts of Revenue
In economics, revenue refers to the total amount of money a firm receives from the sale of its goods or services. …
Co-operative Banks: Meaning and Functions
A cooperative bank is a unique financial institution fundamentally rooted in the principles of cooperation, democracy, and mutual benefit. It is not a …
Matrix Calculator
EL Matrix Calculator by EconomicsLive Live Math Engine Perform matrix addition, subtraction, transpose, determinants and inverses in one beautiful panel. …
Non-Banking Financial Institutions: Meaning and Types
Non-Banking Financial Institutions (NBFIs), often referred to as Non-Banking Financial Companies (NBFCs) in certain jurisdictions, such as India, are financial …
Matrix Operations: Addition and Subtraction
Solve the following practice questions based on Addition and Subtraction of Matrix Operations: Q1. Given A = [3−124], B = [52−31], find A …
Positive and Normative Economics
What is Positive Economics? (The Science of “What Is”) Positive economics is the branch that describes and explains economic phenomena …
Macroeconomics – Meaning and Scope
The term “Macroeconomics” is derived from the Greek word Makros, which means “large.” Ragnar Frisch, the Norwegian economist and first Nobel …
Regional Rural Banks (RRBs): Meaning, Objectives and Functions
Regional Rural Banks (RRBs) are scheduled commercial banks (government banks) that were established in India under the Regional Rural Banks Act …