Practical and Reality Economics

OPPORTUNITY COST

Opportunity Cost was first propounded by John Stuart Mill. In the ordinary sense, Opportunity Cost is the forgone alternative. But in...
SCALE OF PREFERENCE

A scale of preference is any arrangements of the wants of individuals, firms or governments according to their importance. The scale of pr...
Q. 1

What really is Opportunity Cost in Economics? Comments and suggestions allowed.
ECONOMIC GOOD

An Economic Good is described as anything that yields utility and commands a price. An Economic Good must possess the following qualities:...
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Practical and Reality Economics Website is primarily focussed on giving detailed analyses of the complexities in Economics. This will defin...