What is assumption in qualitative research?
In the Dictionary of Statistics and Methodology, W.Paul Vogt defines an assumption as “(a) A statement that is presumed to be true, often only temporarily or for a specific purpose, such as building a theory; (b) The conditions under which statistical techniques yield valid results.”
What is the important assumption of microeconomics?
Microeconomics deals with the study of how individuals and businesses determine how to distribute resources and how they interact. The supply and demand theory in microeconomics assumes that the market is perfect.
What are the two basic units of microeconomics?
The basic unit of study in microeconomics is individual businesses and households.
What are microeconomic factors?
Microeconomics involves factors of resources availability and usage that impact individuals and businesses. Six microeconomic business factors that affect almost any business are customers, employees, competitors, media, shareholders and suppliers.
What are the features of microeconomics?
The various features of Micro economics are as follows:
- i. Price Theory:
- ii. Partial equilibrium:
- iii. Microscopic approach:
- iv. Analysis of Resource Allocation and Economic Efficiency:
- This in turn, can help to answer the following questions:
- V. Use of Marginalism Principle:
- VI. Analysis of Market Structure:
- vii.
What is utility and its features?
Utility is the want-satisfying power of a commodity. It is the satisfaction, actual or expected, obtained from the consumption of a commodity. Characteristics of Utility are: Utility is individual and Relative: It differs from person-to-person, place-to-place and time-to-time.
What are the features of macroeconomics?
The features of Macroeconomics are:
- Macroeconomics is the branch of economics that studies the aggregate units of the economy such as national income, employment, inflation, etc.
- Macroeconomics uses lumping method for the purpose of economic study.
What are the limitations of microeconomics?
Limitations of Micro-Economics: Micro-economic analysis suffers from certain limitations: It does not give an idea of the functioning of the economy as a whole. It fails to analyse the aggregate employment level of the economy, aggregate demand, inflation, gross domestic product, etc.