Ppt on utility in economics

If it is a science, then either positive science or normative science. Science is a systematic study of knowledge and fact which develops the correlation-ship between cause ppt on utility in economics effect. Science is not only the collection of facts, according to Prof.

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Poincare, in reality, all the facts must be systematically collected, classified and analyzed. It has a scale of measurement. On the basis of all these characteristics, Prof. Economics is also a systematic study of knowledge and facts. All the theories and facts related with both micro and macro economics are systematically collected, classified and analyzed.

Economics deals with the correlation-ship between cause and effect. For example, supply is a positive function of price, i. All the laws in economics are also universally accepted, like, law of demand, law of supply, law of diminishing marginal utility etc. Theories and laws of economics are based on experiments, like, mixed economy to is an experimental outcome between capitalist and socialist economies.

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