Basic concepts of national income: 1. Definition of National Income: National income is the sum of all the incomes earned by the factors of production within a country's borders in a given time period. 2....
Basic Terms: 1.Utility:It refers to want satisfying power of the commodity.It is measured in utiles. 2.Types of Utilities: Tototal Utility: It refers to sum total of utility that is received from...
Measures of Central Tendency: There are three measures of central tendency that are: Mean: It is used to represent the average of the data. Median: It is used to represent the middle value. Mode:...