Scarcity is a condition when humans have infinitive wants but limited resources, therefore not all their wish can be fulfilled, so there is an opportunity cost involved everytime they make a decision to satisfy one wish rather than the other. As an example when they have $10 to spend on a shirt, th...
The three questions that have to be answered when trying to measure the efficiency of an economy are what?', how?', and for whom?'. The first question relates to the production of goods. We have scarce resources so to achieve maximum efficiency we must make sure those resources are being used to...
Table of contents: 1) Pakistan at the time of independence. i. Pakistan's economic inheritance. 2) Economy i. What is Economy 3) Devaluation i. What is devaluation. ii. Why devaluation. iii. General factors leading to devaluation. iv. Advantages of devaluation. v. Disa...
