Downloaded From www.castudynotes.com Prepared by Brand Manish Dua Name of the Economists and their Quotations Economics was regarded as Political economy. An enquiry into the nature about causes of wealth of a nation was written by Nature and significance of economics was written by Business Economics use economics analysis to formulate business policies. Supporter of Socialism Supporter of Capitalism The communist manifestoes was published in The Veblen Effect was named after Law of demand was defined by Giffen Good Paradox Till 19th century Adam Smith in 1776 Lionel Robbins in 1931 Joel Dean Karl Marx and Frederic Engels Adam Smith and J B Sey 1848 Thorstein Veblen Alfred Marshall Sir Robert Giffen Delphi Method was given by Demand curve is down ward sloping Income and substitution effect. Utility is the property of object, The Concept of Consumer Surplus was given by Production is the organized activity of resources into finished product Profit is the reward of uncertainties True Function of entrepreneur is to introduce innovation Firms balanced growth theory was given by Satisfactory Profit for firm is advocated by Sales Maximization theorem was given by Manager set their goal of their firm Olaf Halmer J R Hicks Jeremy Bentham Alfred Marshall James Bates & J R Parkinson Frank Knight Schumpeter R.L. Morris H.A. Simon Baumol A. A Barle and GC Means Managerial Utility maximization Product, Sales, Inventory and Market are the four goals other than Profit Production Function as maximum output with given input and given state of technology Williamson Cyret and March Samuelson Downloaded From www.castudynotes.com Downloaded From www.castudynotes.com Cobb – Douglas production function is given by Value in exchange mean command over commodity in general was given by Oligopoly is the market situation where firm where the firm bases its market policy on the basis of expected behavior of rivals Firm Control Output in contrast to price in Leader set output other firms follow the output. Price is control Variable, each firm sets its own price Lower aggregate expenditure is the reason for massive decline in Income and employment. Trade Cycle is purely Monetary phenomenon. Trade cycle is result of innovation. Business Activities are affected by wave of optimism and pessimism Cobweb theory was propounded by Environment includes factors outside the firm which leads to Opportunities and Threats to the firm. Environmental factors are largely beyond the control of firms Aim of business is to retain and create Customers We have met our enemy and he is us. Poverty and Un British Rule was written by Who is head of Securities Appellet Tribunal Paul H. Douglas & C W Cobb A C Pigou Stigler Cournot's Model Stackelberg's Model Bertrand Model J.M. Keynes Hawtrey Schumpeter A C Pigou N. Kaldore Gluek and Jauch Melvyn Copen and Berry M. Richman Peter Drucker Pogo Dada Bhai Naoroji Justice Deodhar Downloaded From www.castudynotes.com
