Difference between Returns to Scale and Economies of Scale This article will help you to learn about the difference between returns to scale and economies of scale. Returns to scale return to the technical relationship between a portionate change in all factors (the size or scale of single plant) and the resulting change in output. Thus, returns to scale refer [...]
This article will help you to learn about the difference between economic laws and economic theories. Difference between Economic Laws and Economic Theories Every important law and generalisation of economics is based upon some assumption(s). There is a feeling among some group of people that, if unrealistic assumptions are made the laws originating there-from will be invalidated or falsified. However, [...]
This article will help you to learn about the difference between microeconomics and macroeconomics. Difference between Microeconomics and Macroeconomics It was the first Nobel Laureate economist Ranger Frisch who drew a distinction (in the year 1933) between the two major branches of economics: microeconomics and macroeconomics. These two terms have by now been adopted by all economists. Microeconomics is the [...]