CA Foundation Economics Last Minutes Revision Important Keyword or Concepts and Their Authors

CA Foundation, Paper-4: Economics & BCK, Part-I: Business Economics Leave a comment

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🎯CA Foundation Economics (Last Minutes Revision) Important Keyword or Concepts and Their Authors :

Alfred Marshal (British)-
-Demand
-Time concept
-Diminishing utility -Marginal Utility Approach
-Time element to differentiate market
-Welfare
-Study of Mankind

Adam Smith –
-Nature & Causes of Wealth of Nation (1776).
-Father of Economics
-Definition of Wealth

Joel Dean –
Business Economics

JB Say –
Economics is science of growth

Nicholas Kaldos –
Cobweb theory

HA Simon –
Satisfying Behavior

Olaf Hamler –
Delphi Method/Expert Opinion

Hicks & Allen –
Indifference Curve

L Robbins –
-Nature & Significance of Economics
-Scarcity of resources
-Positive science

Samuelson –
Growth of business

AC Pigou –
-Measuring rod of money
-Welfare in economy
Business
-Optimism & pessimism

F Knight –
Risk

Schumpeter –
Innovation

A.A Berle & GC Means –
Separation of management and ownership

Williamson –
Profit Maximization

Baumol –
Revenue Maximization

RL Marris –
management goal of stability & growth

Paul Sweezy –
Kinked demand curve

Hawtrey –
Monetary

Karl Marx & Frederick Engels –
-Socialist Economy
-The Communist Manifesto (1848)

Cyert & March –
4 possible functional goals: production, inventory, sales, market

Chamberlin –
Group Behavior

Cobb Douglas =
Capital ¼
Labour ¾

Jacob Viner –
Economics is what economists do

Thorstein Veblen –
Conspicuous consumption/
Veblen Goods

Robbert Giffen –
Giffen Goods

Keynes –
Aggregate Effective Demand

Peter Drucker
Aim – Create & Retain customer

David Easton –
Feedback or Black box model

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