QnA Mentors for Economics

Know Adam Smith: The Father of Modern Economics.

Can you solve all 10?

Why do some products become more attractive as more people buy them, while others lose their appeal for the same reason? 🤔

The answer lies in two important concepts in consumer behaviour—Bandwagon Effect and Snob Effect. Understanding these concepts, along with network externality, is essential for UGC NET Economics and for explaining many real-world market trends.

⭕️Did you know?

Not all goods follow the law of demand.
Some luxury products become more desirable as their prices increase because they symbolize status, prestige, and exclusivity. This fascinating exception is known as the Veblen Effect.

What is a Giffen Good?

DEMAND THEORY

The rural employment guarantee programme in India has entered a new phase with several policy changes. Understanding these reforms, their objectives, and their implications is essential for analysing contemporary issues in rural development and public policy.