TY - BOOK AU - Jhingan, M L TI - Advanced Economic Theory SN - 9788182814257 U1 - 330 JHI PY - 2012/// CY - Delhi PB - Vrinda Publication Pvt Ltd KW - Economics KW - Demand Theory KW - Production Theory KW - Factor Pricing N2 - Economics is a social science which deals with human wants and their satisfaction. It is mainly concerned with the way in which a society chooses to employ its scarce resources which have alternative uses, for the production of goods for present and future consumption. The theory of factor pricing is concerned with the principles according to which the price of each factor of production is determined and distributed. The distribution of factors of production can be of two types, namely personal and functional ER -