First-order Efficiency Conditions of the Firm in an Islamic Economy

Masudul Alam Choudhury
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Masudul Alam Choudhury: University College of Cape Breton

Chapter 3 in Contributions to Islamic Economic Theory, 1986, pp 33-39 from Palgrave Macmillan

Abstract: Abstract Economics is traditionally defined as a study of scarcity of resources and of the problems created by scarcity. Under such a definition if goods and services were to be abundantly available, then there would be no need for economics to study the production, distribution and consumption of economic resources. Thus, economic goods are treated as those goods which are scarce. By the same definition therefore, goods which are abundantly available would be referred to as ‘non-economic’ or ‘free goods’.

Keywords: Demand Curve; Selling Price; Cost Curve; Economic Good; Perfect Competition (search for similar items in EconPapers)
Date: 1986
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DOI: 10.1007/978-1-349-07728-1_4

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