Economic Statics: The word 'statics' is derived form the Greek word "statike" which means bringing to a standstill. It implies a state characterized by movement at a particular level without any change.
Features
1. No change in the population and its composition.
2. No change in the quantity of capital.
3.No change in the techniques of production.
4.No change in the working and organization 0f industrial units.
5.No change in the habits tastes and fashions of the people.
Importance
1.Simplicity.
2. Clarity.
3. Basic of dynamic.
4. Behavior of variables.
5. Applicability.
6. Equilibrium.
Limitation
1.Unrealistic assumption.
2.Constancy of variables.
3.Ignore time element.
4.Unsuitable and unrealistic.
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