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

In: Contributions to Islamic Economic Theory

Author

Listed:
  • Masudul Alam Choudhury

    (University College of Cape Breton)

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’.

Suggested Citation

  • Masudul Alam Choudhury, 1986. "First-order Efficiency Conditions of the Firm in an Islamic Economy," Palgrave Macmillan Books, in: Contributions to Islamic Economic Theory, chapter 3, pages 33-39, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07728-1_4
    DOI: 10.1007/978-1-349-07728-1_4
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