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Cost Concept - Singhvi Online

Need of Cost Concepts from Economics View point with the broader perspective

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“Cost is a fundamental notion in economics.” It refers to the sum of money paid to get products and services. To put it another way, cost is a financial assessment of the resources, materials, hazards, time, and utilities consumed to acquire goods and services. Cost principles and interrelationships: Optimal input utilization and production. A farmer’s […]

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Economics
Singhvi Online - Production function economics

Production and production function with its Types

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MEANING OF PRODUCTION;  What do you understand by production in common parlance? Well, the simple answer would be the term production is an activity of making something material.  The following are the few examples of production: Growing of wheat, rice or any other agricultural crop by farmers.Manufacturing of cement, radio sets, wool machinery or any

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Economics
Singhvi Online 1demand

Demand Forecasting – Understanding Predictions

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DEMAND FORECASTING Forecasting of demand is an art and science of predicting the probable demand for a product or service at some future date on the basis of certain past behaviour patterns of some related events and prevailing trends in the present. BASICS Forecast means to predict.  So what is demand forecasting? It is forecasting

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Economics
Singhvi Online mixed economy

MIXED ECONOMY

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Table of Contents:MIXED ECONOMYFEATURES OF MIXED ECONOMYCO-EXISTENCE OF PRIVATE AND PUBLIC SECTORPRIVATE SECTORPUBLIC SECTORCOMBINED SECTORMIXED ECONOMY HAS THE FOLLOWING MERITS AVAILABLE TO CAPITALIST AND SOCIALIST ECONOMYFACTSCONCLUSIVE STATEMENT The mixed economic system depends on both markets and governments in allocation of resources. Every economy in the real world makes use of markets and governments and is

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Economics
Business Reimagined

SOCIALIST ECONOMY

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Table of Contents:SOCIALIST ECONOMYCHARACTERISTICS OF SOCIALIST ECONOMYCOLLECTIVE OWNERSHIPECONOMIC PLANNINGABSENCE OF CONSUMER CHOICERELATIVELY EQUAL INCOME DISTRIBUTIONMINIMUM ROLE OF PRICE MECHANISM OR MARKET FORCES ABSENCE OF COMPETITIONMERITS OF SOCIALIST ECONOMYDEMERITS OF SOCIALIST ECONOMYCONCLUSIVE STATEMENT Characteristics of Socialist Economy: Collective OwnershipEconomic PlanningAbsence of Consumer choiceRelatively Equal Income DistributionMinimum Role of Price Mechanism or Market ForcesAbsence of Competition Each one

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Economics
Singhvi Online

CAPITALIST ECONOMY

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Table of Contents:CAPITALIST ECONOMYCHARACTERISTICS OF CAPITAL ECONOMYRIGHT TO PRIVATE PROPERTYFREEDOM OF ENTERPRISEFREEDOM OF ECONOMIC CHOICEPROFIT MOTIVECONSUMER SOVEREIGNTYCOMPETITIONABSENCE OF GOVERNMENT INTERFERENCEHOW DO CAPITALIST ECONOMIES SOLVE THEIR ECONOMIC PROBLEMS?DECIDING WHAT TO PRODUCE?DECIDING HOW TO PRODUCE?DECIDING FOR WHOM TO PRODUCE?DECIDING ABOUT SAVINGS, CONSUMPTION AND INVESTMENTSINTERPRETATIONMERITS OF CAPITALIST ECONOMYDEMERITS OF CAPITALIST ECONOMYCONCLUSIVE STATEMENT An economic system in which all

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Economics
Singhvi Online

BASIC PROBLEMS OF AN ECONOMY

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BASIC PROBLEMS OF AN ECONOMYWhat To Produce?How To Produce? For Whom To Produce?What Provisions (if any) are to be made for Economic Growth?ECONOMIC SYSTEM   CLASSIFICATION OF ECONOMIESCAPITALIST ECONOMY, SOCIALIST ECONOMY & MIXED ECONOMY    BASIC PROBLEMS OF AN ECONOMY Just like resources are scarce for humans, all countries face the problem of scarcity of resources without any exception.

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Economics