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Singhvi Online - Production function economics

Production and production function with its Types

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

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

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

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

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

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

Exceptions to the law of Demand

Table Of Contents:Exceptions to the law of demandConspicuous goodsGiffen goodsConspicuous  necessitiesFuture expectations about pricesIncomplete information and irrational behaviourDemand for necessariesSpeculative goods   Expansion and Contraction of demand    Increase and Decrease in demand      Effect of non-price determinants of demand    Movements along the demand curve VS. shift of demand curve Exceptions to the law of demand: we know that as per law

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Economics
Singhvi Online

Rationale of the law of demand

CONTENTSRationale of the law of demand: Price effect of a fall in price: Utility maximizing behaviour of consumer:    Arrival of new customers: Different uses: Rationale of the law of demand:  We know that the demand curve slopes downwards. There is an inverse relationship between quantity demanded and its price. i.e, as price decreases, quantity demanded

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Economics
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