Tag: economics
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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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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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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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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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Table of Contents 1. Law of Demand 2. Demand Function 3. Individual Demand schedule with curve 4. Market Demand schedule with curve Law of demand: the law of demand is one of the most important laws of economic theory. It states the nature of the relationship between the quantity demanded of a product with its…
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Table Of Contents:Meaning of demand Determinants of demand Meaning of demand: The term demand refers to the quantity of goods or services that the buyers are willing or able to purchase at various prices during a given period of time. Consider following example: Your birthday is approaching, you want to go to a five star hotel.…
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Now having understood micro and macroeconomics, let us understand the nature of business economics: The following points will describe the nature of business economics: . Business economics is a science · Based on microanalysis · Incorporates elements of macro analysis · Business economics is also an art · Use of theory…
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Hello everyone, welcome to the Singhvi Online family. Hope you are in the best of health and spirit. In today’s blog, we are going to understand the concept of Micro-economics and Macro-economics And the nature of Business economics. Table Of Contents: Meaning of Micro Economics Definition of Micro Economics Interpretation Meaning Of Macro Economics Definition…
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Hello everyone, welcome to the Singhvi Online family. Hope you are in the best of health and spirit. In the previous blog, we understood what economics is about, and we did economic analysis. Now we are going to learn Business Economics & Decision-Making with the help of Business Economics. Table of contents: The important point…
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Hello everyone, welcome to singhvi family. Hope you are in the best of health and spirit. In today’s blog we will understand what exactly is economics, what is economics study about and what is economic analysis?. Good news is you don’t need to study, it is a mere application of practical circumstances appearing in our…