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…
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…
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…
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…
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…
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…
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,…
Blood relations:what do you understand by blood relation? It means relationship between two persons by birth and not by marriage. In order to understand the relationships, we can divide the relationships into two sides: Maternal side: related to mother>>Let us understand relationships of maternal side: mother’s side Mother’s father Maternal…
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…