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Various definitions of economics , finance. educational informations. Characteristics of definitions and criticism. Laws of various concept of economics. Educational informations for students. Specially for the students of management faculty.

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Law of demand with its criticisms.

August 30, 2020

Law of Demand... It is one of the most well-known and most applied theory in microeconomics. It is the basis of consumption, production, exchange and distribution of goods and services. It was first introduced and developed by Alfred Marshall in his book “Principles of Economics” published in 1890 AD. It is based on functional relationship between price and quantity demanded for a particular commodity i.e Qdx=F(Px). According to this law, when price of a commodity decreases, quantity demanded for the commodity increases and vice versa, if other factors remaining the same. It means there is inverse relationship between price and quantity demanded for a particular commodity. According to Alfred Marshall, “The amount demanded increases with a fall in price and decreases with a rise in price, other things being equal . “ Assumptions of Law of Demand : The law of demand is based on several assumptions which may or may not be true in real life. Some of them are as ...

Comparison between the Marshall and Robbins definition of economics...

August 17, 2020

Marshall defined economics as a science of material welfare. It emphasized on human welfare through the attainment and use of the material requisites of well-being. On the other hand, Robbins's definition of economics as a science of scarcity and choice emphasized on maximum satisfaction while satisfying unlimited wants through limited means which have alternative uses. From intensive analysis of these two definitions, we find the following similarities and dis-similarities:- Similarities..... 1. Study of human efforts : Both Marshall and Robbins considered economics as the study of human behavior or efforts for the material welfare of human beings or maximum satisfaction of human beings. 2 . Study of rational man: Both definitions are based on the assumption of rational man. The function of attaining and using material things for welfare of human beings in Marshall's definition and maximizing satisfaction through the scarce resources in Robbins's definition can be ach...

Derivation of Individual and Market demand curve.

September 03, 2020

Derivation of Individual Demand Curve... Individual demand curve can be derived with the help of individual demand schedule. In case of individual consumer also, demand increases when price decreases and vice versa other factors remaining the same. It may be defined as tabular presentation of various units of price and quantity demanded for a commodity by a consumer during a certain period of time, other factors remaining the same. It is presented in the following schedule: Schedule of Individual demand.. In the above schedule, it is seen that a consumer demanded 1 kg of a commodity when price of the commodity is Rs. 10 per kg. When price decreases from Rs. 10 per kg to Rs. 8,Rs.6, Rs. 4 and Rs. 2 per kg, the quantity demanded for the commodity increases from 1 kg to 2 kg, 3 kg, 4 kg and 5 kg respectively. The table clearly shows the inverse relation between price and quantity demanded for a commodity. If we present the schedule in the form of diagram, we will get individual...

Why PPC is also called transformation curve?

August 29, 2020

PPC- Transformation Curve... PPC is also called transformation curve because it shows the nature of transformation of one commodity into other with the shift of resources from one use to others. Production with given resources and technology are being fully utilized and employed. The combination of two commodities produced can lie anywhere on the PPC but inside and outside it as shown in the following figure: In the above figure, point ‘H' lies below the PPC is inefficient because the available resources and technology aren’t fully utilized. Similarly point ‘G' lie above the PPC is unattainable due to limited stocks of resources and technology.

Meaning of market equilibrium.

September 16, 2020

Market Equilibrium... In common sense, equilibrium refers to the situation of rest or relaxation or free from tension. It also refers to the situation in which the two opposite forces are equal to each other. In economics, market equilibrium refers to the situation in which market demand for the commodity is equal to the market supply of the commodity. The point where market demand is equal to the market supply of the commodity is called equilibrium point which determines equilibrium price and quantity in the market. The process can be explained with the help of following schedule and diagram: The table shows that when the price is Rs. 6 per unit, Qty. Demand is equal to Qty. Supply. So the equilibrium price is Rs. 6 and equilibrium quantity is 30 units. If we present the following schedule in the form of diagram, we will get a curve and we can easily understand the meaning of market equilibrium. Demand curve (DD) and supply curve (SS) intersect at point Exactly,...

Popular posts from this blog

Law of demand with its criticisms.

August 30, 2020

Law of Demand... It is one of the most well-known and most applied theory in microeconomics. It is the basis of consumption, production, exchange and distribution of goods and services. It was first introduced and developed by Alfred Marshall in his book “Principles of Economics” published in 1890 AD. It is based on functional relationship between price and quantity demanded for a particular commodity i.e Qdx=F(Px). According to this law, when price of a commodity decreases, quantity demanded for the commodity increases and vice versa, if other factors remaining the same. It means there is inverse relationship between price and quantity demanded for a particular commodity. According to Alfred Marshall, “The amount demanded increases with a fall in price and decreases with a rise in price, other things being equal . “ Assumptions of Law of Demand : The law of demand is based on several assumptions which may or may not be true in real life. Some of them are as ...

Comparison between the Marshall and Robbins definition of economics...

August 17, 2020

Marshall defined economics as a science of material welfare. It emphasized on human welfare through the attainment and use of the material requisites of well-being. On the other hand, Robbins's definition of economics as a science of scarcity and choice emphasized on maximum satisfaction while satisfying unlimited wants through limited means which have alternative uses. From intensive analysis of these two definitions, we find the following similarities and dis-similarities:- Similarities..... 1. Study of human efforts : Both Marshall and Robbins considered economics as the study of human behavior or efforts for the material welfare of human beings or maximum satisfaction of human beings. 2 . Study of rational man: Both definitions are based on the assumption of rational man. The function of attaining and using material things for welfare of human beings in Marshall's definition and maximizing satisfaction through the scarce resources in Robbins's definition can be ach...

Derivation of Individual and Market demand curve.

September 03, 2020

Derivation of Individual Demand Curve... Individual demand curve can be derived with the help of individual demand schedule. In case of individual consumer also, demand increases when price decreases and vice versa other factors remaining the same. It may be defined as tabular presentation of various units of price and quantity demanded for a commodity by a consumer during a certain period of time, other factors remaining the same. It is presented in the following schedule: Schedule of Individual demand.. In the above schedule, it is seen that a consumer demanded 1 kg of a commodity when price of the commodity is Rs. 10 per kg. When price decreases from Rs. 10 per kg to Rs. 8,Rs.6, Rs. 4 and Rs. 2 per kg, the quantity demanded for the commodity increases from 1 kg to 2 kg, 3 kg, 4 kg and 5 kg respectively. The table clearly shows the inverse relation between price and quantity demanded for a commodity. If we present the schedule in the form of diagram, we will get individual...

Sonu kurmi

Popular posts from this blog

Law of demand with its criticisms.

August 30, 2020

Law of Demand... It is one of the most well-known and most applied theory in microeconomics. It is the basis of consumption, production, exchange and distribution of goods and services. It was first introduced and developed by Alfred Marshall in his book “Principles of Economics” published in 1890 AD. It is based on functional relationship between price and quantity demanded for a particular commodity i.e Qdx=F(Px). According to this law, when price of a commodity decreases, quantity demanded for the commodity increases and vice versa, if other factors remaining the same. It means there is inverse relationship between price and quantity demanded for a particular commodity. According to Alfred Marshall, “The amount demanded increases with a fall in price and decreases with a rise in price, other things being equal . “ Assumptions of Law of Demand : The law of demand is based on several assumptions which may or may not be true in real life. Some of them are as ...

Comparison between the Marshall and Robbins definition of economics...

August 17, 2020

Marshall defined economics as a science of material welfare. It emphasized on human welfare through the attainment and use of the material requisites of well-being. On the other hand, Robbins's definition of economics as a science of scarcity and choice emphasized on maximum satisfaction while satisfying unlimited wants through limited means which have alternative uses. From intensive analysis of these two definitions, we find the following similarities and dis-similarities:- Similarities..... 1. Study of human efforts : Both Marshall and Robbins considered economics as the study of human behavior or efforts for the material welfare of human beings or maximum satisfaction of human beings. 2 . Study of rational man: Both definitions are based on the assumption of rational man. The function of attaining and using material things for welfare of human beings in Marshall's definition and maximizing satisfaction through the scarce resources in Robbins's definition can be ach...

Derivation of Individual and Market demand curve.

September 03, 2020

Derivation of Individual Demand Curve... Individual demand curve can be derived with the help of individual demand schedule. In case of individual consumer also, demand increases when price decreases and vice versa other factors remaining the same. It may be defined as tabular presentation of various units of price and quantity demanded for a commodity by a consumer during a certain period of time, other factors remaining the same. It is presented in the following schedule: Schedule of Individual demand.. In the above schedule, it is seen that a consumer demanded 1 kg of a commodity when price of the commodity is Rs. 10 per kg. When price decreases from Rs. 10 per kg to Rs. 8,Rs.6, Rs. 4 and Rs. 2 per kg, the quantity demanded for the commodity increases from 1 kg to 2 kg, 3 kg, 4 kg and 5 kg respectively. The table clearly shows the inverse relation between price and quantity demanded for a commodity. If we present the schedule in the form of diagram, we will get individual...

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Adam Smith's definition of economics
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aggregate economics importance of macroeconomics
basic economic problem scarcity and choice
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Bird's eye view analysis
cause of inflation
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definition of factors of production
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Law of demand
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macroeconomics
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Major features of Robbins definition of economics
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Material welfare definition of Marshall features and criticism of Marshall's definition of economics
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Meaning and types of goods with example
meaning of active factor of production
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PPC curve also called transformation curve
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reason of why demand increases when price decreases
Robbins's definition of economics is superior than other definitions
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supply function
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