Notes with worthy tutorials
Market Demand For a Commodity : The market demand for a commodity means the total demand for a commodity made by all the individuals in the market. The market demand for a commodity gives the alternative amounts of a commodity demanded per time period, at various alternative prices, by all the individuals in the market. … Read more
Shift in Demand Curve : Shift in demand curve means the change in demand curve. This change will have to be for the change in ceteris paribus. That is when the price of a commodity remains constant and the other things which can affect the demand of the commodity changes, a shift can be found … Read more
Law of Negatively Sloped Demand Curve: First, obtain the demand schedule; the formula is, Qdx = f(Px) Considering, an individual demand function for a commodity X is given by, Qdx =8 – Px cet.par. Here, Qdx is the quantity demanded and Px is the price … Read more
Obtaining Demand Schedule: To obtain the demand schedule the formula is, Qdx = f(Px) Considering, an individual demand function for a commodity X is given by, Qdx =8 – Px cet.par. Here, Qdx is the quantity demanded and Px is the price of X commodity. Now substituting various prices of X in … Read more
Demand: The desire for a commodity of an individual or a group will be called their demand when they are able to pay for that commodity. That is demand is desire with account to pay. In Benham’s words, “Demand for anything at a given price is the amount of it which will be bought per … Read more
Opportunity Cost: Life is full of choices. Because resources are scarce, we must always consider how to spend our limited income or time. In a world of scarcity choosing one thing means giving up something else. If there is no increase in productive resources, increasing production of a first good has to entail decreasing production … Read more
Production Possibility Frontier (PPF) : In economics, a production possibility frontier (PPF) is a graph that shows the different rates of production of two goods that an individual or group can efficiently produce with limited productive resources. The PPF shows the maximum obtainable amount of one commodity for any given amount of another commodity or … Read more
Differences Between Microeconomics and Macroeconomics: The study of economics is divided into microeconomics and macroeconomics by the modern economists. Both of them discuss the economical activities but are used in different sectors under different circumstances. In spit of having some similarities, they also have some differences which have been given below. Also Read: What are … Read more
The study of economics is divided into microeconomics and macroeconomics by the modern economists. Both of them discuss the economical activities but are used in different sectors under different circumstances. Microeconomics: The word “Micro” has come from a Greek word “Mikros” which means millions of parts. Microeconomics discuss about individual parts of the whole economy. … Read more
Three Problems of Economic Organizations: In every economy; economic organizations, irrespective of their type, have to face and solve three problems of economics. These three problems are as follows, What commodities are produced & in what quantities. How goods are produced. For whom goods are produced. Description and solution to these problems in fee and … Read more