You are browsing archives for
Category: Uncategorized
Determinants of Demand
Determinants of demands are: The price of the good or service. Prices of related goods or services. These are either complementary, those purchased along with a particular good or service, or substitutes, those purchased instead of a certain good or service. Hence Determinants of demand are factors that cause the demand curve to shift. Determinants of demand
Demand and Supply curve
We define the demand curve, supply curve and equilibrium price & quantity. Therefore it is relation ship curve. Demand and Supply curve
Basic questions of economy
Four basic economics questions what goods to produce, how to use resources in the production process, who receives the finished goods and when to produce the goods. Given limited resources of labour, raw materials and time, economic agents have to decide what to produce. Hence Most primitive economies concentrate on producing food and shelter – the basic necessities of life. Basic economy question
The Basic Economic Problem
The fundamental economic problem is the issue of scarcity – but unlimited wants. Therefore, an underlying feature of economics is concerned with dealing how to allocate resources in society to make the most efficient and fair use of resources. Basic Economic Problem
Production, consumption and opportunity ...
In economics, opportunity costs refer to the value of the next-best alternative use of that resource given limited resources. In daily life, opportunity costs are the benefits or pleasures foregone by choosing one alternative over another. Also Opportunity costs apply to allocating resources in production Production, consumption and opportunity costs
Positive and Normative Statements
A positive statement, on the other hand, is a factual statement. The easiest way to discern normative statements from positive statements is to whether the statement is a fact or opinion. Positive and Normative statement
Basics of economy
Economics is a social science concerned with the production, distribution, and consumption of goods and services. Also It studies how individuals, businesses, governments, and nations make choices on allocating resources to satisfy their wants and needs. Further It called Micro and Macro Economics. Basics of economics
Double angle trigonometric Equation
Evaluate trig equations using the double angle formula. Also transformed double angle equation. Hence domain will be double. Double angle trigonometric equation
Human wants and scarcity
Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. Therefore This situation requires people to make decisions https://www.worldatlas.com/articles/what-is-scarcity.html
