Notes and Summaries for Fundamental of Economics || 1
Demand refers to the Quantities of Commodity that the Consumers are Able to Buy at each possible Price during a given Period of Time, other things being equal.
- Willing to Purchase at Various Prices during Period of Time
- Able to Purchase at Various Prices during Period of Time
This notes covers about the different markets, price determination, in such market and equilibrium in monopoly, perfect competition, oligopoly, monopolistic competition. .
• Cost Analysis refers to the Study of Behaviour of Cost in relation to one or more Production Criteria like size of Output, Scale of Operations, Prices of Factors of Production.
• In other words, Cost Analysis related to the Financial Aspects of Production Relations against Physical Aspects.
This note covers Indifference curve, utility, law of diminishing marginal utility. Consumers surplus. Utility is synonymous with "Pleasure", "Satisfaction" & a Sense of Fulfillment of Desire
- Willing to Offer to the Market at Various Prices during Period of Time
- Able to Offer to the Market at Various Prices during Period of Time
- What Firms Offer for Sale, Not Necessarily to What they Succeed in Selling
- Is a Flow i.e. as per unit of time, per day, per week, or per year
Traditionally, money has been defined on the basis of its general acceptability and its functional aspects. Thus, any thing which performed the following three function:
Served as medium of exchange
Served as a common measure of value
Served as a store of values was termed as money.
This note covers about unemployment, poverty and popolation
• Population refers to Total number of People residing in a Place.
• Growth in Population is considered to be favourable in certain Countries like Australia because:
• In General, Production means, "Any Activity of Making Something Material."
• In Economics, Production means, "Any Economic Activity which is directed to the Satisfaction of the Wants of the People.