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Showing posts from February, 2012

01: The Nature of the Economic Problem

02: The Factors of Production

 

03: The Opportunity Cost

04: Opportunity Cost of Economic Actions

05: Specialization and the Need for Exchange

06: Allocation of Resources in Different Economic Systems

07: Evaluation of the Relative Merits of Different Economic Systems and their Effectiveness

08: Types of Business Organization in the Private and Public Sectors

09: Effects of Changes in Structure of Business Organizations

10: Trade Unions and their Role in the Economy

11: Functions of Central Banks, Stock Exchanges, and Commercial Banks

12: The Principle of Equilibrium Price

13: Causes of Changes in Demand and Supply and their Effects

14: Price Elasticity of Demand (PED) and Supply (PES) with Simple Calculations

15: Usefulness of PED and PES in Particular Situations

16: The Purpose and Methods of Advertising

17: Pricing and Output Policies in Perfect Competition and Monopoly

In Perfect Competition: Prices are determined by the market forces of demand and supply. All firms are price takers. Demand Curve is perfectly elastic. Average Revenue (AR) and Marginal Revenue (MR) remain the same. Price is determined where Marginal Cost (MC) equals Average Cost (AC). In a Monopoly: Either price or output is set by the firm. Firm is a price maker. Demand Curve slopes downwards. It is also the market demand curve. Average Revenue (AR) and Marginal Revenue (MR) will fall. Price is determined at a point which is higher than Marginal Cost (MC) and Average Cost (AC).  Differences between Perfect Competition and Monopoly Perfect Competition Monopoly Many suppliers Single supplier Firms are price takers Firm is a price maker Small scale production Large scale production, economies of scale High Average Cost Lower Average Cost Lower selling price due to competition Higher

18: Factors Affecting an Individual’s Choice of Occupations

19: Changes in Earnings over Time between Occupations and Between Economic Sectors

20: Differences in Earnings between Occupational Groups and Different Economic Sectors

21: Different Motives for Spending, Saving and Borrowing

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22: Reasons for Different Expenditure Patterns of Different Income Groups

23: Profit Maximization as a Goal

24: Integration, Economies and Diseconomies of Scale

25: Total Cost, Average Cost, Fixed Cost and Variable Cost

26: Effects of Changes in Average Cost and Effects of Substituting One Factor for Another

27: Total Revenue and Average Revenue

28: The Government as a Producer of Goods and Services and as an Employer

29: Aims of Government Policy

30: Types of Taxation

31: Reasons for Government’s Influence on Private Producers

32: Possible Conflicts between Government Aims

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33: The Impact and Incidence of Taxation