Demand
Demand is the willingness and ability to purchase goods and services of consumers at various prices .
Law Of Demand
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Demand
Demand is the willingness and ability to purchase goods and services of consumers at various prices .
Law Of Demand
Opportunity Cost
Giving up something else to get something and the value of the thing given up is called opportunity cost
For Example Of Opportunity cost
Between study and sleep , if one studies without sleep ,then sleep is his / her opportunity cost.
OR
Between Book and dress, if someone purchase book without dress , the dress is his / her opportunity cost .
Trade Off
Trade -off usually refers to the decision that depends on the opportunity cost .If we want to take one thing out of two things , we must give up the other thing. That is , if we want to increase the quantity or quality of one thing , we must decrease the quantity or quality of the other thing.
For Example Of Trade Off
Economics : Economics is the key to the development of a society.
Economics is involved in every aspect of our life.
Economics definition is defined by different economists is the different ways.Adam smith is the known as the father of economics.
"Economics is the science of wealth "
According to Adam Smith,
Economics deals with production, distribution and consumption.
"ECONOMICS IS THE STUDY OF HOW PEOPLE AND SOCIETY CHOOSE WITH OR WITHOUT THE USE OF MONEY,TO EMPLOY SCARCE PRODUCTIVE RESOURCES WHICH COULD HAVE ALTERNATIVE USES.TO PRODUCE VARIOUS COMMODITIES OVER TIME AND DISTRIBUTE THEM FOR CONSUMPTION NOW AND IN THE FUTURE AMONG VARIOUS PERSONS AND GROUPS OF SOCIETY ".
According to Lionel Robbins,
Consumption function shows the positive relationship between income and consumption.
When income increases, consumption also increases for normal goods and when income decreases, consumption also decreases for normal goods.
Consumption functions can be expressed as...
C=A+bY
C=consumption function
A=Autonomous consumption
b=marginal propensity to consume
Y=Disposable income.
Different types of Unemployment?
Two Variable Regression model Two variable regression model shows the relationship between one dependent and one independent variable Dep...