Economics notes

Their usage rates can be changed easily, such as electrical power, raw-material inputs, and over-time and temp work. How to Find Scholarships Using Twitter, Facebook and Zinch Going to college can be expensive, especially after the four or five years it takes you to finish your undergraduate degree.

Dadabhai Naoroji was the first to calculate the national income of India. Differentiated Banks niche banks are banks that serve the needs of a certain demographic segment of the population. In monopolistic competition, the short run equilibrium results in quantity produced being lesser and prices being higher compared to perfect competition.

For a given quantity of a consumer good, the point on the demand curve indicates the value, or marginal utilityto consumers for that unit. The march of science and technology does not imply growing intellectual complexity in the lives of most people. It has significant applications seemingly outside of economics in such diverse subjects as formulation of nuclear strategiesethicspolitical scienceand evolutionary biology.

What is left over after all these people have been paid is the net profit, usually a lot less than the gross profit. With demand curve remaining unchanged when supply curve shifts rightward leftwardthe equilibrium quantity increases decreases and equilibrium price decreases increases with fixed number of firms.

Reading Notes on Basic Economics

Supply is the relation between the price of a good and the quantity available for sale at that price. Amy Finkelstein studies health care spending Featured Research: The national income is the sum total of the value of all the final goods produced and services of the residents of the country in an accounting year.

It considers the structure of such markets and their interactions. Rather than being concerned with the production of a single good or service, say, vacuum cleaners, macroeconomics looks at the total production of all goods and services including vacuum cleaners, coffee makers, and frozen pizza.

By construction, each point on the curve shows productive efficiency in maximizing output for given total inputs. You can choose to change profession, prepare for another type of charge, etc. For an accountant, the cost of an activity is the out-of-pocket expenses, all of the money paid to undertake the activity.

Among each of these production systems, there may be a corresponding division of labour with different work groups specializing, or correspondingly different types of capital equipment and differentiated land uses. Uttar Pradesh is the largest producer.

Gross Domestic Product GDP is the money value of final goods and services produced in the domestic territory of a country during the accounting year. Does India really need bullet trains. Abhijit Banerjee studies Raskin, a social support program in Indonesia https: In microeconomicsit applies to price and output determination for a market with perfect competitionwhich includes the condition of no buyers or sellers large enough to have price-setting power.

Also, i find that the success of millionaires or celebrities, are often not due to underhand means as people like to think, but more due to dedication and relative merits of the individuals.


Welfare economics Public finance is the field of economics that deals with budgeting the revenues and expenditures of a public sector entity, usually government. Finkelstein, "Predictive modeling of U. Economics for CBSE (UGC) -NET: Comprehensive, point-wise and updated study material, YouTube lecture handouts, and exam notes.

Maximum Price. It is known as maximum price or price ceiling when the government sets a maximum legal limit of a price of a particular good or service. For this to have an effect on market, the price ceiling must be placed below the natural market price. This normally leads to a shortage – the quantity demanded will be greater than the quantity supplied.

Notes for a Course in Development Economics Debraj Ray VersionCHAPTER 1 Introduction Open a book — any book —on the economics of developing countries, and it will begin with the usual litany of woes. Developing countries, notwithstanding the enormous strides they. rows · The lecture notes shown below are from the one of the Discussion sections for the course.

Environmental economics is the study of how the economy affects the environment, how the environment affects the economy, and the appropriate way to regulate economic activity so as to achieve an optimal balance between competing environmental and economic goals.

IB Economics notes on Demand. Demand The law of demand. Demand: is the total amount of goods and services that consumers are willing and able to purchase at a given price in a given time period.

The Law of Demand: states that "as the price of a product falls, the quantity demanded of the product will usually increase, ceteris paribus". The demand curve.

Economics notes
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Class 12 Economics Notes