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What is Production? Explain the types of Production.
Meaning: Production involves the use of various inputs or factors services to produce output. In economics production means transformation of inputs into outputs, in other words production is a process of changing the form of inputs or adding utility to the goods. In economics, production refers to the process of combining various inputs (like labor,…
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Explain the consumers equilibrium under indifferent analysis under indifferent curve.
Introduction: The basic objective of the consumer is to drive highest level of satisfaction of a given amount of money in order to achieve this objective; he will spend his limited income in combination of two commodities which will highest told level of satisfaction. The consumer reaches the position of equilibrium when he enjoys the…
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Explain the determinants of Supply.
Introduction: In the ordinary language or term supply and stock conveys the same meaning but in economics the term supply is different from that of stock. Supply has all the attributes of demand a seller can sell a commodity when he has the ability and willingness to sell. Supply is always at a price without…
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Explain the exceptions of law of supply.
Introduction: The law of supply is just opposite of the law of demand where a producer supply more units of a commodity at higher prices and supply less at a lower price given the cost of production, profits are likely to be high at higher prices, the greater is the inducement to the producer to…
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What is elasticity of supply? explain the degrees of elasticity of supply.
Introduction: In the ordinary language or term supply and stock conveys the same meaning but in economics the term supply is different from that of stock. The term supply refers to the amount of commodity offered for sale in the market at a particular price and at a particular time. Hence supply is a part…
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What is elasticity of demand? Explain its types.
Meaning: Elasticity of demand is generally defines as the responsiveness or sensitiveness of demand to a given change in the price of commodity. According to Boulding elasticity of demand measure the responsiveness of demand to change in price also it indicates the quantitative change in both prices and demand. The types of elasticity of demand…
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Write a note on extension and contraction in demand.
Changes in Demand: Changes in demand in economics refer to shifts in the quantity of a good or service that consumers are willing and able to purchase at various prices. These changes can occur due to a variety of factors, and they are depicted graphically by a shift of the demand curve. Here are the…
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Explain the determinants of demand?
Introduction: The term demand is different from desire, want; wish etc. In economics the concept demand has different meaning. Any want or desire will not constitute demand. Demand refers to the total or a given quantity of a commodity that are purchased by a consumer in the market at a particular price at a particular…
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Explain the merits and demerits of fixed exchange rate.
Introduction: A fixed exchange rate (also known as a pegged exchange rate) is a system in which a country’s currency value is tied or pegged to another currency, a basket of currencies, or a commodity like gold. Under this system, the government or central bank commits to maintaining the currency’s value within a narrow band…
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Explain the role and importance of M.N.Cs
Multinational corporations MNC are huge industrial organization which extender industrial and marketing operation over a number of countries. They are also known as transnational corporations, international corporations and global corporations. Multinational corporations may be defined as large business corporation control predominantly by nationals of the countries in which their headquarters are situated, but with operating activities…