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Three fundamental problems are to be solved by every economy. 1. what kinds and quantities shall be produced of all possibilities...
In markets economic decision flow through buyers and sellers who set quantities they want buy or sell at various prices. t...
Market failures can lead to deficiencies in economic outcomes. To correct such deficiencies the government may step in to...
Demand Schedule A demand schedule represents the relation between the quantity of a good or service that people in an...
The major objectives with which macroeconomic management is attempted include: 1. High level and growth of output and...
GDP GNP Aggregate supply It describes the real GNP that will be produced in th economy given prices, costs and market...
GNP = C + I + G + X C = Consumption by house holds I =Gross private domestic investment G = Government purchases of goods ...
Out of the determinants of consumption, income is an important one. Consumption function is the schedule relating consumpt...
The major motivation behind investment is to earn a net profit. Therefore revenues expected to be produced by the investme...
Classical Theory: Total output is insensitive to the overall price level. Prices change quickly to erase any excess supply...
Net exports have a multiplier effect on output of a nation. A policy of imposing trade barriers affects other countries....
Business cycles occur when economic activity speeds up for some period and slows down for some period and then once again...
Money is anything that serves as a commonly as accepted medium of exchange or means of payment. We now use paper money and...
Monetary policy deals with money supply, interest rates and exchange rates of an economy. Central banks are given the...
Recessions and the associated high unemployment are extremely costly to the economy. Unemployment classifications Friction...
Inflation occurs when the general level of prices is rising. The rate of inflation is measured as the rate of change of th...
Effect of money on output An increase in money will lower interest enough to persuade people to hold all the new money. Lo...
Governments use budgets to plan, control and record their fiscal affairs. In a budget the expenditure of the govermment is...
http://nraomtr.blogspot.com/2011/12/fiscal-and-debt-policies-of-government.html
The knols from this are to be still migrated - day limit over 25.5.2012
http://nraomtr.blogspot.com/2011/12/fiscal-and-debt-policies-of-government.html
The knols from this are to be still migrated - day limit over 25.5.2012
The elasticity of demand of a specific good is defined as: percentage increase in quantity demanded of the product/percent...
Similar to elasticity of demand, elasticity of supply can also be defined. supply elasticiy = percentage rise in quantity...
Utility denotes satisfaction. Marginal utility: Marginal is used in the sense of extra unit.Marginal utility is the utilit...
Under perfect competition there are many small firms producing an identical product. Also there are numerous buyers buying...
Monopolist come from the Greek words mono for 'one' and polist for 'seller'. Hence monopolist is a single seller of a...
Between monopoly and perfect competition lies imperfect competition in the market. Duopoly is situation where two sellers ...
David Ricardo first analyzed the distribution of income among classes. He wrote, " The produce of earth ... is first divid...
http://nraomtr.blogspot.com/2011/12/factor-pricing-theory-and-land-rents.html
http://nraomtr.blogspot.com/2011/12/factor-pricing-theory-and-land-rents.html
Marginal revenue product of input A is the additional revenue produced by an additional unit of input A with ohter inputs...
http://nraomtr.blogspot.com/2011/12/factor-pricing-theory-and-land-rents.html
http://nraomtr.blogspot.com/2011/12/factor-pricing-theory-and-land-rents.html
Capital consists of those durable produced goods that are in turn used as productive inputs for further production. There ...
http://nraomtr.blogspot.com/2011/12/capital-interest-and-profits-review.html
http://nraomtr.blogspot.com/2011/12/capital-interest-and-profits-review.html
Profits are defined as the difference between total revenues and total costs. From the total revenue all expenses (wages,...
http://nraomtr.blogspot.com/2011/12/capital-interest-and-profits-review.html
http://nraomtr.blogspot.com/2011/12/capital-interest-and-profits-review.html
How markets interact ot reach an overall equilibrium? When all markets are put together, does the invisible hand guide the...
http://nraomtr.blogspot.com/2011/12/markets-and-economic-efficiency-review.html
http://nraomtr.blogspot.com/2011/12/markets-and-economic-efficiency-review.html
The major activities of government that affect economic activity are: 1. taxes 2. expenditures 3. regulations Economists...
http://nraomtr.blogspot.com/2011/12/economic-role-of-government-and-its.html
http://nraomtr.blogspot.com/2011/12/economic-role-of-government-and-its.html
Income and wealth inequalities in an economy are common. In market economies they can be more prominent. One idea of pover...
http://nraombakc.blogspot.in/2012/03/economic-theory-of-poverty.html
http://nraombakc.blogspot.in/2012/03/economic-theory-of-poverty.html
The system described by Samuelson is Mixed Capitalist Economy. This is the economic system of advanced democracies of worl...
http://nraomtr.blogspot.com/2011/12/alternative-economic-systems-review.html
http://nraomtr.blogspot.com/2011/12/alternative-economic-systems-review.html
Capital deepening occurs when the supply of capital grows more rapidly than the labor force. IN the absence of technologic...
Sources of international trade Diversity in conditions of production Descreasing costs due to scale Differences in tastes ...
http://nraomtr.blogspot.com/2011/12/international-trade-theory-and-issues.html
http://nraomtr.blogspot.com/2011/12/international-trade-theory-and-issues.html
The balance of supply and demand for foreign exchange determines the foreign exchange rate of a currency. When a country's...
http://nraomtr.blogspot.com/2011/12/exchange-rates-markets-regulation-and.html
Economic Theory of Production
http://nraomtr.blogspot.com/2011/12/economic-theory-of-production-and.html
Wages - Knol
http://nraomtr.blogspot.com/2011/12/wages-and-labor-market-review-notes.html
http://nraomtr.blogspot.com/2011/12/exchange-rates-markets-regulation-and.html
Economic Theory of Production
http://nraomtr.blogspot.com/2011/12/economic-theory-of-production-and.html
Wages - Knol
http://nraomtr.blogspot.com/2011/12/wages-and-labor-market-review-notes.html
Managerial Economics of Profit - Economics for CEO
Knol search link for Economics
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