Fiscal Policy and Trade Policy

The public Sector or the government participates in the markets to regulate and control price fluctuations that may lead to inflation. In economics, the government influences the econoy through its revenue and spending. This is termed as Fiscal Policy. Objectives: To relate trade policy with fiscal policy. To discuss the different types of revenue ofContinue reading “Fiscal Policy and Trade Policy”

Market Structure

Market Structure is composed of different firms that sell similar products of varying qualities. Objectives: To Identify which existing market structure a business belongs To understand how the market system works. To examine why economists look at the degree of competition in the market. To discuss how competition influences market behavior and affects the wayContinue reading “Market Structure”

Internal Influences on Consumer Behavior

In this Section, We will focus on the internal Dynamics of Consumers. In this Day and age, where ever we go, or whatever we do,  we are constantly bombarded with marketing schemes that influences our buying behavior. in this Section, we will look at aspects on how consumer make choices which Is important to understandContinue reading “Internal Influences on Consumer Behavior”

Consumer Behavior Theory

Consumer Behavior Theory In this Chapter, we will look closer at the behavior of individual Consumers. The Consumer Behavior theory is where the law of demand is Derived. There are two approaches in explaining the consumer Behavior: The Utility Approach The Budget Line and Indifference curve analyses The Utility Approach Humans have insatiable needs andContinue reading “Consumer Behavior Theory”

ELASTICITY OF DEMAND AND SUPPLY AND THEIR APPLICATION

Price Elasticity of Demand Is the degree of responsiveness of quantity demanded to a change in price. Economists define this in the following mathematical expression: In the equation, when the result of the price elasticity of demand is greater than 1, the consumers’ sensitivity to changes in price is said to be elastic. When itContinue reading “ELASTICITY OF DEMAND AND SUPPLY AND THEIR APPLICATION”

ECON 1: PRINCIPLES OF ECONOMICS WITH AGRARIAN REFORM AND TAXATION

TOPIC/CONTENT  INTRODUCTION TO ECONOMICS DEMAND AND SUPPLY ELASTICITY OF DEMAND AND SUPPLY AND THEIR APPLICATION CONSUMER BEHAVIOR PRODUCTION THEORY PRELIMINARY EXAMINATION THEORY OF COSTS MARKET STRUCTURES INTRODUCTION TO MACRO ECONOMICS AND THE NATIONAL INCOME ANALYSIS INFLATION, LABOR, AND UNEMPLOYMENT MONEY AND MONETARY POLICY MIDTERM EXAMINATION FISCAL POLICY AND TRADE POLICY FUNDAMENTALS OF TAXATION THE NATIONALContinue reading “ECON 1: PRINCIPLES OF ECONOMICS WITH AGRARIAN REFORM AND TAXATION”