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”
Category Archives: Economics
Inflation, Labor and Unemployment
Inflation, Labor and Unemployment Labor force refers to the available human resources, whether employed or unemployed, including those who are atleast 15 years old. When a part of this labor force is unemployed, it means there are persons who are willing to engage in productive activities yet fail to do so (at least for theContinue reading “Inflation, Labor and Unemployment”
Macroeconomics
Macroeconomics is a branch of Economics that deals with the aggregates in the Economy. It specifically measures the economic activity of the country. In microeconomics, there are cyclical activities of of inflow and outflow brought about several participants, like households, and Firms. We measure the aggregate or total output to determine if a country isContinue reading “Macroeconomics”
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”
Theory of Cost
The Production and sales of goods and services are always profit-motivated. However, production depends on certain factors like the law of diminishing marginal returns and marginal productivity. In this chapter, we will study how cost and profit affect market behavior. Cost – refers to actual or real expenses incurred in the production of goods andContinue reading “Theory of Cost”
Production Theory
Objectives: To understand how producer behave in a market To explain the Production Theory and the Law of Diminishing Marginal Returns Production and Production Theory Production – is the transformation of resources into goods and services that have a considerable value to the consumers. In the process of production, the resources are called inputs whileContinue reading “Production Theory”
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”
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