Economics Study Notes

Price control mechanisms explained. Pros and cons of Price Ceiling & Price Floor. Introduction A country’s standard of living depends on its ability to efficiently produce goods and services, and in general, trade is considered good and is always encouraged as it has the potential to make everybody better-off. In any market, there are buyers […]

Types of Market Structure Monopoly In Monopoly market structure, only one firm dominates the market with no reasonable substitute available to buyers. Because there is no competition, this gives the firm a lot of power over the price that they can charge. Having said that, the revenue of the company will depend on what kind […]

The learning outcomes for Economics are very broad and require us to take a critical perspective on economics. Thus, we cannot simply go through the typical introduction to economics topics such as the supply/demand model, perfect competition, monopoly, macroeconomic income determination and the like. We do go through each of these topics but we also […]

Economics is about making efficient use of scare resources. The study of economics includes three important concepts: scarcity, choice, and opportunity cost. The main economic problem of the individual, business units and society is that there is scarcity of resources because of which decisions related to allocation need to be made. GET INSTANT HELP FROM […]

Milton Friedman was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences. Here’s Milton Friedman talking about Capitalism and Greed. GET INSTANT HELP FROM EXPERTS! Looking for any kind of help on your academic work (essay, assignment, project)? Want us to review, proofread or tidy up your work? Want a helping […]

Cost Theory concepts, equations, and examples. INTRODUCTION Costs for decision-making Explicit and implicit costs Historical and current costs Sunk and incremental costs GET INSTANT HELP FROM EXPERTS! Looking for any kind of help on your academic work (essay, assignment, project)? Want us to review, proofread or tidy up your work? Want a helping hand so […]

Stability of the Market Economy Classical/Neoclassical View The economy is inherently stable. Any instability is a temporary phenomenon as the market (forces of demand and supply) has strong self-correcting tendencies which make it stable. For example, this is highlighted by: GET INSTANT HELP FROM EXPERTS! Looking for any kind of help on your academic work […]

GDP (Gross Domestic Product) is a term used by economics to measure the economic health of a nation. It provides information of the monetary value of all finished goods and services within a specific time frame, usually a quarter or annually. However, GDP has certain boundaries as it does not calculate elements such as economic […]

Question: Take a case of five FMCGs – fast moving consumer goods – bathing soaps, toothpastes, facial creams, shampoos, ball pens. Analyze as to how the market for these products is characterised by product differentiation. HINTS GET INSTANT HELP FROM EXPERTS! Looking for any kind of help on your academic work (essay, assignment, project)? Want […]

Question: Develop a hypothetical table of information for coffee that shows quantity demanded at various prices and supply of coffee at these prices. Draw a demand curve and supply curve and show an equilibrium price at which market is cleared of its supplies. So how to do this project? Here’s what you can cover in […]

Objectives: After going through the material/ unit you will be able to: GET INSTANT HELP FROM EXPERTS! Looking for any kind of help on your academic work (essay, assignment, project)? Want us to review, proofread or tidy up your work? Want a helping hand so that you can focus on the more important tasks? Hire […]

Case Study: Make a visit to your local market or your surrounding area to do a research on any person or business you think is a part of the unorganized sector and find details about the following: Visit to Dharavi, home to the biggest community of idol-makers (Kumbhar community), whose main occupation is making idols. […]

Meaning of organised and unorganised sectors. In the Organised sector, businesses have appropriate authority, are governed by various Acts and stricktly follow the relevant rules and regulations. Workers get monthly salaries and other benefits. GET INSTANT HELP FROM EXPERTS! Looking for any kind of help on your academic work (essay, assignment, project)? Want us to […]

On the basis of the various economic activities in which the workers are engaged in, Indian economy can be divided into the following: Primary Sector: Activities are based on natural resources. Farming, livestock rearing, fishing, quarrying, forestry, etc. are primary activities in this sector. GET INSTANT HELP FROM EXPERTS! Looking for any kind of help […]

Projects and assignments on Product Differentiation for ICSE Class 10 and other school students. Introduction The markets are more crowded than ever, and customers are overwhelmed with too many choices when it comes to buying products. That is why standing out from the competition has become crucial for businesses with a long-term vision. GET INSTANT […]

Palampur is a hypothetical village where farming is the main activity. Palampur is well- connected with neighbouring villages and towns. Many kinds of transport are visible in Palampur. This village has about 450 families belonging to several different castes. Most of the houses have electric connections. Palampur has two primary schools and one high school. […]

In October 2020, Moody’s the rating agency, downgraded the sovereign rating of the UK for the following reasons. Moody downgraded the sovereign rating of the UK in October 2020 primarily due to the hit to the economy due to the Covid-18 pandemic, and due to the Brexit uncertainty. GET INSTANT HELP FROM EXPERTS! Looking for […]

ASSIGNMENT Make a presentation of the major trading partners of India in the last 15 years. Specify the major changes that have taken place in the Last five years. Introduction India, one of the so-called BRIC economies, is one of the major emerging national economies and an important player in the global economic landscape. Its […]

ASSIGNMENT Take a table of foodgrains production in India from any textbook on Indian economy or any other secondary source such as the Internet. Interpret the changes in the production over a given period of time. 1. The best secondary source for the required data is Economic Survey of the Government of India. For example. […]

Q. Read the following case study and answer the question It was not quite what the planners had in mind when Sweden and Denmark opened their expensive bridge across the Oresund strait in July. After an early boost from summer tourism, car crossings have fallen sharply, while trains now connecting Copenhagen, the Danish capital, and […]

How price elasticty impacts revenue (principles of Microeconomics) Academic Questions on Elasticty and Revenue Q. If a firm reduced the price of its product by 20%, what would be the size of the % change in the quantity sold if the demand for the product is inelastic? GET INSTANT HELP FROM EXPERTS! Looking for any […]

Managerial Economics involves the application of economic theory and decision science tools to solve managerial decision problems, and to examine how an organization can achieve its aims or objectives most efficiently. Managerial Economics is about applying economic theory and the tools of decision making to examine how a firm can efficiently achieve its aims or […]

Understand basic economic concepts such as scarcity, supply and demand, costs and benefits, etc. What is Economics Economic agents / society have some economic problems because of the scarcity of resources. They need to choose scarce resources among alternatives (scarce resources) based on choice and valuation of alternatives. GET INSTANT HELP FROM EXPERTS! Looking for […]

Land resource study notes, question and answers (Economics Application, Class X) Short questions: GET INSTANT HELP FROM EXPERTS! Looking for any kind of help on your academic work (essay, assignment, project)? Want us to review, proofread or tidy up your work? Want a helping hand so that you can focus on the more important tasks? […]

Mary is the proprietor of a bar in Dublin. She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronise her bar. To solve this problem, she comes up with a new marketing plan that allows her customers to drink now, but pay later. She keeps […]

The VENEZUELA crisis is a classic case of hyperinflation and price controls gone wrong. Venezuela crisis: the view from Yare – BBC News GET INSTANT HELP FROM EXPERTS! Looking for any kind of help on your academic work (essay, assignment, project)? Want us to review, proofread or tidy up your work? Want a helping hand […]

Economic growth in India over they years. For the last quarter of 20th century India’s economy has grown at an average rate of nearly 6 per cent per annum. Following independence in 1947, India grew at a sluggish rate of some 3 to 4 per cent per annum. In 2005/6, India had an annual growth […]

Macroeconomics is the study of the total or aggregate level of output, income, employment, consumption, investment and prices for the economy viewed as a whole. Macroeconomics is a branch of economics that studies how the economy behaves as a whole, in totality. As compared to microeconomics which is concerned with individual economic units such as […]

Indian Economy: Growth Story & Challenges India is a lower middle-income country situated in South Asia. Over the last couple of decades, the country’s economy has performed extremely well, growing at more than 5 per event per annum since 1991. However, growth has slowed down recently. Here we take a look at India’s growth story […]

Public Expenditure is an important concept in Economics. Lets take a closer look at its causes and important principles. What is Public Expenditure? Public expenditure is the expenditure incurred by the central, state and local governments to satisfy the common wants of people such as education, health, administration, defence, infrastructure (roads, trains) etc. GET INSTANT […]

Micro-Market in Retail A micro market is an unmanned retail space where individuals can purchase food and beverages. Micro markets can include a wide variety of fresh and healthy items that are restocked regularly. They are popular additions to employee break rooms, where they can be custom-fit to the size and shape of the area […]