Basic economics for enterpreneurs
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Basic Economics helps entrepreneurs in understanding micro and macro economic variables very well.Presentation is useful for start up/budding enterpreneurs.
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The document provides an overview of key economic concepts including:
1) Economics is defined as the study of how people use limited resources to fulfill unlimited wants. It involves choices under scarcity.
2) Microeconomics studies individual units like households and firms. Macroeconomics looks at the whole economy in terms of outputs, prices, and employment.
3) The production possibilities frontier (PPF) curve shows the maximum combinations of two goods an economy can produce with full employment of resources. Points inside the curve are attainable but inefficient, while points outside are unattainable.
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The circular flow diagram shows the continuous movement of money and resources between households and firms through two types of markets. Households earn income by supplying factors of production like labor to firms, then use that income to purchase goods and services from firms, completing the circular flow.
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3. Economic systems organize production and exchange. Traditional, market, command, and mixed economies are described. Economic growth depends on using resources like land, labor, and capital more efficiently.
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The document discusses various methods and techniques of regional analysis, including:
1. The minimum requirement technique, which compares a region's economic structure to other similar regions.
2. Neoclassical growth theory, which sees regional growth as dependent on growth in capital stock, labor force, and technology.
3. Aggregate models like sector theory and stages theory, which divide economies into primary, secondary, tertiary sectors and see regions developing through stages from subsistence to specialized industries.
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The document provides an overview of key economic concepts including:
1) Economics is defined as the study of how people use limited resources to fulfill unlimited wants. It involves choices under scarcity.
2) Microeconomics studies individual units like households and firms. Macroeconomics looks at the whole economy in terms of outputs, prices, and employment.
3) The production possibilities frontier (PPF) curve shows the maximum combinations of two goods an economy can produce with full employment of resources. Points inside the curve are attainable but inefficient, while points outside are unattainable.
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The document discusses two key economic models - the circular flow diagram and the production possibilities frontier.
The circular flow diagram shows the continuous movement of money and resources between households and firms through two types of markets. Households earn income by supplying factors of production like labor to firms, then use that income to purchase goods and services from firms, completing the circular flow.
The production possibilities frontier illustrates the key economic problem of scarcity by showing the maximum possible output combinations of two goods or services an economy can produce with limited resources. Points on the curve represent efficient production, while inside points are inefficient. The slope also demonstrates the opportunity cost of producing more of one good.
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1. Economics is the study of how people and society employ scarce resources to produce and distribute goods and services. Scarcity, choice, and opportunity cost are fundamental concepts.
2. Specialization and exchange are important for economic growth. Specialization allows increased productivity while exchange complements specialization through trade.
3. Economic systems organize production and exchange. Traditional, market, command, and mixed economies are described. Economic growth depends on using resources like land, labor, and capital more efficiently.
4. Barriers to economic growth include insufficient resources, poor infrastructure, and lack of access to export markets. Less developed economies are often in early
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This document summarizes the key concepts of the Ricardian model of international trade. The model shows that countries can benefit from trade based on differences in comparative advantage even if one country is more productive in all goods. With trade, countries specialize in producing goods where they have lower opportunity costs, allowing for increased overall production and consumption. Gains from trade come from exploiting comparative rather than absolute advantage across countries.
Regional 5
The document discusses various methods and techniques of regional analysis, including:
1. The minimum requirement technique, which compares a region's economic structure to other similar regions.
2. Neoclassical growth theory, which sees regional growth as dependent on growth in capital stock, labor force, and technology.
3. Aggregate models like sector theory and stages theory, which divide economies into primary, secondary, tertiary sectors and see regions developing through stages from subsistence to specialized industries.
It also covers disaggregate models like shift-share analysis, which examine individual industries and attributes regional growth or decline to national trends and regional competitiveness factors. These techniques help planners understand regional economic changes.
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The chapter discusses the Heckscher-Ohlin model of international trade. The model assumes two countries that produce two goods using two factors of production, labor and land. It predicts that a country will export the good that uses its abundant factor intensively and import the good that uses its scarce factor intensively. The model shows that trade leads to equalization of factor prices between countries and benefits owners of a country's abundant factor but harms owners of its scarce factor. Empirical tests find mixed support for the model and technological differences are also important in determining trade patterns.
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2018-19 Suggestive topics for Economics Project
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84 TOPICS FROM WHICH STUDENTS CAN CHOOSE
HELPFUL FOR THE STUDENTS
Post Heckscher Ohlin Theories
Thought the H-O theory did not supplant the comparative cost theory, but supported it by providing explanation for the relative commodity price differences between the countries and their respective comparative advantages. The Heckscher-Ohlin theory focuses on the differences in the relative abundance of factors of production in various nations as the most important determinant of the difference in relative commodity prices and comparative advantage. However Leontief in his empirical examination found opposite of what the H-O model predicted, given the high level of U.S. wages and the relatively high amount of capital per worker in the United States. Leontief’s discovery was termed the Leontief Paradox.
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These are slides I used for a talk in 20132 on rethinking GDP in light of ecological economic concepts
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Here are some of the suggestive economics project topics for XII - CBSE. It is based on Current Economic Events. It will be helpful for you all to choose the topics.
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Managing capacity and demand
This document discusses strategies for managing capacity and demand in service businesses. It provides examples of how hotels, movie theaters, and restaurants can work to fill their rooms, seats, or tables on a daily basis. The key challenges are mismatches between fluctuating demand and fixed capacity. The document outlines approaches for shifting demand between peak and lean periods, adjusting capacity temporarily, and using yield management to optimize pricing and segmentation. Waiting line strategies are also presented, such as differentiating customers, making waits entertaining, and providing estimates to reduce anxiety. The overall goal is for businesses to productively use their resources while maintaining quality of service.
Service innovation and design
This document discusses service innovation and design. It outlines challenges in describing services through words alone, including oversimplification, incompleteness, subjectivity, and biased interpretation. Effective service design focuses on improving internal processes and employee experience to indirectly enhance the customer experience. Service design maps how an organization operates and delivers its services through a service blueprint. Innovation in services can come through new offerings, processes, technologies, customer roles, or service solutions. Strategic orientation is also important, with options including cost leadership, differentiation, or a focus strategy for a niche market.
Service guarantees
Service guarantees are marketing tools used by service firms to reduce customer risk, signal quality, differentiate offerings, and institutionalize complaint management. Guarantees pledge that a service will perform as promised and provide reparation if not. For customers, guarantees alleviate purchase risk and facilitate complaining since they expect resolution and compensation. For companies, guarantees help understand what satisfies customers. An effective guarantee should fully cover failures, be easy to invoke and collect from, and satisfy customers.
Physical evidence
The document discusses the physical evidence of service quality, specifically focusing on the role played by the physical environment and the relationship between the physical environment and service consumers. It defines physical evidence as the actual physical environment where the service is performed and delivered, where interactions between the firm and customer take place. The physical environment can play roles as a package to communicate service characteristics, a facilitator to enhance performance and satisfaction, a socializer to set the mood, and a differentiator to position a service for a segment. Proper design and maintenance of the physical facilities is important to elicit positive cognitive, emotional and physiological responses from customers and employees.
Customer defined standard
1) The document discusses the development of customer defined service standards by XYZ Courier Service and other companies. It outlines factors like standardization, formal targets, and customer expectations that inform effective service standards.
2) Hard standards that can be counted like on-time delivery percentages are discussed as well as soft standards collected from customer feedback. Examples include standards set by Ford and a bank.
3) The process of developing customer defined standards involves identifying service sequences, translating customer expectations into behaviors, setting targets, tracking performance, and getting employee feedback to continuously update standards.
Employees role in service delivery
This document discusses the critical role of service employees in delivering quality service. It makes three key points:
1. Service employees are the face of the organization and directly interact with customers, so developing a strong service culture where customer service is a priority is important. This involves training employees on service and rewarding good customer service.
2. Service employees play a boundary spanning role between the organization and customers and must be able to handle customer needs, conflicts, and provide quality service.
3. There are various strategies for delivering quality service through employees, such as hiring the right people, training and empowering employees, promoting teamwork, and providing support systems to allow employees to serve customers effectively.
Session 10 SERVICES Marketing
Service recovery refers to actions taken by organizations in response to service failures to improve the customer's situation. There are various strategies for service recovery, including responding quickly, providing appropriate communication, treating customers fairly, and cultivating relationships. It is also important to fix the underlying problem by encouraging complaints, learning from recovery experiences and lost customers, and making services more reliable. Offering unconditional service guarantees can ensure customer satisfaction and enhance a company's brand image, but guarantees need to be designed carefully with customer and employee input to be effective.
Session no. 08 Services Marketing
The document discusses relationship marketing strategies for customer retention. It covers relationship marketing, customer profitability segments, relationship development strategies, and relationship challenges. Specific topics include establishing, developing and maintaining customer relationships by shifting from a transactional to a relational focus. It also discusses how many customers assume an ongoing relationship rather than switching providers, and how organizations often focus on attracting but not retaining customers, referring to the bucket theory of marketing.
Session 09 services Marketing
This document discusses building customer relationships through relationship marketing. It introduces the "bucket theory" of marketing, which describes how effective marketing programs pour customers into the bucket, while ineffective programs cause more customers to fall out through holes. It then discusses evolving customer relationships from strangers to partners. The goal of relationship marketing is to build a base of committed, profitable customers. Key strategies discussed include developing relationship drivers like satisfaction, quality, and value to reduce switching barriers. The document also covers customer profitability segments and challenges of relationship marketing.
Session 06 Services Marketing
The document discusses customer satisfaction and service quality. It defines customer satisfaction as a customer's judgment about whether a product or service has met their needs and expectations. Key determinants of customer satisfaction mentioned include product/service features, customer emotions, perceptions of fairness, and opinions of others. Important dimensions of service quality are identified as reliability, responsiveness, assurance, empathy and tangibles. The document also discusses electronic service quality, customer effort, service encounters, sources of pleasure/displeasure in encounters, and using customer research to understand expectations and improve services.
Session 04 ... Services Marketing
This document discusses customer expectations of services and the factors that influence them. It identifies different types of customer expectations, from the minimum tolerable to ideal expectations. Customer expectations are shaped by both adequate and desired service levels, with a zone of tolerance in between. Personal needs, philosophies, past experiences and word of mouth all contribute to the formation of customer expectations. The document raises issues for companies regarding unrealistic expectations, exceeding customer expectations to delight them, and keeping expectations ahead of competitors.
Session 02 services marketing
This document discusses customer expectations and perceptions, and the gaps that can occur between them. It outlines four key gaps that can occur within organizations providing services:
1) The listening gap, which occurs when a company's perception of customer expectations does not match customers' actual expectations, due to inadequate customer research.
2) The service design and standards gap, which occurs when management's perception of customer expectations does not align with customer-driven service design and standards.
3) The service performance gap, which occurs when actual service delivery does not align with customer-driven design and standards, due to issues like inadequate training or resources.
4) The communication gap, which occurs when external communications to customers do not
Session 01 services marketing
I don't have any questions. The document provides a comprehensive overview of services marketing.
Small scale industry an introduction --india
This document provides an introduction and overview of small scale industries (SSI) in India. It discusses how SSI makes up an important segment of the Indian economy. It defines micro, small, and medium enterprises based on their level of investment. It outlines the characteristics of small enterprises, including how they are locally focused, labor intensive, flexible, and help promote regional development. The document also discusses the advantages SSI provide like job creation and the rationale for their development in India like addressing unemployment.
Sale of goods act introduction-India
one of the important act for understanding legal aspects of business in India.An MBA Student in India must go through.
Investments in retail sector in India til Jan 2012
It was prepared in the month of Feb,2012, when I was Associate Professor with RITEE Business School in 2011-12
Marketing Research
This document provides an overview of various research designs and data collection methods in marketing research. It discusses exploratory and descriptive research designs, and explains the differences between exploratory and conclusive research. It also distinguishes between primary and secondary data, describing how to evaluate secondary data sources. Finally, it outlines several survey methods like telephone, personal, mail, and electronic surveys, and discusses observation methods.
Digital Payment-Revolution in India
It is one of the best presentation by engineering students of RIT under the guidance of Dr. Binod Sinha
Digital economics- Project Presentation from Enginerring students
This is one of the best presentation given by B Tech engineering economics students under the Guidance of Dr. Binod Sinha,Associate Professor and Expert Economics Faculty,RIT in March,2017 at Video Conference Hall
MDP on Soft Skills for Department of Post,GOI DATED 24th June at RIT Rajaramn...
The document discusses soft skills that are important for employees of the Department of Post in India. It outlines the changing role of the Department of Post from primarily handling written communication to now offering financial products and services. It describes the difference between hard skills which are technical and can be learned over time, versus soft skills which involve interpersonal abilities. Some key soft skills discussed include communication skills, presentation skills, teamwork, time management, and stress management. The document provides examples of how these soft skills are important for interacting with customers and colleagues in a customer service-oriented role.
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Basic economics for enterpreneurs
- 1. Dr. Binod Sinha Professor – PGDM Balaji Institute of Modern Management,Pune
- 2. • Science of Wealth---Adam Smith :1776 • Man and Material well being.---Marshall :1890 • Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.--- Robbins :1932 • Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time, and distribute them for consumption, now and in the near future, among various people and groups in society.– Nobel Prize winner Paul Samulson :1970
- 3. Economics for Engineers -----The application of economic principles to engineering problems, for example in comparing the comparative costs of two Alternative capital projects or in determining the optimum engineering course from the cost aspect. Economics for managers--------Decision making Economics for entrepreneurs------ earning profitability
- 4. Opportunity Cost Discounting Incremental Marginal
- 5. Individual Household Firm
- 7. • Willingness and ability to buy…..Demand • D=f(x,y,z,a,b,c) • Demand and Price • Demand and Income • Demand and related goods Assumption and Exception ---------- Share Gold Inferior Goods Ignorance
- 8. Estimation Expected Future Demand --------------------Direct Demand ----------Derived Demand
- 9. Expenditure incurred. Input transform into output Different Cost Cost and Production in Long run and short run Production Possibility Curve Indifference Curve
- 10. GDP INFLATION FOREIGN EXCHANGE Balance of trade Balance of Payment Unemployment
- 11. The gross domestic product (GDP) is one of the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period OR you can think of it as the size of the economy. Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders in a specific time period. Though GDP is usually calculated on an annual basis, it can be calculated on a quarterly basis as well
- 12. In India, GDP is calculated by summing the Gross Value Added (GVA) per institutional sector (Agricultural sector, Irrigation, Livestock products, Manufacturing, etc) . GVA is the measure of the value of goods and services produced in an area, industry or sector of an economy, in economics.
- 13. Factors affecting economic growth. ... Economic growth is an increase in real GDP; it means an increase in the value of goods and services produced in an economy. The rate of economic growth is the annual percentage increase in real GDP.
- 14. Changes in real gross domestic product measure economic growth. An increase in GDP over a particular period is an indication that the country is experiencing economic growth. On the contrary, a decrease in GDP over time indicates economic stagnation or decline.
- 15. he following equation is used to calculate the GDP: GDP = C + I + G + (X - M) or GDP = private consumption + gross investment + government investment + government spending + (exports - imports). Nominal value changes due to shifts in quantity and price.
- 17. World gdp was US$ 77,779.05 Billion in Jan 2017 as per economic watch.
- 18. Entrepreneurs are no doubt catalysts of change and innovation. Entrepreneurship stems from the need of fulfilling a gap that exists in the market and this sets the entire process of development in motion. The entrepreneurial growth in our country has triggered a host of economic benefits, together with new businesses, new jobs and new products and services.
- 19. Thanks