This is about microeconomics. This will cover only basic and starting concepts of microeconomics. This will cover microeconomics consumer and effects of his actions.
Presentation on Production Possibility Frontier Curve
Contents - Characteristics of Production Possibility Frontier Curve, Efficiency and Opportunity cost using production possibility frontier Curve
Created by Rokhsana Rahim Rumki
Department of Biotechnology and Genetic Engineering
Jahangirnagar University, Bangladesh
Presentation on Production Possibility Frontier Curve
Contents - Characteristics of Production Possibility Frontier Curve, Efficiency and Opportunity cost using production possibility frontier Curve
Created by Rokhsana Rahim Rumki
Department of Biotechnology and Genetic Engineering
Jahangirnagar University, Bangladesh
Microeconomics: Introduction and basic conceptsPie GS
1.1 Meaning and definition of microeconomics
1.2 Basic microeconomic issues: scarcity, efficiency and
alternative uses of resources
1.3 Differences between microeconomics and macroeconomics
1.4 Opportunity cost, normative economics and positive
economics
1.5 Importance of microeconomics in business decision making
1.6 Economic models: meaning and use of economic models
The activity of seeking wealth is as old as Human
Civilization. Human beings either as individuals or as groups
or as large kingdoms and empires have always been engaged
in acquiring and increasing the material wealth.
However, a discipline study of the wealth producing
activities was commenced about 230 years back when Adam
Smith, the father of Economics, published “The Nature and
Causes of Wealth of Nations”. Economics, as a discipline,
constitute the most important subject to analyze activities
related to wealth creation and distribution. The dimensions of
the subject of Economics are truly vast and encompasses all
aspects of our lives.
This PPT includes the basic concepts of economics. its meaning, scope and nature of economics, types of economic systems and basic problems of an economy.
economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
Learn how to mathematically solve for the equilibrium price and quantity in a market when given specific supply and demand curves.
Higher prices tend to reduce demand while encouraging supply, and lower prices increase demand while discouraging supply. Economic theory suggests that, in a free market there will be a single price which brings demand and supply into balance, called equilibrium price.
introduction to economics and microeconomicsSatya P. Joshi
Introduction to economics and microeconomics, microeconomics features and types and uses of microeconomics.
What is economics?
The study of how individual and society choose to utilize scare resources to satisfy unlimited human wants.
These wants encompass all goods and services that individual desire, including food clothing, shelter and anything else that enhance the quality of life.
[1] - http://www.ansmachine.net/
[2] - http://www.newtutorialslab.com/
Microeconomics: Introduction and basic conceptsPie GS
1.1 Meaning and definition of microeconomics
1.2 Basic microeconomic issues: scarcity, efficiency and
alternative uses of resources
1.3 Differences between microeconomics and macroeconomics
1.4 Opportunity cost, normative economics and positive
economics
1.5 Importance of microeconomics in business decision making
1.6 Economic models: meaning and use of economic models
The activity of seeking wealth is as old as Human
Civilization. Human beings either as individuals or as groups
or as large kingdoms and empires have always been engaged
in acquiring and increasing the material wealth.
However, a discipline study of the wealth producing
activities was commenced about 230 years back when Adam
Smith, the father of Economics, published “The Nature and
Causes of Wealth of Nations”. Economics, as a discipline,
constitute the most important subject to analyze activities
related to wealth creation and distribution. The dimensions of
the subject of Economics are truly vast and encompasses all
aspects of our lives.
This PPT includes the basic concepts of economics. its meaning, scope and nature of economics, types of economic systems and basic problems of an economy.
economic equilibrium is a state where economic forces such as supply and demand are balanced and in the absence of external influences the (equilibrium) values of economic variables will not change.
Learn how to mathematically solve for the equilibrium price and quantity in a market when given specific supply and demand curves.
Higher prices tend to reduce demand while encouraging supply, and lower prices increase demand while discouraging supply. Economic theory suggests that, in a free market there will be a single price which brings demand and supply into balance, called equilibrium price.
introduction to economics and microeconomicsSatya P. Joshi
Introduction to economics and microeconomics, microeconomics features and types and uses of microeconomics.
What is economics?
The study of how individual and society choose to utilize scare resources to satisfy unlimited human wants.
These wants encompass all goods and services that individual desire, including food clothing, shelter and anything else that enhance the quality of life.
[1] - http://www.ansmachine.net/
[2] - http://www.newtutorialslab.com/
Microeconomics
SIXTH EDITION
JEFFREY M. PERLOFF
University of California, Berkeley
Microeconomics 7th kindle JEFFREY
Chapter 1 Introduction
Chapter 2 Supply and Demand
Chapter 3 Applying the Supply-and-Demand Model
Chapter 4 Consumer Choice
Chapter 5 Applying Consumer Theory
Chapter 6 Firms and Production
Chapter 7 Costs
Chapter 8 Competitive Firms and Markets
Chapter 9 Applying the Competitive Model
Chapter 10 General Equilibrium and Economic Welfare
Chapter 11 Monopoly
Chapter 12 Pricing and Advertising
Chapter 13 Oligopoly and Monopolistic Competition
Chapter 14 Game Theory
Chapter 15 Factor Markets
Chapter 16 Interest Rates, Investments, and Capital Markets
Chapter 17 Uncertainty
Chapter 18 Externalities, Open-Access, and Public Goods
Chapter 19 Asymmetric Information
Chapter 20 Contracts and Moral Hazards
Chapter Appendixes A-1
Answers to Selected Questions and Problems A-28
Sources for Applications A-44 m PERLOFF
Contents
Preface xiv 2.5 Equilibrium Effects of Government
Interventions 27
Policies That Shift Supply Curves 27
Chapter 1 Introduction 1 APPLICATION Occupational Licensing 28
Solved Problem 2.4 29
1.1 Microeconomics: The Allocation
Policies That Cause Demand to Differ
of Scarce Resources
Trade-Offs from Supply APPLICATION Price Controls Kill
The role of business in the transformation to a post-growth, post-consumer so...Wilmette Institute
Based on concepts from ELEVEN by Paul Hanley, business can be seen as both an active and passive participant in a world at risk due to consumerism and its consequences, and economic planning based on an ethos of never-ending growth. In his book ELEVEN, Paul Hanley uses multiple sources to present a clear and logical description of the genesis of the current paradigm and where it is inexorably leading. Science informs us that the current economic order is unsustainable. With the world population projected to rise another 50% to 11 billion by 2100, current economic and environmental issues will deepen and turn catastrophic. As the notion that there is a spiritual aspect to reality fades into anachronism, the sustainability crisis deepens.
The core proposal of the book and the learnshop is that the solution to the seemingly insurmountable and catastrophic issues facing the world today can be found through a comprehensive public education approach that leads to profound ethical-social-ecological transformation. Such a program can be spearheaded by responsible business and their activities in the community —for example, supporting neighbourhood grass roots initiatives. Business can play play an enabling role in this process. It can reorient advertisements that suggest how consumer goods should not define us and symbolise who we are, and instead promote environmental and moral values that result in a sustainable future. Instead of a focus on profits only, business can support communities to transform, and demonstrate by example that “avarice and self-interest (need not) prevail at the expense of the common good.” Ultimately, in order to realistically address world issues, businesses will need to live a new morality, contribute to a reduction in excessive consumption, and renounce the paradigm of continuous economic growth. A sustainable, values-based reality needs to be made visible through education, particularly moral education, starting with children and youth.
What new insights or learning do you hope your learnshop will provoke?
To investigate the present environmental and economic issues so that our awareness is improved, and that we can clearly explain why a change in paradigm is essential. The learnshop will seek to gain insight and understanding about the issues facing the world and the role of business. Through discussion and sharing of ideas we hope brainstorm what could and should be done to address these issues – both the possible and the desirable. Which values/virtues are present and absent in the current paradigm? How to select a plan of action in the face of confusing messages and “false news.” Which virtues or values, if implemented, have the greatest potential for affecting constructive change? Finally what are the barriers to change that need to be overcome. What are the main themes that can be effectively addressed by the business community and what methods and materials are needed to address them?
These slides are for beginners wanting to learn Objective-C for the development of iOS of Mac OSX. These slides contain information about the basic datatypes used in the Objective-C development.
Comparing computer and traditional gamesHassan Aftab
This information is based upon a research paper "Comparing Computer and Traditional Games Using Game Design Patterns". It tells you basic measures you should take while converting a non computer game to a computer based game.
This slide contains information about ISO 9241 standard. This standard is designed for HCI ergonomics. It is multi part standard, each part is discussed briefly in this slide.
This slide shows a case study on how to improve validation activities during software development. The content here is taken from a research paper on improving validation activities.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
2. Introduction
• Microeconomics is a branch of economics that
deals with the study of economic behavior of
unit.
• A unit can be:
– an individual
– a firm
3. Basics
• Basically microeconomics is the study of
Consumer and Producer.
• Consumer and Producer are the two basic
components of microeconomics.
• The consumer demands for goods, producer
supply goods.
4. Human Behavior
• The most important question of
microeconomics is not how demand and
supply meet. It is how human behavior affects
them.
– If demand increases, it is because of certain
human behavior, if demand decreases, it is
because of certain human behavior
– If supply increases, it is because of certain human
behavior, if supply decreases, it is because of
certain human behavior
5. Human Behavior
• Human behavior depends upon ideology of
humans.
• There are basically two ideologies in the
world.
1. Muslim Ideology
2. Materialistic / Capitalistic Ideology
6. Materialistic / Capitalistic Ideology
• In Materialistic / Capitalistic ideology, a person claims
to be the owner of what he earns.
• People try to surpass others in terms of showing off.
• In such society, some people suffer from superiority
complex, some suffer from inferiority complex.
• In such society producers try to make more and more
revenue. So they raise the prices of goods and poor
people suffer.
• The reason of them raising prices is simple. Increase in
demand. As the demand from consumer increases. The
prices are bound to increase.
7. Continued…
• In such societies rich become richer, while poor
become poorer.
• Today we see a lot of demand of pork meat or
alcoholic drinks.
• Billions of dollars are being spent on these goods
nowadays. People do not care that these are
injurious to health.
– Pig meat causes “Swine flu” and is loaded with toxins
– Alcoholic drinks can cause cancer, anemia and many
other diseases
8. Continued…
• Despite of all the issues these goods cause to
health, they are being used heavily. Their demand
is increasing. So their supply is increasing. People
are buying themselves serious some serious
diseases.
• If the demand of these goods reduces, then
supply will reduce itself.
• The billions of dollars that are being spent on
these items can be spent on basic needs of
human beings.
9. Continued…
• If the money that is being spent on the items
that are injurious to health, is spent on basic
needs then the world will become a better
place to live.
• This can be done by the consumer side. If the
demand will reduce, the supply will reduce.
10. Islamic Ideology
• In islamic ideology, we believe that Allah is the
owner of all that is present in this universe. So
we donot spend money on things that are
prohibited in Islam.
• The items like alcohol, pork meat are
prohibited in Islam, so the money which was
first being spent to these goods can now be
used to make things that are good for human
beings.
11. Continued…
• In the islamic ideology, it is clearly stated what
is right and what is wrong, what is
halal(allowed) and what is haram(forbidden).
Science also proves that, the things which are
prohibited in islam are harmful for humans,
and the things that are allowed in Islam are
beneficial for humans.
12. Continued…
• True islamic ideology means good governance.
• Umar’s law which is implimented in
scandinavian counteries is an implimented
example of islamic ideology.
• Well that is concerned with macroeconomics.
13. Continued…
• Dealing with microeconomics, as we know we
have consumer and producer.
• In the views of Islamic ideology, let’s first
discuss consumer.
• Here consumer can be of two types.
1. Moderate Consumers
2. Immoderate Consumers
14. Moderate Consumers
• Moderate consumers are the consumers who
demand only the part they need.
• They do not buy extra
• They do not show off
• Because of them the demand remains at
equilibrium.
• When demand remains constant, the prices of
goods remain constant.
• Goods are available for everyone.
• There is low risk of black marketing.
15. Immoderate Consumers
• Immoderate consumers buy more than they need.
– Income = Saving + Consumption
– Saving = Income – Consumption
• So when consumption increases saving decreses.
• Low saving causes Conspicuous consumption
• For any country to progress, good saving is very
improtant. Globally acceptable saving is minimum 20%
– Pakistan’s current saving is around 14%
– India around 20%
– China around 40%
16. Immoderate Consumers
• Low saving causes
– Low investment
– Low productivity
– Low Income
Low income causes Poverty
– Unemployment
• When consumption increases
– Import > Export
17. Continued…
• This also causes
– Deficit in BOP
– Deficit in Budget
• Also called dual deficit
• Another effect is Profiteering
–Π=R–C
– To increase profit they need maximum revenue
and minimum cost of manufacturing
18. Continued…
• With increase in demand
– Prices increase
– Wages decrease
– These two are called exploitation
• Some more effects include
– Corruption and crimes
– Demonstration effect
– Frustration