This document provides an overview of an introductory economics textbook. It covers the following key points in 3 sentences:
The document introduces economics as the study of how individuals and societies make choices about scarce resources. It outlines the scope of microeconomics, which examines individual decision-making units, and macroeconomics, which examines aggregates on a national scale. It also summarizes several of the main concepts and theories covered in economics, such as opportunity cost, marginalism, models, and the positive and normative approaches to economic analysis.
Applied Economics
based on the book Applied Economics by R. P. Dinio, PhD
and G. A. Villasis
Learning Competencies Covered:
ABM_AE12-Ia-d1
ABM_AE12-Ia-d2
ABM_AE12-Ia-d3
Note: Just notice the technical error in my slide Economic System. The last column should be Market Economy.
Thanks for understanding.
Applied Economics
based on the book Applied Economics by R. P. Dinio, PhD
and G. A. Villasis
Learning Competencies Covered:
ABM_AE12-Ia-d1
ABM_AE12-Ia-d2
ABM_AE12-Ia-d3
Note: Just notice the technical error in my slide Economic System. The last column should be Market Economy.
Thanks for understanding.
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This first lecture serves as an introduction to economics in general.
This video focuses on the introduction to Economics, economic problems and opportunity cost and discuss definitions of economics given by Adam Smith, Marshall, Prof. Robbins and Paul Samuelson. This video also cover the subject matter of economics which includes nature of economics, relationship of economics with other sciences and limitations of economics and methods of economic analysis which includes inductive method and deductive method.
This infographics book contains fundamental and relevant theories and concepts in Economics. It is designed to offer learners a reliable and interesting introduction to the world of economics, ideal for those with no or little background in economics, including undergraduate students taking degree courses in economics, business administration, and social sciences.
Lecture slides for an undergraduate course on Basic Macroeconomics that I taught in the Fall of 2007.
This first lecture serves as an introduction to economics in general.
This video focuses on the introduction to Economics, economic problems and opportunity cost and discuss definitions of economics given by Adam Smith, Marshall, Prof. Robbins and Paul Samuelson. This video also cover the subject matter of economics which includes nature of economics, relationship of economics with other sciences and limitations of economics and methods of economic analysis which includes inductive method and deductive method.
This infographics book contains fundamental and relevant theories and concepts in Economics. It is designed to offer learners a reliable and interesting introduction to the world of economics, ideal for those with no or little background in economics, including undergraduate students taking degree courses in economics, business administration, and social sciences.
Basic Concepts of Economics: Introduction to Economics , Basic Economic Problem, Circular Flow of
Economic Activity , Adam Smith and Invisible Hand. Nature of the firm - rationale, objective of maximizing
firm value as present value of all future profits, maximizing, satisficing, optimizing, principal agent problem,
Accounting Profit and Economic Profit , Role of profit in Market System
Demand Analysis and Forecasting: Determinants of Market Demand at Firm and Industry level –
Elasticity of Demand - Market Demand Equation – Use of Multiple Regression for estimating demand –
Case study on estimating industry demand (formulating equation and solving with the aid of software
expected)
Demand and Supply: Market Equilibrium – Pricing under perfect competition, monopolistic competition,
Case study on pricing under monopolistic competition , Oligopoly - product differentiation and price
discrimination; price- output decision in multi-plant and multi-product firms.
Cost Concepts: Cost Concept, Opportunity Cost, Marginal, Incremental and Sunk Costs, Cost Volume Profit
Analysis, Breakeven Point, Case Study on marginal costs. Risk Analysis and Decision Making: Concept of
risk, Expected value computation, Risk management through Insurance, diversification, Hedging, Decision
Tree Analysis, Case Study on Decision tree Technique.
Money and Capital Markets in India: Role and Functions of Money Markets, Composition of Money
Market, Money Market Instruments , Reserve Bank of India – Functions , Regulatory Role of RBI w.r.t.
Currency, Credit and Balance of Payment, Open Market Operations. Role and Functions of Capital Markets,
Composition of Capital market, Stock Exchanges in India, Role of SEBI, understanding of stock market
quotations in financial press expected.
Public Finance Infrastructure: Familiarity with important terms/agencies/approaches/practices related to
National Income (such as GDP, PPP, Growth Rate), Foreign Trade (such as GATT, WTO) Union budget
(such as Revenue Account, Capital Account, Revenue Deficit, Fiscal Deficit, Plan and Non-plan expenditure)
is expected. Understanding of Summarize
Economics for Beginners: Understanding the Basics of the EconomySSE Pune
The economy is a complex and constantly evolving system that affects our daily lives. Therefore, it is essential to understand how it works to make informed decisions about personal finances, investments, and government policies.
Whether students are interested in pursuing careers in finance, business, or public policy or simply want to understand the world around them, studying economics at any of the top economics institutes in India is a great choice.
Strategy formation and policy making in government powerpoint showUniversity of Tampere
The show represents macro government strategies in orienting public policy between economy government and civil society. The show contains strategic orientations of public agencies in the micro level of government. Both macro and micro strategies represent strategy modes of strategic desgin, internal strategic scanning and strategic governance. The show contains links to references and by clicking the pictures you'll find more usefull and entertaining material. The content is based on the book Strategy formation and policy making in government, published By Palgrave in 2019.
Role of Business Schools in Orienting Students towards Building Happy Economi...ijcnes
Parameters of measuring economic development and business performance had always been of great interest not only to economists but also to the policy makers, administrators and business community. Business schools had been accordingly making their students oriented towards achieving these parameters .Last couple of decades have seen many new concepts for evaluating both economic development of a country and financial performance of a business.This paper aims at discussing these emerging parameters and the role Business Schools will be required to play in near future in orienting their students towards the new parameters of evaluation economic development and business performance. Scope of the paper is limited to this aspect. Some of the measures suggested to Business schools in the paper are only indicative and it is not a comprehensive road map for achieving this objective. The author has emphasized the need for all concerned with this task to come together and design a detail plan of action for this purpose.
Definition of Economics, Scope of Economics, Microeconomics & Macroeconomics, Opportunity Cost, marginalise, Market Coordination, Goods and Service Protocol.
Price elasticity is a crucial concept in economicsSAINATHYADAV11
Price elasticity is a crucial concept in economics that measures the responsiveness of quantity demanded or supplied to changes in price. Understanding price elasticity is vital for businesses, policymakers, and economists as it helps predict the impact of price changes on market behavior and revenue. Here's why price elasticity is important:
1. Determining Revenue Impact: Price elasticity helps businesses predict how changes in price will affect their total revenue. If demand is elastic (responsive to price changes), decreasing prices may lead to higher revenue. Conversely, if demand is inelastic (insensitive to price changes), increasing prices may result in higher revenue.
2. Optimizing Pricing Strategies: Businesses can use price elasticity to determine the optimal pricing strategy for their products or services. By understanding the price sensitivity of consumers, companies can set prices that maximize profitability and market share.
3. Forecasting Market Behavior: Price elasticity provides insights into consumer behavior and market dynamics. It helps forecast how changes in prices, incomes, or competitor actions will impact demand and market equilibrium.
4. Policy Decision Making: Policymakers use price elasticity to design and evaluate economic policies, such as taxation, subsidies, and regulations. Understanding the elasticity of supply and demand helps assess the effectiveness and unintended consequences of policy interventions.
There are five cases of price elasticity of demand
A. Perfectly elastic demand:
When small change in price leads to an infinitely large change is quantity demand, it is called perfectly or infinitely elastic demand. In this case E=∞. Sometimes, even there is no change in the price, the demand changes in huge quantity. In case of perfect elastic demand, the demand for a commodity changes even though there is no change in price. This elasticity is very rarely found in practice. We can see a straight line demand curve parallel to the X axis
Ep = ((Q2 − Q1)/Q1) /((P2 − P1)/P1)
𝐸𝑝 = (1000 − 100)/100 /(10 − 10)/10 = ∞
The demand curve is horizontal straight line. It shows the at Rs. 10 price any quantity is demanded and if price increases, the consumer will not purchase the commodity.
B. Perfectly Inelastic Demand
A commodity is said to have perfectly inelastic demand, when even a large change in price of the commodity causes no change in the quantity demanded. The elasticity coefficient of perfectly in elastic demand is Ep = 0.
The shape of the demand curve for perfectly inelastic is vertical as shown below.
Price Demand
10 100
20 100
Ep = ((Q2 − Q1)/Q1) /((P2 − P1)/P1)
𝐸𝑝 = (100 − 100)/100 /(20 − 10)/10 = 0
When price increases from Rs. 10 to Rs.20, the quantity demanded remains the same. In other words the response of demand to a change in Price is nil. In this case ‗E‘=0.
C. Relatively elastic demand:
Demand changes more than proportionately to a change in price. i.e. a small change in price leads to
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