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Understanding Law of Supply

  SUPPLY Supply is of the scarce goods. It is the amount of a commodity that sellers are able and willing to offer for sale at different price per unit of time. LAW OF SUPPLY There is direct relationship between the price of a commodity and its quantity offered fore sale over a specified period of time. When the price of a goods rises, other things remaining the same, its quantity which is offered for sale increases as and price falls, the amount [...]

Tax effect on Supply and Demand Curve

Tax effect on Supply and Demand Curve Definition of Tax effect:The primary reasons for any tax is to raise income or revenue from tax payers for the taxing authority as, to impose economic burden on those tax payers to alter the distribution or allocation of resources in the affected markets. By changing the distribution of resources that is the quantities produced and consumed, where a tax can also affect the economic efficiency with which the resources are employed. As a [...]

Keynesian Model In Economics

Keynesian Model In Economics Consumption is the spending on consumer goods over a given period, usually a year. Consumer goods are goods and services that are consumed or used up within the year, such as food or electricity. In practice, however, many goods counted as consumption goods last longer than a year such as dresses, cars and toasters, etc. John Maynard Keynes made two key assumptions about what determines consumption spending. Assumption 1: People base their consumption spending mainly on their current [...]

The Concept of Recessions In Economics

Economics - Recessions In Economics, Recessions can be found in business cycles. Business cycles are the total ups and downs of an entire nation or possibly the entire world from time to time, over a period of more than 10 years. Recession in Economics is considered to be a decline in economic activity. An economy operating at its potential level is said to be at full employment. At full employment, some unemployment occurs. This is consistent with the shifting of workers between jobs due to [...]

Understanding Monopolistic Competition

Economics Imperfect Competitions - Monopolistic Competition Monopolistic competition has four distinctive characteristics. There is a very large number of firms. Each firm’s product is slightly differentiated from those of its competitors. Firms are free to enter or to exit the industry. Firms engage in non-price competition such as advertising. Monopolistic competition is a market structure in which there are many sellers of a commodity, but the product of each seller differs from that of the other sellers in one respect or [...]

Understanding Health Economics in Economics

Health Economics Health Economics has grown into one of the important branches in Economics today. Today, health economics deals with the scarcity of allocation of health and health care. A doubt might arise as to why health has a relevant role to play in economics. When we observe closely we can see that health economics is the study of scarce allocation of health and health care resources. We can not that economics the study of scarce resources. A resource can [...]

Understanding Labor Economics

Labor Economics The theory of labor supply is based on the model of a consumer making a choice between consuming more goods and consuming more leisure. With it, we can elucidate the properties of labor supply and begin to understand the conditions of participation in the labor market. The model has been variously enhanced to make the theory of labor supply more precise and sometimes to modify it profoundly, principally by taking into account household production, the collective dimension of [...]

Public Economics

Public economics is the study of economic policy, with particular emphasis upon taxation. The subject therefore encompasses topics as diverse as responses to market failure due to the existence of externalities and the determination of optimal social security policies. This characterization reflects an extension of the scope of public economics from its initial emphasis upon the collection and disbursement of government revenues to its present concern with all aspects of government economic intervention. Public economics has a long history [...]


Economics-Inflation Inflation is one of the most listened topics these days. Inflation can be defined as a sustained increase in the general price level. It is usually measured by the Retail Price Index (RPI). This is a weighted average of retail prices. To calculate it, goods and services are given different weights according to the percentage of income that households spend on them. Weights are determined by the results of the Family Expenditure Survey. Inflation is caused by: Too much of [...]

Economics- The Demand for Money

Economics- The Demand For Money The demand for money is he quantity of monetary assets, such as cash and checking accounts, that people choose to hold in their portfolios. Choosing how much money to demand is thus a part of the broader portfolio allocation decision. In general, the demand for money – like the demand for any other asset – will depend upon the expected return, risk and liquidity of money and other assets. There are two features of money that [...]