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Tag - Economics

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 [...]

Price Discrimination in Economics

In Economics, Price Discrimination is an important concept. Price Discrimination occurs when the same product is sold at more than one price. For example, an airline may sell tickets on a particular flight at a higher price to business travelers than to college students. Even if the products are not precisely the same, price discrimination is said to occur if very similar products are sold at prices that are in different ratios to marginal costs. Thus, if a firm sells boxes [...]

Government Policies to Raise Long run Living Standards in Economics

Increased growth and a higher standard of living in the long run often are cited by political leaders as primary policy goals. We will take a closer look at government policies that may be useful in raising a country’s long-run standard of living whether changing the form of government – democratic or nondemocratic – affects the long-run growth rate of an economy. Policies affecting the Saving Rate The Solow Model suggests that the rate of national savings is a principal determinant [...]

Balance of Payments in Economics

The Balance of Payments Accounts, which are a part of the country’s national income accounts, are the country’s international transactions. The balance of payments contains the information about how the balance of payments accounts are constructed. Modern economies have become open economies with virtually no exceptions. This means that they engage in international trade of goods and services and in international borrowing and lending. Economic openness is of tremendous benefit to the average person. Because the United States is an [...]

Inflation in Economics

Inflation is the rise in the general level of prices of goods and services in an economy over a period of time. The general prices level rises, each unit of currency buys lesser of the goods and services. Consequently, inflation also reflects erosion in the purchasing power of money. This is a loss of real value in the internal medium of exchange and unit of account in the economy. A chief measure of inflation is the inflation rate, the [...]

Game Theory Bayesian Games

In games of complete information, the players know not only their own preferences, but also the preferences of other players as well. In many situations of economic interest, however, there is likely to be considerable uncertainty on the part of each player regarding the preferences of his or her opponents. To incorporate this possibility, we introduce Bayesian Games, or games of incomplete information. Complete games are characterized by three things: players, actions and payoffs. Bayesian Games build on the static [...]

Game Theory – Auctions

Auctions are among the oldest methods of selling items, with recorded occurrences as early as 500 BC. While historically not as common as sale by fixed price or bargaining, the development and proliferation of the internet and information technology has made auctions into a common means of selling and buying items, both large and small. At its most basic, an auction is a set of rules by which an item is sold to one of several potential buyers. In [...]

Game Theory – Repeated Games

Repeated Games are an important and simple category of dynamic games. As the name suggests, repeated games are dynamic games generated by the repetition of some static game a certain number of times, either finite or infinite. On the other hand, repeated games are a simple class of dynamic games because the actions and payoffs to players stay the same over time, at the same time, this feature makes repeated games interesting. Any differences between the equilibrium outcomes of [...]

Supply Chain Management

Supply Chain Management (SCM) is the management of a network of interconnected businesses involved in the ultimate provision of product and service packages required by end customers. The philosophy of Supply Chain Management takes a systems approach to viewing the channel as a single entity, rather than as a set of fragmented parts, each performing its own function. There are three concepts in Supply Chain Management. These concepts are tightly interconnected. Network structure: The Network structure comprises collaboration partners in [...]

Game Theory-Battle Of the Sexes

Game Theoryis a set of strategic models where hypothetical situations are simulated. The people who are part of the game will have to act in these situations and arrive at situations by making choices. The choice that one of the players makes is dependent on the choice the other players make. This makes Game Theory interesting and easily arrive at solutions in given hypothetical situations. Game Theory is extensively used in preparing war strategies, political scenarios both national and international, [...]