Economics for students -all concept

  Why Study Economics?                             Prelude We live in a society where our wants are unlimited,we have to buy so many economic goods and services to satisfy these wants.For that,we must have command over sufficient amounts of resources, that is not an easy task.But economics as a science,makes our task somewhere easier. It is the study of how societies manage their limited resources to satisfy an unlimited number of demands. It is a structure through which we are able to understand the complex mechanisms of human behavior, markets, and policies which impact our day-to-day life, but it is much more than a few graphs and equations. However , why study economics? In a comprehensive and broad context, understanding the foundational ideas of economics provides vital knowledge about the mechanisms governing our society. Economic theory offers a framework for scientific analysis and decision-making that ...

   Introduction In this chapter we discuss about demand and it's related concepts that is law of demand, factor affecting demand, it's limitations etc.with suitable diagram. Definition: “Demand means desire for a commodity, willingness to pay and ability to pay”. Factors affecting demand: Price of the commodity Price of related goods. Income of the consumer. Test and preference of the consumer. Population. Weather conditions. Future expectations. Taxation. Income distribution. Other factors: Innovation and discoveries. War. Natural disasters.      Law of demand    Law of demand is an important law in the theory of consumption. Definition   “Other things remain constant when price increases quantity demand decreases and vice versa”. “With ceteris paribus (other things remain constant)when price increases, quality demand decreases and vice-versa”. Assumptions Income of the consumer constant. Price of related goods is constant. Weather conditions ...