Law of Supply Meaning of Supply Definition of Supply

Law of Supply, Meaning of Supply

Law of Supply Meaning of Supply: By supply, we mean the quantity of the commodity which is offered for sale at a particular price. Supply is always related to price without the reference of price supply cannot be determined. Definition of Supply “Other things remaining the same as the price of any commodity rises its … Read more

Definition of Demand Meaning of Demand

Definition of Demand

Definition of Demand Meaning of Demand, in ordinary language the word demand means desire. But in economics demand means desire backed up by enough money to pay for the good desired. Every desire cannot be called demand. There is a also functional relationship between price and demand. The second point is that demand is always … Read more

Importance of Economics: Main Components

Importance of Economics: Today economics is more useful than any branch of knowledge because it makes human welfare its direct and primary concern. Following are the main components of economics importance Useful for the Producer Economics is very useful for the producer. It guides him that how to should combine four factors of production and … Read more

Economic Growth and Economic Development

Economic Development

Economic development refers to the problems of underdeveloped countries and economic growth to those of developed countries. Maddison Says, “The raising of income levels is generally called economic growth in rich countries and in poor ones it is called economic development.” Kindleberger Says, Which means “greater productivity, while economic growth means more productivity and changes … Read more

Comparative Advantage: Determination, Explanation

Comparative Advantage

Comparative advantage means, suppose we look at a hypothetical world composed of only two countries Canada and the United States. Both countries produce significant quantities of wheat and corn for domestic consumption and these are at first absolutely no trade relations, factors movements, or other economic ties between them. Trade Under Comparative Advantage Each is … Read more

International Economics Part’s with Concept

International Economics Part's with Concept

International Economics, Part’s with Concept we discussed with detail in this topic International Economics Explanation International economics deals with the economic activities of different countries and their consequences. In other words, international economics is a sector that deals with the economic relations of countries and the impact of international affairs on global economic activity. International … Read more

Regression Analysis: Explanation, Types, and Formula

Regression Analysis: Explanation, Types, and Formula

Regression Analysis: Explanation, Types, and Formula. The term Regression was introduced by “Sir Francis Galton” to describe the Phenomenon which he observed about the relationship between the heights of children and their parents. Today, used in quite a different sense. It investigates the dependence of one variable (called dependent variable) on one or more other … Read more

Econometrics: why a separate Subject?

Econometrics: why a separate Subject? even they have many other theories. As we know that Econometrics is a combination of Economic Theory, Mathematical Economics, Economic Statistics, and Mathematical Statistics then why we study Econometrics as a separate subject? The reasons are as follows. Economic Theory Economic theory makes statement or hypothesis that are mostly qualitative … Read more

Introduction to Econometrics: Methodology of Econometrics (easily explained)

introduction to econometrics

Introduction to Econometrics: Methodology of Econometrics (easily explained) that “Econometric Measurement” Although measurement is an important part of econometrics, econometrics is much broader. Econometrics, the result of a particular approach, involves the application of mathematical statistics to economic data to provide experimental support to models developed by mathematical economics and to obtain numerical results. The … Read more