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Showing posts with the label Basics of Economics

Top Smart Home Devices for Tech-Savvy Homeowners & Busy Parents

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In today's fast-paced world, tech-savvy homeowners and busy parents are constantly seeking ways to simplify their lives. Enter smart home devices—a solution that not only enhances convenience but alo elevates your home automation experience. Here are some top Amazon products that can transform your daily routine. Amazon Echo Dot The Amazon Echo Dot serves as the perfect hub for your smart home. With Alexa at your command, you can control compatible devices, set reminders, and even play your favorite music—all hands-free! It's a must-have for busy parents juggling multiple tasks. Check it out here . Philips Hue Smart Bulbs IFITech IFIMSL-7W Motion Sensor B22 LED Bulb | Motion Sensor LED Bulb for Home and Office - Warm White (Pack of 4) [2024 Model] Illuminate your home with Philips Hue Smart Bulbs. These energy-efficient bulbs allow you to customize lighting through your smartphone or voice commands. Whether it's creating a cozy atmosphere for family movie night or brighte...
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CLASSIFICATION OF MARKET

  PERFECT COMPETITION  :  Perfect competition or competitive markets - also referred to as pure, or free competition -, expresses the idea of the combination of a wide range of firms, which freely enter or leave the market and which considers prices as information, since each bidder only provides a relative small share of the good  to the market and thus do not exert a noticeable influence on it. Therefore, perfect competitors cannot influence the levels of market clearing prices. Also, buyers are numerous and disperse, which also means that they cannot influence prices. This market model is based on a set of assumptions, each of them representing a necessary but insufficient condition to ensure perfect competition. An industry said to be operating under perfect competition will have the following characteristics features.  Large number of buyers and sellers.  Homogenity  of the commodities.  Free entry or exit.  Perfect mobility of factors ...
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CLASSIFICATION OF MARKET

  TIME :   Importance    of time in the determination of  value The time factor has a very great importance in the theory of value. The element of time occupies a vital place in the Marshallian theory of value. Alfred marshal According to the traditional value theory, the forces of  Demand and supply  determine the price. The position of supply is influenced by the element of time taken into consideration. Both demand and supply like the two blades of scissors, exert their influence on the determination of value . But their relative importance depends on the period of time given to the forces of supply to adjust themselves to the changes in demand. Marshall has given such a great importance to the time element in the theory of value and   has divided the pricing of products into four time periods: 1. Very Short Period or Market Period 2. Short Period 3. Long Period 4. Secular Period or Very Long Period 1. Very Short Period or Market period ...
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Classification of market

  PLACE :   On the Basis of Area: Using area, there can be local, regional, national and international markets. Local markets confine to locality mostly dealing in perishable and semi-perishable goods like fish, flowers, vegetables, eggs, milk, and others.  Regional markets: Regional market covers a wider area may be a district, a state or inter-state dealing in durables both consumer and non durables and industrial products, including agricultural produce. National Market: In case of national markets the area covered are national boundaries International Marketing Across The National Boundaries dealing in durable and non-durable consumer goods, industrial goods, metals, forest products, agricultural produce. International Market: Incase of world or , International market  the movement of goods is widespread throughout the world, making it as a single market. It should be noted that due to the latest technologies in transport, storage and packaging, even the ...
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CLASSIFICATION OF MARKET : THEORY OF VALUE

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MARKET : Definition : A market is defined as the mechanism wherever the activity of selling and purchasing goods and services takes place. It is also known as Exchange . The value, cost and price of items traded as per forces of demand and supply in a market. The market may be a physical entity, or may be virtual. It may be local, national and international.  The size of the market for a goods depends upon demand for the goods, transportation facilities and durability of the goods etc. EWARDS defines market as a mechanism by which buyers and sellers are brought together.  Classification of market :     Image source ©  Prof. Mudit Katyani . Market_classification_brainboxofeconomics The market size is directly proportional to two factors number of sellers and Buyers.Total money involved annually. The seller sells goods and services to the buyer in exchange of money. There has to be more than one buyer and seller for the market to be competitive.
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Difference between microeconomics and macroeconomics

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Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms. Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation. Micro economics involves Supply and demand in individual markets. Individual consumer behaviour. e.g.  Consumer choice theory Individual labour markets – e.g. demand for labour,  wage determination. Externalities arising from production and consumption. e.g. Externalities Macro economics involves Monetary / fiscal policy. e.g. what effect does interest rates have on the whole economy? Reasons for inflation and unemployment. Economic growth International trade and globalisation Reasons for differences in living standards and economic growth between countries. Government borrowing Moving from micro to macro If we look at a simple ...
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WHAT IS ECONOMICS

Definition of Economics As the science of decision-making, economic philosophy operates in our daily lives whether we realize it or not. When we are evaluating the interest rates on our credit cards or trying to decide whether to buy or lease a new car or go out to dinner or on vacation, these are all decisions we make using economic thinking. We live in a world of limited resources, and economics helps us decide how to use these limited inputs to satisfy our never-ending list of wants and needs. Economics is also a large field with a rich history that's been explored and examined by hundreds of influential people, ranging from philosophers to politicians. Also Read: Difference between micro economics and macro economics   In its most simple and concise definition,  economics  is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services. Economics focuses he...
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