regression:  Welcome to this blog. *Only concepts* Topics Concept of regression types of regression difference between correlation and regression uses of regression Conclusion (Economics concepts) Dependent variable and independent variable Dependent variable: The variables whose values are estimated or measured is called dependent variable. Independent variable: refers to the basis for determining the value of other variable. Example: relationship between demand and price. here price is a dependent variable because the changes in price is a 1 variable and demand is the base for measurement. hence the variable which is base for measuring other variable is independent variable and the variable which measures the value of price is dependent variable.  Difference between regression and correlation Regression and correlation are almost closely related concepts. both deal with measurement of relationship between 2 or more variables. The main difference is  Regression: measures the effect of

WELCOME TO YOU I heartily welcome you to read about  statistics in economics. Please suggest me if I have to include any information or concept. Surely I'll learn from you. Please click this link to understand very basic concepts in statistics: Statistics Message Hope you understand easily without confusion. Learning something new is not at all easy but, the way we choose to learn is completely in our hands. Let us learn like a skill which we remember for a long time in life. If this blog helps you a little in your learning, that means it fulfil its purpose. SIMPLY Statistics: refers to averages, analysis of data, study of principles and applied methods, and interpretation of enquired data. ------------------------------ ......................................................... Key Points Statistics is very important to analyse the data clearly. It helps to plan on your own based on the collected data.  Modern economics has included the study of statistics to study the information

Syllabus MACRO ECONOMICS  Module– I : Introduction Macro Economics – Concept of Circular Flow of Incomes –National Income Analysis: Concepts  and Components – Methods of Measurement –Difficulties and Limitations in the Estimation of  National Income. Module– II : Theories of Income and Employment Keynesian Theory of Income and Employment: Effective Demand – Consumption Function:  Average Propensity to Consume (APC) and Marginal Propensity to Consume (MPC) – Factors  Determining Consumption Function – Savings Function: Average Propensity to Save and  Marginal Propensity to Save – Concepts of Multiplier and Accelerator  Module– III : Investment & Theories of Interest Rate Capital and Investment: Types of Investment, Determinants of Level of Investment – Marginal  Efficiency of Capital and Marginal Efficiency of Investment, Neo-Classical and Keynesian  Theories of Interest . Module – IV : Supply of Money & Demand for Money Functions and Classification of Money – Money Supply – Mea

WELCOME TO YOU  I heartily welcome you to read the post on concepts related to "Market" in economics. They play a significant role in structuring economy and development. Let us read now! ------------------------------ Market Market refers to a place where the buyers and sellers meet together and transactions of buying  and selling takes place is called market. Communication Plays a vital role in the market. Transactions may be in the form of: Goods: refers to physical commodities which are manufactured in industry/firm. Services: Refers to transactions without involving money. Other Information. Local market If transaction of a particular goods takes place in a particular area, It is called as local market. The business continued with that product in that area only. Because these goods are highly perishable which means they cannot transported to long distance places. They cannot stored for long time. For example, vegetables, fruits, milk, etc.. National market When a commodi

WELCOME TO YOU I heartily welcome you to read this post on Concepts of "Demand". Let s start from the term demand. ------------------------------ Demand Generally demand refers to a common desire. But here in Economics Demand refers to a desire which is formed or backed up by the willingness and ability to pay sum of the of money for some quantity of goods. simple, Demand is a desire which can be caused by ability to pay and willingness to purchase. Demand schedule As we've discussed in Indifference schedule, Demand schedule is also a data in tabular form or tabulation which shows the functional relationship (Mathematical) between the quantity of goods/commodities demanded and their prices. The demand schedule is again categorised into: Individual demand schedule: It is the number of purchases which are made by an individual with given income (total purchases with his income). Market demand schedule: It is a data which shows total number of goods purchased by different in

WELCOME TO YOU I heartily welcome you to read this post on "Consumer behaviour analysis". very basic concepts. Share your thoughts as they're very powerful. ------------------------------ Utility The want satisfying power of a commodity for a particular period of time is called as utility. It is the main basic for demand for that commodity. Every economic good has utility as we've written in previous concepts. Cardinal utility This concept was developed by Marshall a  British economist. if the satisfaction derived from a different commodities by the consumer is expressed in terms of numbers (numerical values) such as 1, 2, 3, 4... etc It is called as Cardinal utility. (Cardinal numbers). Ordinal utility This concept was introduced by John R. Hicks. According to this concept, Utility is subjective so, The satisfaction can be measured by ranks such as, 1st, 2nd 3rd, 4th... etc. We can observe the difference between satisfaction which is derived by consuming different go

WELCOME TO YOU I heartily welcome you to read this post on "Few basic concepts in economics". ------------------------------ Economic Goods Simply Economic good refers to a thing which demands price for use, buy and exchange. Economic goods are manmade such as, Pen, book, computer etc. They have cost of production. They are always limited in supply which means less than to demand. The ownership can be transferred from one to another. That's why there is value in both exchange and use. all above points refers to economic goods. Capital goods These refers to goods which are used to produce other goods. Capital goods are also called as producer goods. They are used in production process. They satisfy human wants indirectly. for example, Machinery, Tools, buildings, equipment, etc. Intermediate goods The goods which are under the process of production are called as intermediate goods or Semi finished goods. They are again transferred to different industries and factories to m

WELCOME TO YOU I heartily welcome you to read this post on the concept of wants. ------------------------------ Want Generally a want is just a desire. But in Economics it is a very basic/fundamental concept which is basis for number of other concepts in economic theories. It is assumed that Human wants are always unlimited or limitless whereas, resources are always in scarce. Simply the resources are always less than the demand. That's why the reason a man will go for alternative resources. Want is a psychological phenomenon.  Economic want and noneconomic want Generally wants are divided into 2 types. they are: Economic want Noneconomic want      *Economic want refers to those desires which can be bought and satisfied through money or other way of transaction. For example, purchase of clothes, Satisfying basic requirements/necessities etc. This kind of want requires purchase of a commodity. It can be satisfied with the right desire and ability to pay. I can say simply that the in

WELCOME TO YOU I heartfully welcome you to read this post. In previous posts, We've already written Concepts related to Industries. to read that post: Visit  https://economics-subject.blogspot.com/2021/06/concepts-in-industrial-sector.html With that knowledge we're going to read about:  Meaning of Industries Types, Importance in economic growth major problems faced by the industry, Measures to support and promote industrial growth, How government is involved to support industries. Importance of industries in a country.  Industry Industry is one of the major sector in the economy. It increases employment, efficiency in a labour, promotes regional development, education, infrastructure etc. Simply Industry deals with extraction, conversion and production of goods  Small Scale Industries If the process of manufacturing and production is done in small scale that means on smaller amount, it is called as a small scale industry. It has number of advantages like equal distribution of i