💖 WELCOME TO YOU INTRODUCTION Correlation is very useful for economists and mainly for psychologists to study relationship between TWO variables. we not only measure the existing relationship but also we can measure the importance of relationship between them.  Concept of correlation OR Meaning of correlation Correlation refers to the relationship between two variables is known as correlation. or in other words (It refers to the relation between an independent variable and a dependent variable). So, It helps to analyse the relationship between two or more variables.    It is a statistical technique which measures the quantitative relationship between different variables.  for example, relationship between : Price and demand Price and supply Demand and other determinants or determinant variables..... Correlation compulsorily lies between +1 and -1 only. that means, if the correlation value (Coefficient value) is more than +1 or -1, it is invalid or wrong.  Definitions of correlation A.

WELCOME TO YOU I heartily welcome you to read about few important (Major) causes to explain  why India faced mass poverty.  Apart from this poverty Now a days, India is moving towards achieving economic development. The per capita income, per capita expenditure, ability to pay taxes, education, human resources are all improving. People are becoming more vigillent.  This topic is also important for 11th and 12 grade economics students. ---------- Meaning Poverty can be defined as a social phenomena in which, a session of the people in the society is enable to satisfy even their basic necessities of life. Living standards is also very low, that society is set to be with mass poverty. India is suffering from mass poverty even after 65 years of planning. Still 21.9% of population is below the poverty line.  Generally NITI Aayog is responsible to measure the poverty rates in India. Causes of poverty in India There are number of causes which are responsible for the mass poverty in India. som

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

WELCOME TO YOU  I heartily welcome you to read about the concept of inflation, It's Types, causes along with measurements or precautions to control inflation and also the concept of trade cycles, causes/phases, Phillips curve (Related to inflation and employment), Deflation and Stagflation. Note Link each topic to the Economy and write the reasons equally which are responsible to a consequence such as inflation. recurring reasons to a topic is ok. Think wider because it is aggregate value. Relate each concept. ------------------------------ Concept of inflation Inflation refers to an increase in general price level is called as inflation. It is a situation in which general price levels rises. the purchasing power of money will decreases or the value of money falls down. It is a continues rise in price value due to more supply of money in the market.  simply, it's a situation where there is more availability of money than the availability of goods produced in the country. Inflat

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 this post on few important concepts related to "Statistics" in economics.  ------------------------------ Introduction to the reader Namaste, before understanding the concepts in statistics (stats) let us understand the Meaning, need, requirement and importance of statistics in Economics.  Statistics The word statistics has been derived from the Latin word "Status" and Italian word "Statista" which means a Political State.  The word "statistics" is used in two ways: Singular plural. Singular Singular means collection, classification and presentation of the data.  Plural Plural sense statistics means the data. It refers to all the statistics as a single data. Importance of statistics in economics Statistical data is useful to understand the economic problems.  With the help of statistics we can analyse the nature of many economic problems like poverty, unemployment, etc.  The increasing importance of s

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 "factors of production" which is an important concept in Economics as well as business sciences. Generally it is the Part of quantitative research analysis but      indirectly qualitative analysis also.  ------------------------------ Production As we've written in production concepts, It is the process of converting inputs to output which has utility to satisfy human wants. Production of a good is not possible with only a person. The process has to involve both natural resources and manmade factors. Production is a main concept in economics. It is the question arises what to create/produce, when and time.  Factors of production Now we know that it is not possible to produce a commodity/good with only 1 involvement. It has to engage with number of cycles and have to move different hands to reach the hands of consumer. Factor of production refers to the resources or factors which participate in the process of produ