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

Introduction We all know that full employment is a rare phenomenon or situation in a country. whereas, unemployment is a general phenomenon which means it happens continuously. There are number of reasons for occurring  unemployment such as lack of human resource, capital formation, Rate of Development of infrastructural facilities, political status, etc.  However, Unemployment is the major indicator to measure the rate of development in the country. Friends,  Practically speaking, A labour/employee  in any sector from agriculture to service sector experiences the various types of unemployment in different times and seasons. It will be understood shortly by reading following types of unemployment. ------------------------------ Unemployment It is a situation when a labor doesn’t get employment despite of his ability and willingness to work at  the existing wage rate is called unemployment. The number of employed in the labour force is divided by unemployed individuals is unemployment r

Welcome to you In this post we're going to know the different types of money. ----------------------------- What is money:  Money is an important economical unit which is used for transaction. Generally money is recognized by all in the markets as a physical commodity. it is the main function to cause a transaction. ------------------------------ Types of Money Following is a list that shows the different types of money. Commodity Money: It includes Metallic coins whose face value and inner value is same. It is also called as full bodied money. Representative money: It includes coins and paper money whose inner value is less than their face value. Legal tender money: The money which is accepted as per law by every one in payment for commodities is called as legal tender money.  Optional money: These money generally created by the commercial banks. For example, drafts, cheques. Now a days it is the common mode of transactions by using this kind of money. Metallic money: This money i