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

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 heartfully welcome you to read about Micro economics and Macro economics. Share your thoughts as they're very powerful. ------------------------------ Economics In previous posts, it already said that Economics is broadly categorised into 2 types or branches. Micro and Macro economics. One can say simply that micro economics is everything about Prices, Consumer behaviour, firms, households, each decisions, Individuals, etc. It mainly deals with prices and markets. Whereas, Macro economics is also another branch of economics which studies about all aspects of an economy as a whole or single unit. It studies overall performance, problems of economy, growth etc. It is based on 2 main perspectives. that is long-term and short-term analysis. Micro economics is developed by classical economists such as Adam Smith, Jean-Baptiste Say, David Ricardo, Marshall, Thomas Robert Malthus, John Stuart Mill, etc. Introduction of the terms Ragnar Frisch was the first economist to us