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

WELCOME TO YOU I heartily welcome you to read this post on the  concepts related to Production in Economics. Share your thoughts because they're very powerful. ------------------------------ Production function Production function explains the relationship between inputs and outputs. It is a mathematical equation which shows the functional relationship between the inputs used to produce output. When input increases, the output also increases. It can be expressed mathematically as: Q=f(n, l, k, o, t) Where   F=Functional relationship.  n = Land and natural resources.  l = Labour.  k = Capital.  o = Organisation.  t = Technology.  Note: The modern economists consider technology as also a factor of production. because technology is also a highly determining factor and influential factor for production and output. Iso-product curve (Iso-quant or Production indifference curve) Iso-quant refers to equal quantity or product means output. It is a graphical presentation. It is the locus of

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 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

WELCOME TO YOU I heartily welcome you to this post. I've written following points based on my knowledge. I may not provide full information but I'm sure you will understand the theme of subject. ------------------------------ It looks like a very simple question, but there is a lot to know while searching the meaning and about economics subject. Economics is a Social science which means it focusses on the social issues. generally a social science studies and works for the welfare of the society. It plays a vital role in Managing Resources,  Choosing wisely between wants and decision making process and also distribution of wealth. So, it is the study about how humans, business organizations, governments, countries takes the decisions and uses the resources. For example, if you have 100 R.S, generally the wants will be more but you will prioritize the spending money on the things which you needed at that time. here the problem arises to spend the money and to take good decision.