Chapter 2 Economic: Market analysis

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Market concept A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. Markets can be ... Read More

Ways of reducing the defects of price mechanism

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Forming consumers’ association to educate and sensitize the consumers about the quality of commodities brought in the market. This helps to reduce on consumers' ignorance. ... Read More

Assumptions of Price mechanism

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Consumers aim at utility maximization. There is no government interference (intervention) in resource allocation. Producers aim at profit maximization. There are many buyers and sellers ... Read More

Determinants of Economic rent or factors affecting the value of economic rent

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Degree of specificity of the factor of production. The higher the degree of specificity of a factor of production, the lower the economic rent and ... Read More

Quasi rent

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Quasi rent. This refers to the payment to a factor of production over  and above its transfer earnings whose supply is inelastic in the short ... Read More

Transfer earning (supply price)

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Transfer earning (supply price) is the minimum reward (payment) given to a factor of production in order to maintain its current employment (occupation) Or Supply ... Read More

What is an angle curve?

01/27/2023 0

In microeconomics, an Engel curve describes how household expenditure on a particular good or service varies with household income Read More

Factors affecting/Determinants   of Price Elasticity  of supply

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Cost of production. The  higher   the  cost  of  production,   the  more   inelastic   the  supply   of  the commodity   and the lower  the cost of production;   the ... Read More

Determinants/Factors affecting price elasticity of demand

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Level of consumers’ income. The higher the  level  of consumers'   income,  the  lower  the elasticity of  demand   (inelastic)   and  the  lower  the  level  of  income,  ... Read More

Effects of heat on matter.

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  Burns them Decompose matter Cause expansion Causes evaporation cause melting   Read More

Reasons why some farmers prefer keeping local breeds of cattle to exotic breeds.

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Resistant to diseases can survive and produce milk on poor feed and fodder resources resist parasites Read More

Conditions that can lead to fainting

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to anxiety, fear, pain, intense emotional stress, hunger, or use of alcohol or drugs, hunger, sickness. Read More

Characteristic of seeds dispersed by wind

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. They are light They have hairy extension Have wing-like extension Read More

Why is biogas regarded as an environmentally friendly source of energy?

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Reduces deforestation It is renewable can help reduce methane and black carbon emissions  Read More

Sign of snuffle disease in rabbits.

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fever mucus coming from the nostrils Runny eyes. breathing problems, possibly some wheezing, coughing and sneezing, Read More

Price elasticity  of demand

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Price elasticity of demand  is the measure of the degree of responsiveness of quantity demanded due to changes in the price of the commodity. Read More

What is elasticity in economics? meaning

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Elasticity  is  the  measure  of  degree  of  responsiveness  of  dependent  variable  due  to  changes (variations) in the independent variable(s). In the theory of demand and ... Read More

Determinants   of Reserve price

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Degree of durability of the commodity. The higher  the  degree  of durability   of  the  commodity, the higher  the reserve  price  and the more perishable   the ... Read More

Reserve price

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Reserve price refers to the minimum price set by the seller below which he is not willing to sell his commodity. Read More

Normal (natural) price

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Normal (natural) price refers to the long run equilibrium price established   in the market after a long period of price fluctuations. Read More

Equilibrium price

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Equilibrium price refers to the market   price   where   quantity   demanded    is equal   to quantity supplied. Read More

Market price

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Market price refers to the prevailing (ruling) price in the market   at a given time.   Market price  is  any  price  determined   by  the  buyers  and  ... Read More

What are the causes of backward sloping supply curve of Labour?

01/24/2023 0

Presence of target workers.    These  are  workers  who  work  only  to  fulfill  their  targets  or objectives after which they abandon work or decide to work ... Read More

supply curve

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Supply curve is a graph that shows the quantity supplied at each price. Read More

supply schedule

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A supply schedule is a table that shows the quantity supplied at each price Read More

Supply

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Supply is the total amount of a given product or service a supplier offers to consumers in a given period and at a given price ... Read More

Demand curve

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The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period ... Read More

Determinants of quantity demanded of a commodity

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The price of the commodity .The higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded of ... Read More

Demand

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Demand refers to the a consumer's desire to purchase goods or services and willingness to pay for them at a particular prices Read More

Advantages (merits) of resale price maintenance

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It is time saving since it does not involve  bargaining It reduces unnecessary competition among sellers. It helps to control consumer exploitation in form of ... Read More

Resale price maintenance.

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Resale price maintenance. This is where the producer (manufacturer) fixes the price of a commodity at which the seller (retailers) have to sell to the ... Read More

Methods of Price determination   in the Market

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Haggling (Bargaining). This is where the buyer negotiates with the seller for the suitable price of the during bargaining, the buyer keeps on reducing the ... Read More

Types of Markets

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Competitive (Perfect) market. This is a market where buyers and sellers have no ability to influence the price in the    Prices are determined by ... Read More

Future (Forward) market.

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Future (Forward) market. This is a market where commodities are traded for future Read More

Spot market

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The spot market is where financial instruments, such as commodities, currencies, and securities, are traded for immediate delivery Read More

Characteristics/Features of competitive market

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Large numbers of buyers and sellers in the market. Identical/homogenous products sold by all firms, the freedom of entry into and exit out of the ... Read More

Competitive (Perfect) market.

01/22/2023 0

Competitive (Perfect) market. This is a market where buyers and sellers have no ability to influence the price in the    Prices are determined by ... Read More

Price

01/22/2023 0

Price is the sum or amount of money or its equivalent for which anything is bought, sold, or offered for sale at a given time. ... Read More

Market

01/22/2023 0

A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. Markets can be physical like ... Read More

 Chapter 1: Introduction to economics

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Definition of economics Economics is concerned   use of scarce resources to satisfy   human endless needs. It deals with the ways in which production,   distribution   and ... Read More

Mixed economy

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This is an economic system where the productive resources are owned, controlled and allocated by both the government and private individuals. Decision making and planning ... Read More

Command (Planned /centralized) Economy

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This   is an economic system where   the resources are owned, controlled and allocated by the government (state) on behalf of its citizens. Planning and major ... Read More

Advantages (merits) free market economy

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It provides a society with the right goods or services at the right time due to competition A market economy promotes entrepreneurship; because the emphasis ... Read More

Feature (Characteristics) of a Market Economy

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There is private ownership and allocation of resources Freedom of entry and exit in economic activities There is perfect competition among firms Producers aim at ... Read More

Market (Free enterprise/Laissez fair) Economy

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This is an economic system where productive resources are owned, controlled   and allocated   by private individuals without government intervention. Resources are allocated by forces of ... Read More

Limitations of the concept of opportunity cost

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Some factors of production are specific in that they cannot be put to alternative uses. It is not applicable where  costs and benefits cannot be ... Read More

Some uses (importance/applications) of the concept of opportunity cost

01/21/2023 0

It helps the producer in allocation of resources.  That is, determining what to produce, when produce, how to produce, where to produce and for whom ... Read More

Basic (fundamental) economic problems (principles)

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There are three fundamental economic problems (principles).   These include scarcity, choice and opportunity cost Scarcity. This refers to limited supply  of resources  required  to  produce ... Read More

Types of Goods in economics

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(a) Consumer   goods; these are goods meant for final consumption.   They do not involve wore processing. For example food stuffs, books, clothes, etc.              . (b) ... Read More

The fundamental economic questions

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The economic questions influence resource allocation. They include; When to produce? That is, the period or season   of production, whether to produce now or in ... Read More

Economic wants

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Economic wants are desires that can be satisfied by consuming a good, service, or leisure activity. For example food, shelter, security etc. Read More

Definition of economics

01/21/2023 0

Economics is concerned   use of scarce resources to satisfy   human endless needs. It deals with the ways in which production,   distribution   and consumption    of goods ... Read More

Characteristics of wants

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They are recurrent (endless) They are competitive in nature They are dynamic, that is, they keep on changing from time to time Read More

Characteristic of Wealth

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1    It is relatively scarce. That is, it is limited in supply, It provides satisfaction (utility) It has money value. That is, it has price. ... Read More

Wealth

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Wealth refers to the stock of assets and other resources existing   in an economy at a given time that can be measured in terms of ... Read More

Normative economics

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Normative economics is subjective and value based, that is what people think the world would have been. Having a belief that the income should be ... Read More