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The latest Messages 16
2021-08-16 07:30:03
PRODUCTION POSSIBILITY CURVE:
With the available amount of
resources and technology, the various alternative combinations of production of a set of two goods are plotted to give a production possibility curve.
It is also known as Production
Possibility Frontier or Transformation curve.The curve helps in deciding "what to produce".
Thus, the curve provides all the
production possibilities available, out
of which the most economically or
physically viable one could be chosen
to maximize profit and minimize the
losses attached.
11.8K views04:30
2021-08-13 17:30:04
OPPORTUNITY COST
Value of the loss incurred on account of the next best alternative/choice forgone, in availing the best alternative available rather than the next best, is known as the opportunity cost of the chosen alternative.
In simple words, it refers to the value one decides to give up in availing any opportunity.
Or in other words, what have you lost while opting for an option is the opportunity cost of your choice.
10.3K views14:30
2021-08-07 16:30:08
GRESHAM'S LAW
Gresham's Law states that bad money drives out good'.It means if in a country there are two currencies, the overvalued currency (cheaper one) will drive the
undervalued (precious/expensiveone) out of use.
This is because people start hoarding the undervalued currency as a store of value and eventually, that will be eliminated from circulation.
This law was named after an English
financier, Sir Thomas Gresham (1519-
1579).
12.3K views13:30
2021-08-06 16:30:03
ENVIRONMENT KUZNETS CURVE:
It shows the relationship between
economic progress on one hand and
environmental degradation over a
period of time caused in lieu of that
economic progress.
It says, as the economy starts the
journey of development, pollution in
first phase increases but with further
development of the economy , pollution rates begin to decline. And eventually, both economic progress and environment maintenance go hand in hand.
11.9K views13:30
2021-08-05 11:35:06
KUZNETS CURVE:
Kuznets curve is based on a hypothesis forwarded by an economist Simon Kuznets.
According to the hypothesis, when a country starts developing, economic
inequalities first increases for a period of time but after a threshold when a certain average income is attained, economic inequalities begin to decrease.
It is thus represented as an inverted
U-shaped graph as shown below.
10.3K views08:35
2021-08-04 16:30:09
PHILLIPS CURVE
It was given by A. William Phillips, a
New Zealand economist.
According to this, there is an inverse and stable relationship between inflation and unemployment.
As one falls, other increase inflation-Phillips curve unemployment rate
9.1K views13:30
2021-08-02 17:30:04
LAFFER CURVE:
Laffer curve represents the
relationship between tax collection and levied tax rates by the state authorities.
It states that as the tax rate increases from the low level, tax collection also increases but as the tax rateincreases beyond a critical limit, tax collection starts falling.
.This can be due to lower profitability and higher incentive to cheat associated with higher taxes.
9.7K views14:30
2021-07-31 17:30:05
LORENZ CURVE
Lorenz curve is graphical representation of income distribution in the society.
It was given by Max O Lorentz in
1905. It is used to analyze inequality
prevailing in the population.
In this graph, the cumulative
percentage of national income is
plotted against the cumulative
percentage of households.
The degree to which the curve sags
away from the line of perfect equality
is the measure of inequality in society.
It is given by Gini's coefficient.
11.5K views14:30
2021-07-30 18:30:07
UNDERSTAND ECONOMICS :
Economics is the study of how people
in a system allocate scarce resources
for the purpose of production distribu -tion, and consumption, both individually & collectively.
2 major types of economics are:
Microeconomics: focuses on the
behaviour of individual consumers and
producers, &
Macroeconomics: examines
the overall economies on a regional,
national, or international scale.
9.5K views15:30
2021-07-28 18:30:07
URBAN SECTOR
One-third of the total population in India live in the urban sector. It consists of towns and cities.
People residing in this sector are mainly engaged in either secondary sector or tertiary sector.
9.8K views15:30
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