REVENUE CONCEPT
Revenue refers to the income derived by a producer or firm from business activities or from the sale of his or its products. TYPES OF REVENUE TOTA REVENUE (TR): This refers to the total […]
SS 2 Economics (1st, 2nd & 3rd Term)
INCOME ELASTICITY OF DEMAND
Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity to a little change in consumer’s income. That is, it measures how changes in income of consumers will affect the quantity of commodities demanded by such consumers. Mathematically, income elasticity of demand is expressed as: % change in Quantity Demanded
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THEORY OF MULTIPLIER
The theory of the multiplier– states that an increase in consumer or business investment spending in a country would produce a multiplier effect by raising the level of national income. The multiplier effect can be as a result of changes in consumption expenditure, which is known as consumption multiplier or investment changes, which is known
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MEASURES OF DISPERSION OF A GROUPED FREQUENCY DISTRIBUTION
MEASURES OF DISPERSION This also known as measures of spread or variation describes how the data given in any distribution are spread about the ‘Mean’, or the overall spread of the data. These measures are the range, mean – deviation, standard deviation, variance, coefficient of variation, etc. The Range: The range of a data
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LOCALISATION OF INDUSTRIES
Localisation of industries refers to the concentration of many firms of an industry in a particular area. Advantages And Disadvantages Of Localisation Localisation has both merits and limits. They are enumerated below. Advantages Reputation – The place where an industry is localised gains reputation and so do the products produced there. As a consequent, articles
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MEASURES OF CENTRAL TENDENCY
MEASURES OF CENTRAL TENDENCY These are the values which show the degree to which a given data or any given set of values will converge toward the central point of the data. Measures of central tendency, also called measures of location, is the statistical information that gives the middle or centre or average of a
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PRICE CONTROL/ LEGISLATION
PRICE CONTROL POLICY This is defined as a process by which the government or its agency fixes the price of essential commodities. That is, it is a situation where the government uses the instrument of law to fix the price of certain commodities. It can be in the form of maximum or minimum price control.
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THEORY OF CONSUMER BEHAVIOUR
THEORY OF CONSUMER BEHAVIOUR The theory of consumer behaviour is also known as the theory of household behaviour. It is primarily concerned with how the consumer or household tries to satisfy his/her wants by dividing his/her limited amount of income between the various commodities that give him equal amount of satisfaction. WHAT IS UTILITY?
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MARKET STRUCTURE
In a physical sense, a market means a fixed place where people meet to buy and sell goods; that is, a market place. In economics, a market can be defined as any arrangement, system or organization whereby buyers and sellers of goods are services are brought into contact with one another for the purpose of
LOCATION OF INDUSTRY
Location of industry refers to the siting of an industry in a particular place. Factors Influencing Industrial Location Generally, the location of industries is influenced by economic considerations though certain non-economic considerations also might influence the location of some industries. Maximization of profit which
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