Published on April 26, 2014
By: Imtiaz Hussain Rajar
Economics is a science of wealth. “Wealth means goods and services transacted with help of wealth.” Wealth has four aspects. born: June 5, 1723 birthplace: Kirkcaldy, Scotland died: July 17, 1790
1. Production of wealth: this shows how goods and services are produced by using factors. Land is all natural resources that are extracted from earth or natural resources. Labour is the human capital or all human effort is production of goods and services. Capital are goods used in production of other goods. These include machinery, tools and building. They are made by man to help production and they are not consumed immediately. Enterprise or entrepreneur is the factor or person who combines other factors of production (i.e. land, labour and capital) for producing goods and services.
2. Exchange of wealth: producers produce many goods and services to exchange with other goods and services which are produced by others. 3. Distribution of wealth: which means the distribution of goods and services among different sections or individuals of a society. 4.Consumption of wealth: using up the utility of goods and services for the satisfaction of wants is called the consumption of wealth.
Demand: if you demand something, then do you? 1. Want it 2. Can you afford it 3. Have made a definite plan to buy it. what is quantity demand? The quantity demand of goods and services is the amount that consumers plan to buy during a given time period at a particular price.
The law of demand states: other things remaining the same, the higher the price of a good, the smaller is the quantity demand. Why higher price reduce the quantity demanded? There are two reasons. 1. Substitution effect. 2. Income effect.
When any factor that influences buying plans other than the price of the good changes, there is change in demand. Factors that bring change in demand. 1. Price of related goods. i. Price of substitute good: A substitute is good that can be used in place of another good, i.e. tea is substitute for coffee. ii. Price of complement good: A complement is a good that is used in conjunction with another good, i.e. CNG and car, horse and horse carriage etc.
2. Expected Future Prices: if the price of good is expected to rise in future and if the good can be stored, people will buy less of good at current and more in future, so demand curve will shift to left (mean decreases). 3. income: when income increases, consumers buy most of goods and when income decreases, they buy less of most goods.
4.Population:demand also increases or decreases or shift due to change in population. 5.Preference or taste:preferences are an individual’s attitudes towards goods and services.
If the price of a good changes but every thing else remains the same, there is a movement along of the demand curve. Price Quantity of pen demanded of pen 5 90 10 80 15 70 20 60 25 50 30 40
Shift of demand curve: if the price of a good remains same but some other influence on buyers, plan to change in demand for that good.
The total amount of a product (good or service) available to sell at any given time.
When any factor that influences selling plans other than the price of the good changes, there is change in supply.
1. Price of productive resources. 2. Prices of related goods produced. 3. Expected future prices. 4. The number of suppliers. 5. Technology.
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