PRICING THEORY PART I

On (Wednesday, 27th of January), we start to learn a new chapter which is pricing theory. DEMAND DEFINITION OF DEMAND Demand is refer to ability and willingness to buy specific quantities of goods in a given period of time at a particular price. Willingness + ability to buy (consumer must have money to buy the product) LAW OF DEMAND Negative relationship between product and quantity demanded. When the price of the product increase,quantity...

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MARKET EQUILIBRIUM

On the previous week, Sir Amir had go through a new subtopic in The Pricing Theories chapter which is market equilibrium. Don`t worry guys, at the end end of this subtopic you guys will have a better understanding about what  market equilibrium is. So let`s get started! Definition of Market Equilibrium. -Is a situation when quantity demanded and quantity supplied are equal and there is no tendency for price or quantity to change.                                                                                          ...

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ECONOMIC SYSTEMS

Economic system was not a new thing for the class because we had learn this topic during the last semester. And, it is apart of microeconomics so it is not a big deal.Hence, Sir Amir had ordered us to revise this topic on our own.   A) FREE MARKET ECONOMY/ CAPITALIST/LAISSEZ FAIRE Definition -is an economy system was operation without government intervention.  Features: decisions are taken by individual and firm with...

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PRODUCTION POSSIBILITIES CURVE (PPC)

On Monday, 25th of January 2016, the class was still continued with the last topic from the previous class which was attainable & unattainable combination of Production Possibilities Curve (PPC). Attainable and unattainable combination Attainable and efficient combination -With reference to PPC graph, the best possible combination are point A and B (attainable). Where resources are fully utilized and the country is said to...

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ECONOMICS ISSUES PART I

       On the first week ( Wednesday . 20th January 2016), we’ve learn about the Economics Issues which is not a very common subject for us. From learning session with Sir Amir about 2 hours, we got so much input about economy. So, this is what we got from that session. MICROECONOMICS – Study of small economic units namely action by the Firm and Household. MACROECONOMICS – Research about the whole of economy issue...

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