Theory of PopulationFactors of ProductionProduction FunctionConcepts of Production FunctionStages of ProductionIsoquantCharacteristics of IsoquantsIsocostMarginal Rate of Substitution
Meaning of ProductionFactors of ProductionBasic Concepts of ProductionLaw of Diminishing ReturnsLaw of Returns to ScaleConstant Returns to Scale (CRS)Increasing Returns to Scale (IRS)Decreasing Returns to Scale (DRS)Production Runs (Short and Long Runs)
Theory of DemandLaw of DemandIndividual and Market DemandsTypes of DemandDeterminants of DemandsChange in Demand and Change in Quantity DemandedElasticity of DemandDeterminants of ElasticityElasticity and Total RevenueImportance of ElasticityIncome ElasticityCross Elasticity of DemandTheory of SupplyLaw of SupplySupply CurveExceptional SupplyDeterminants of SupplyTypes of SupplyChange in Supply and Change in Quantity SuppliedSupply and Time SpentPrice and Quantity Supplied under the Three Per...
Price Mechanism/TheoryTheory of DemandDemand ScheduleDemand CurveDemand FunctionTypes of DemandFactors Afffecting Demand or Demand DeterminantsChange in Quantity Demanded/Change in DemandExceptional/Abnormal Demand CurveTheory of SupplySupply ScheduleSupply FunctionFactors Afffecting Supply or Supply DeterminantsExceptional/Abnormal Supply CurveConcept of EquilibriumMerits of Equilibrium (Price System)Demerits of Price SystemGovernment Intervention and Price SystemConcept of ElasticityElastic...
Price Mechanism/TheoryTheory of DemandDemand ScheduleDemand CurveDemand FunctionTypes of DemandFactors Affecting Demand or Demand DeterminantsChange in Quantity Demanded/Change in DemandExceptional/Abnormal Demand CurveTheory of SupplySupply ScheduleSupply FunctionFactors Affecting Supply or Supply DeterminantsExceptional/Abnormal Supply CurveConcept of EquilibriumMerits of Equilibrium (Price System)Demerits of Price SystemGovernment Intervention and Price SystemConcept of ElasticityElasticit...
IntroductionPerfect CompetitionThe Characteristics of a Perfect CompetitionShort-run Equilibrium of the Perfect Competitive FirmAdvantages of Perfect CompetitionDisadvantages of Perfect CompetitionMonopoly Characteristics of Monopoly Sources of Monopoly PowerThe Short-run Equilibrium for a MonopolistLoss-Minimization by the Monopolist in the Short-runPrice DiscriminationMonopolistic CompetitionCharacteristics of Monopolistic CompetitionShort-run Equilibrium for Monopolistically Comp...
Law of Diminishing Marginal UtilityDerivation of Demand Curve from UtilityHousehold Equilibrium (Utility Maximization)Ordinalist Approach (Indifference Curve)Indifference Map
Distinguishing Between Microeconomics and MacroeconomicsSome Important Basic Conceptual Categories and Institutional Units of EconomicsHousehold Demand for a Good/Service
The Scope of Economics The Economic ProblemBasic problems for any Economy The methodology of EconomicsBasic tools for Economic Analysis
MAIN CONTENT 3.1 Definition of Sociology Sociology concerns itself with social relationships. A network of these relationships is called the Society which is the main concern of sociology. Although there are other aspects of social science that focus on some other aspects of society, the main concern of sociology is the relationships of the human race. Sociologists have generally vied into the nature of Sociology instead of defining it. Some have used colourless definitions such as “Sociolo...
The meaning of science The word science is derived from the Latin word“SCIRE” which means “TO KNOW”. Therefore, science is a systematic method of knowing.DefinitionsofScience Science is the observation of facts. “Science is a systematic body of knowledge, the facts of which have been accurately and impartially collected, arranged and classified through the use of various scientific methods of observation, comparison and experimentation”. Itisthesystematicobservationofnature,...
Introduction to Financial Accounting Business is an economic activity undertaken with the motive of earning profits and to maximize the wealth for the owners. Business cannot run in isolation. Largely, the business activity is carried out by people coming together with a purpose to serve a common cause. This team is often referred to as an organization, which could be in different forms such as sole proprietorship, partnership, body corporate etc. The rules of business are based on general pr...
Meaning of Accounting The main purpose of accounting is to ascertain profit or loss during a specified period, to show financial condition of the business on a particular date and to have control over the firm's property. Such accounting records are required to be maintained to measure the income of the business and communicate the information so that it may be used by managers, owners and other interested parties. Accounting is a discipline which records, classifies, summarises and interpret...
Introducing Accounting in Business Overview: This chapter will mainly be a review for you, as you have covered most of the concepts in ACCT 100. You should spend your time reviewing the old concepts, and especially studying the new ones. What’s New in this Chapter? · The corporate form of business ownership. · Accounts that pertain to corporations, Common Stock, Retained Earnings, and Dividends. · Some accounting principles, or at least their names. · Two Financial Statements - Statemen...
1.0 INTRODUCTION Bookkeeping is a concept, typically defined as the systematic recording of the facts that show the position of a business. Every business organization maintains financial records through bookkeeping. This common accounting procedure normally is performed toward the end of the work day or work week. Book keeping involves recording all expenses and payments received. The time spent in performing this procedure varies according to the size of the organization. Meanwhile, a bookk...