1. Population: It is assumed that the population of whatever unit considered e.g family, nation, etc. remains the same, when the change in price takes place. It is also assumed that the age and sex composition of population remains the…
Characteristics of demand
1] A desire to possess a commodity – A desire is a wish to acquire something, it may or may not be accompanied by the effective means to fulfill it. He may or may not be able to buy it.…
Posted in General Economics
Types of demand
1] Joint demand – Joint demand is also known as complementary demand. When more than one commodity is used to satisfy the same want these commodities are known as complements of each other. A change in demand of one commodities…
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Introduction
In ordinary language, the two terms ‘demand’ and ‘desire’ are used as synonyms. A desire is an individual’s wish for something he may or may not be able to buy. In economics, “demand is the desire backed by the willingness…
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Law of diminishing marginal utility
The law of diminishing marginal utility has been put forward by Dr Alfred Marshall in his book “ Principles of economics ” published in 1890. According to him , utility is “the want satisfying capacity of a commodity” that diminishes…
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Chapter 2
CHAPTER II National Systems of Political Economy George Friedrich List (1789-1846), wrote a book called “National Systems of Political Economy” published in 1841 He did not agree with the “classical” free market economics of Adam Smith and David Ricardo. According…
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Chapter 4
CHAPTER IV International finance International finance (also referred to as international monetary economics or international macroeconomics) is the branch of financial economics broadly concerned with monetary and macroeconomic interrelations between two or more countries. The field of…
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Chapter 3
CHAPTER III Free trade Free trade is the economic policy of not discriminating against imports from and exports to foreign jurisdictions. Government follows a policy of non-interference. Buyers and sellers from separate economies may voluntarily trade without the domestic government…
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Globalization
The globalization problem is quite different from the traditional state-centered concerns of International Relations, which is one reason some IPE scholars consider IPE a distinct academic discipline, not just a sub-field of International Relations. As a process driven by the…
Posted in Geopolitics