The Theory of Demand The Theory of Demand Demand refers to the quantity of goods and services that consumers are willing and able to buy at various prices over a specific period, assuming all other factors remain constant (ceteris paribus). a. Meaning and Determinants of Demand i. Meaning of Demand Demand is defined as the…
The Scientific Approach in Economics The scientific approach is a systematic method of investigating, analyzing, and understanding economic phenomena. It involves using observation, reasoning, and experimentation to study economic problems and derive conclusions. In economics, this approach ensures that analyses are logical, evidence-based, and free from bias, making the conclusions reliable and actionable. Key Features…
Introduction to Economic Systems An economic system refers to the framework within which a society organizes and coordinates the production, distribution, and consumption of goods and services. It addresses three fundamental economic problems: There are three main types of economic systems: free enterprise (capitalist), centrally planned (command), and mixed economies. A. Types and Characteristics of…
Definitions of Economics by Prominent Economists Topics and Explanations A. Basic Concepts in Economics B(i). Economic Problems B(ii). Application of the Production Possibility Frontier (PPF) The Production Possibility Frontier (PPF) illustrates the concepts of scarcity, choice, and opportunity cost. Explanation of the PPF Diagram Real-Life Applications of PPF: Classwork Questions Instruction: Choose the correct option…