What are the topics under microeconomics?
Common topics are supply and demand, elasticity, opportunity cost, market equilibrium, forms of competition, and profit maximization. Microeconomics should not be confused with macroeconomics, which is the study of economy-wide things such as growth, inflation, and unemployment.
What is the meaning of Economics 101?
Economics 101 is the name many colleges and universities use for their introductory undergraduate economics course. It’s also shorthand for the ideas at the heart of classical economics as they have been taught for generations. Some economists think it needs an overhaul.
What is the importance of equilibrium in economics?
Equilibrium is the state in which market supply and demand balance each other, and as a result prices become stable. Generally, an over-supply of goods or services causes prices to go down, which results in higher demand—while an under-supply or shortage causes prices to go up resulting in less demand.
What are the three laws of economics?
To discover and elaborate three rules Consumption and Management discovers and elaborates three rules: natural economic law, market regulation law, and the law of macro-economic control.
What is an example of dynamic equilibrium?
Dynamic Equilibrium Examples The reaction, NaCl(s) ⇌ Na+(aq) + Cl-(aq), will be in dynamic equilibrium when the rate of the dissolution of the NaCl equals the rate of recrystallization. Another example of dynamic equilibrium is NO2(g) + CO(g) ⇌ NO(g) + CO2(g) (again, as long as the two rates are equal).
What is the meaning of equilibrium in economics?
Economic equilibrium is a condition or state in which economic forces are balanced. The point of equilibrium represents a theoretical state of rest where all economic transactions that “should” occur, given the initial state of all relevant economic variables, have taken place.
What is static and dynamic equilibrium in economics?
Static economics studies only a particular point of equilibrium. But dynamic economics also studies the process by which equilibrium is achieved. Therefore, static analysis is a study of equilibrium only whereas dynamic analysis studies both equilibrium and disequilibrium.
What are the types of equilibrium in economics?
In other words, an industry is in equilibrium when all firms are earning only normal profits.
- Static equilibrium is of three types:
- Dynamic equilibrium is of two types.
- (1) Convergent Cob-web.
- (2) Divergent Cob-Web.
- (3) Continuous cob-web.