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Contents
6.PRICE STABILITY The objective of the nation is to keep its inflation rate as low as possible maintaining price stability. Inflation occurs when there is an increase in the overall price level. It is useful to the government in framing economic policies such as taxation policy, public expenditure policy, price policy, etc. These policies help the government to attain its goals of efficient allocation of resources and promoting the economic welfare of the society. Finally, when both supply and demand are optimal, a state of equilibrium is achieved. The correlation between demand and supply and the state of equilibrium assumes that all other factors except price and demand remain constant.
This block determines how much production is needed to generate the target revenue considering all the costs poured into production processes. 8.EQUITABLE DISTRIBUTION OF INCOME Most of the nation try to narrow the gap between the higher income and the lower income groups. This is to ensure that all people are equal in terms of the standard of living. One of the method of achieving an equitable distribution of income is taxation.
The different involves the causes and consequences of short-time period fluctuations in national revenue and employment, also referred to as the enterprise cycle. When an economy manufactures more goods than the earlier 12 months, then it’s growing. Economic progress may also be indicated by a rise in quantity of resources in terms of the land, labor, capital and entrepreneurship used to produce items.
It is, however, because of growing inter- connectedness and interdependence between different nations in the globalised world, the task of fulfilling this macroeconomic policy objective has become more problematic. Anyway, the accumulation of foreign exchange reserves is largely conditioned by the exchange rate the rate at which one currency is exchanged for another currency to carry out international transactions. The amount of water in the bathtub is a stock, while the amount entering through the tap and flowing out through the drain are flows. In macroeconomics the amount entering the tub is called injection and the amount leaving through the drain is called a leakage. Economic principle can also specify circumstances such that provide and demand by way of the market is an environment friendly mechanism for allocating resources. Welfare economics focuses on finding the optimal allocation of economic resources, goods, and income to best improve the overall good of society.
It’s essentially the cost of the next best alternative that has been forgiven. To analyze market Failure – where markets fail to produce organized results, and tells the Hypothetical conditions needed for perfect competition. This goal is concerned with how to distribute income in the economy among the population. The distance between the rich and the poor should not differ significantly. It is usually more in the light of normative economics than positive economics.
Mainstream economics does not assume a priori that markets are preferable to other forms of social organization. In fact, much analysis is devoted to cases where market failures lead to resource allocation that is suboptimal and creates deadweight loss. A classic example of suboptimal resource allocation is that of a public good. A multitude of factors will determine the number of units that they should produce this year and the price point at which they should sell.
The opportunity cost of eating waffles is sacrificing the chance to eat chocolate. Because the cost of not eating the chocolate is higher than the benefits of eating the waffles, it makes no sense to choose waffles. Of course, if one chooses chocolate, they are still faced with the opportunity cost of giving up having waffles. But one is willing to do that because the waffle’s opportunity cost is lower than the benefits of the chocolate. Opportunity costs are unavoidable constraints on behaviour because one has to decide what’s best and give up the next-best alternative.
These are the goods that are considered a symbol of status, esteem, or luxury. These are goods for which consumers do not mind paying a higher price. The higher the prices higher the intensity to purchase these goods.
The economy can produce more output without creating inflationary pressures. Thus, without economic growth, people will not be able to achieve a better standard of living. They cannot obtain a wide variety of goods and services in large quantities and higher incomes by working.
These are directed toward altering aggregate effective demand with a view to enabling an economy achieve full-employment growth in the absence of price level stability. The overarching goals of macroeconomics are to maximize the standard of living and achieve stable economic growth. The goals are supported by objectives such as minimizing unemployment, increasing productivity, controlling inflation, and more. This microeconomics concept is widely used for maximizing consumers’ utility. The law of diminishing marginal utility plays a crucial role in consumers’ decisions when purchasing.
Supply and demand, comparative advantage, market structures, elasticity of demand and equilibrium are among the central microeconomics concepts. In a world dented by consumerism, even directional goals of microeconomics information on consumer choices is vital for corporations. Fiscal policy, on the other hand, aims at influencing aggregate demand by altering tax- expenditure-debt programme of the government.
The major goals of microeconomic policy are efficiency, equity and growth. Economic growth is often treated as a macroeconomic issue, but it is closely related to the micro-behaviour of the economy and the functioning of markets. Microeconomics helps in understanding the working of a free market economy. A free-market economy is that economy where the economic decisions regarding the production of goods, such as ‘What to produce?
It studies the economic actions and behaviour of individual units such as an individual consumer, individual producer or a firm, the price of a particular commodity or a factor, etc. Microeconomics refers to the economics discipline that relates how the individual, household, and corporate behaviors mold consumer decisions, resource distribution, and economic output. Adam Smith is a Scottish political economist, author, and philosopher. More than only identifying and adding expenses of a project, it also may identify the best way to spend the same amount of money on something. The forgone profit of this next best alternative is the opportunity cost of the original choice.
Considering John is based in London, he has fewer barriers to entry. The UK has a mixed economy and the government has many rules that protect small business owners from high competition due to big players. Thus, microeconomics has many theoretical and practical importance as well as uses. Microeconomics helps in understanding various complex economic situations with the help of economic models.
Tracing the qualitative and quantitative effects of variables that change supply and demand, whether or not in the short or future, is a standard train in applied economics. Economic theory may also specify situations such that offer and demand via the market is an efficient mechanism for allocating assets. Microeconomics is the study of what is likely to happen when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production.
Microeconomics is the branch of economics that studies the behaviour of individuals, households, and firms regarding their decision-making in the allocation of their scarce resources. As everyone before making a decision thinks of opportunity costs , opportunity cost is definitely studied in microeconomics. John decided to advertise his freshly baked products at a rate cheaper than the high-priced bakery but costlier than supermarkets. Some of the bakery products have ‘inelastic’ demand and thus price is determined by the market competition. Another factor that will affect prices is the prices of raw materials and utilities. John has considered certain monthly expenses before setting prices for his products.
A frequent example is a Worker chooses to make ice creams by himself rather then working in a company and have a fixed wage. Wherein the opportunity cost is the forgone profit from working. In this situation, the worker may expect to generate more profits alone. Like https://1investing.in/ wise, the opportunity cost of attending cooking academies is the lost wages a person could have earned as an employee, rather than the cost of teaching, books, and other required items. The opportunity cost of a Lamborghini car might be the price of a Luxury villa.
