Qualification > Commerce
ALL ECONOMICS DISCUSSION, PAPERS HELP HERE!!
Jake:
Where can i get the revision guide??
Name:
--- Quote from: hmh on June 05, 2009, 03:49:34 pm ---
--- Quote from: icyblind on June 05, 2009, 03:44:33 pm ---can someone tell me the difference By the way inelastic demand and elastic demand, inelastic price and elastic price.
Thanks
--- End quote ---
Inelastic demand: When the demand doesnt change or is less than 0.5% when price changes. Usually it doesnt matter how much the price change but the demand wont fall. E.g. Oil, Water.. these are essential things. essential goods and services.
Elastic demand: Opposite of the inelastic.. when price changes the demand change is above 1%. These are luxury items like cars, mobiles.
It is calculated by %change in quantity demanded / % change in price
Inelastic Price and Elastic price is not really mentioned but it refers to the elastic and inelastic demand.. so u can mention it there..
Hope tht helps :)
--- End quote ---
i think you meant less than 1 not less than 0.5 % !!
Name:
i just have a couple of questions, what do we have TO KNOW for these topics? just tell me, no need to explain or send anything
- describe and evaluate the effects of changes in structure of business organisations
- describe what determines demand for FACTORS OF PRODUCTION
- describe the allocation of resources in market and mixed economic systems
do they mean the 3 fundemental qs or something?
and can someone please explain me those points, i know theyre a lot, but i really need help :(
- analyse the different motives for SPENDING, saving and BORROWING
- discuss how and why different income groups have different expenditure patterns (spending, saving, borrowing)
- describe the main reasons for the different sizes of firms
this should keep the forum active for some time! im sorry if im asking too many questions :( :-[
thank you
anusha500:
3 mark definition for economic growth anyone??
hmh:
--- Quote from: Name on June 06, 2009, 09:00:57 am ---i just have a couple of questions, what do we have TO KNOW for these topics? just tell me, no need to explain or send anything
- describe and evaluate the effects of changes in structure of business organisations
- describe what determines demand for FACTORS OF PRODUCTION
- describe the allocation of resources in market and mixed economic systems
do they mean the 3 fundemental qs or something?
and can someone please explain me those points, i know theyre a lot, but i really need help :(
- analyse the different motives for SPENDING, saving and BORROWING
- discuss how and why different income groups have different expenditure patterns (spending, saving, borrowing)
- describe the main reasons for the different sizes of firms
this should keep the forum active for some time! im sorry if im asking too many questions :( :-[
thank you
--- End quote ---
-describe and evaluate the effects of changes in structure of business organisations
Bsuinesses can grow... businesses can fail.. Businesses can gain economics or scale by large output... businesses can be effected because of external disecnomices of scale.
-describe what determines demand for FACTORS OF PRODUCTION
The aggregate demand for goods and services determines the demand for factors of production.
-describe the allocation of resources in market and mixed economic systems
Resources are allocated by private sector they have control.. they decide the prices.. they decide wat to produce in market/free economy... where as in mixed its both Government and Private sector.
-analyse the different motives for SPENDING
- discuss how and why different income groups have different expenditure patterns
Spending patterns differs with the incomes of the general public. It can be influenced by the government too.. either by increasing taxes or interest rates. High income group wud spend more on leisure items where as low incomes wud spend on basic items.
- describe the main reasons for the different sizes of firms
Sizes of firms depends on the type of industry they operate in... it can be measured by Capital employeed, Labour employeed, Sales turnover.
Ok.. now wat do u need to know... Structure of business organisations.... you wuld need to know why these change.. and wats the factor tht make them change.. it culd be owners' targets, for .e.g.
Demand for factors of production.. in there you wuld need to learn bits from demand and supply... and Basic Economic problem.. needs and wants..
Allocation of resources... you need to know advantages and this advantages for all the type of economic systems.
HOPE tht HELPS :)
Navigation
[0] Message Index
[#] Next page
[*] Previous page
Go to full version