RATIONING This is a prevailing economic situation of scarcity of essential commodities in the market in which consumers are allowed to have access to these
Category: SS 2 Economics (1st, 2nd & 3rd Term)
PRICE CONTROL POLICY This is defined as a process by which the government or its agency fixes the price of essential commodities. That is, it
Cross Elasticity of Demand is the degree of responsiveness of quantity demanded of commodity X to a little change in the price of commodity Y.
Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity to a little change in consumer’s income. That is, it
Elasticity of supply can be defined as the degree of responsiveness of change in quantity supplied as a result of change in price. Elasticity of
DEFINITION OF ELASTICITY OF DEMAND Elasticity of demand may be defined as the degree of responsiveness of demand as changes in price, income, prices of
CHANGE IN QUANTITY DEMANDED A change in quantity demanded, is otherwise known as movement along a particular demand curve that is only influenced by price.
THEORY OF CONSUMER BEHAVIOUR The theory of consumer behaviour is also known as the theory of household behaviour. It is primarily concerned with how the
MEASURES OF DISPERSION This also known as measures of spread or variation describes how the data given in any distribution are spread about the ‘Mean’,
MEASURES OF CENTRAL TENDENCY These are the values which show the degree to which a given data or any given set of values will converge