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What Is Demand In Hindi मांग क्या है(अर्थशास्त्र में मांग का क्या अर्थ है जानिए आसान शब्दों में)
 
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Demand for any item(commodity or a service) is the quantity of the item that the consumer are willing or able to buy at different prices at any given time. मांग - किसी वस्तु की मांग उस वस्तु की वह मात्रा है जिसे किसी निश्चित समय में उपभोक्ता विभिन्न कीमतों पर खरीदने की इच्छा और छमता रखता है।
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what is micro & macro economics in hindi
 
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Explain Micro and Macro Economics with example. व्यष्टि और समष्टि अर्थशास्त्र क्या है ?उदाहरण के साथ l Microeconomics is the study of particular markets, and segments of the economy. It looks at issues such as consumer behaviour, individual labour markets, and the theory of firms. Macro economics is the study of the whole economy. It looks at ‘aggregate’ variables, such as aggregate demand, national output and inflation.
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What is Foreign Exchange in Hindi
विदेशी विनिमय क्या है,क्यों रूपए की कीमत डॉलर के बराबर नहीं होती?
 
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Foreign Exchange. Foreign exchange, or Forex, or FX is the conversion of one currency into that of another. Foreign exchange markets The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. It includes all aspects of buying, selling and exchanging currencies at current or determined prices. The main participants in this market are the larger international banks and  various Financial centres. Exchange rate An exchange rate is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in relation to another currency. For example, an RBI exchange rate of 64 Indian Rupee  to the United States dollar means that ₹64 will be exchanged for each US $1 or that US$1 will be exchanged for each ₹64. Spot Exchange Rate - The spot exchange rate refers to the current exchange rate. The forward exchange rate-  The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. 1 Fixed Exchange Rate 2 Floating Exchange Rate Factors That Influence Exchange Rates Balance Of Payment. Interest Rates Inflation Rate Foreign Reserves Devaluation Of Currency Etc..
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Minimum Support Price In Hindi / न्यूनतम समर्थन मूल्य क्या है?
 
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To See Current MSP Rate For Various Agricultural Product Visit- https://cacp.dacnet.nic.in/ViewContents.aspx?Input=1&PageId=36&KeyId=0 Minimum Support Price is the price at which government purchases crops from the farmers, whatever may be the price for the crops. Minimum Support Price is an important part of India’s agricultural price policy.  The MSP helps to incentivize the framers and thus ensures adequate food grains production in the country. I gives sufficient remuneration to the farmers, provides food grains supply to buffer stocks and supports the food security programme through PDS and other programmes. Procurement Price   Sometimes, the government procures at a higher price than the MSP. Here, the price will be referred as procurement price. The procurement price will be announced soon after the harvest. Normally, the procurement price will be higher than the MSP, but lower than the market price. The price at which the procured and buffer stocke food grains are provided through the PDS is called as issue price.  As of now, CACP recommends MSPs of 23 commodities, which comprise 7 cereals (paddy, wheat, maize, sorghum, pearl millet, barley and ragi), 5 pulses (gram, tur, moong, urad, lentil), 7 oilseeds (groundnut, rapeseed-mustard, soyabean, seasmum, sunflower, safflower, nigerseed), and 4 commercial crops (copra, sugarcane, cotton and raw jute) The Commission for Agricultural Costs & Prices (CACP) is an attached office of the Ministry of Agriculture and Farmers Welfare, Government of India. It came into existence in January 1965. Currently, the Commission comprises a Chairman, Member Secretary, one Member (Official) and two Members (Non-Official). The non-official members are representatives of the farming community and usually have an active association with the farming community. Objective of MSP To protect farmer from loss. Support public distribution system. Remove uncertainty in agriculture. Etc. How MSP is calculated for each crop?    The MSP is calculated and recommended by the CACP. For the calculation of the MSP, the CACP takes into account a comprehensive view of the entire structure of the economy of a particular commodity or group of commodities. Other Factors include cost of production, changes in input prices, input-output price parity, trends in market prices, demand and supply, inter-crop price parity, effect on industrial cost structure, effect on cost of living, effect on general price level, international price situation, parity between prices paid and prices received by the farmers and effect on issue prices and implications for subsidy.  Commission makes use of both micro-level data and aggregates at the level of district, state and the country.  There are various supply related information that are needed to estimate the MSP. These are – area, yield and production, imports, exports and domestic availability and stocks with the Government/public agencies or industry, cost of processing of agricultural products, cost of marketing – storage, transportation, processing, marketing services, taxes/fees and margins retained by market functionaries; etc. are also considered.  Different Ministries and Departments help the Commission to arrive at the MSP. The estimates of Cost of Cultivation/Cost of Production, an important input for forming the recommendation of MSP, are made available to the Commission through the Comprehensive Scheme for Studying the Cost of Cultivation of Principal Crops, operated by the Directorate of Economics and Statistics, Department of Agriculture and Cooperation, Ministry of Agriculture, Government of India.  These estimates take into account real factors of production and include all actual expenses in cash and kind incurred by the farmer in production, rent paid for leased in land, imputed value of family labour, interest value of owned capital assets (excluding land), rental value of owned land( net of land revenue), depreciation of farm implements and buildings and other miscellaneous expenses.
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What Is Supply In Hindi
पूर्ति क्या है(अर्थशास्त्र में पूर्ति का क्या अर्थ है जानिए आसान शब्दों में)
 
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what is Demand https://youtu.be/e9a1Ob3Dsw8 Supply//Supply is a fundamental concept of economics which can be defined as the total amount of a particular good or service which is available to the consumers at the existing market. It is the quantity of goods that the producers are able to or willing to offer for sale at given price at given time. In simple words, supply is the amount of specific goods available at a specific price at a specific time
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CES Production Function In Hindi. स्थिर प्रतिस्थापन की लोच का उत्पादन फलन।
 
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Cobb-Douglas Production Function In Hindi कॉब-डगलस उत्पादन फलन https://youtu.be/BMJTU8ADyAU Definition: The Constant Elasticity of Substitution Production Function or CES implies, that any change in the input factors, results in the constant change in the output. In CES, the elasticity of substitution is constant and may not necessarily be equal to one or unity. The CES production function is a neoclassical production function that displays constant elasticity of substitution. In other words, the production technology has a constant percentage change in factor (e.g. labour and capital) proportions due to a percentage change in marginal rate of technical substitution. The two factor (capital, labor) CES production function introduced by Solow, and later made popular by Arrow, Chenery, Minhas, and Solow  As its name suggests, the CES production function exhibits constant elasticity of substitution between capital and labor. Leontief, linear and Cobb–Douglas functions are special cases of the CES production function.  Constant Elasticity Of Substitution Production Function Q = A [α K-θ + (l-α)L-θ] -1/θ Where, Q is Total output. K is capital, and L is labour. A is the efficiency parameter indicating the state of technology and organizational aspects of production. α (alpha) is the distribution parameter or capital intensity factor coefficient concerned with the relative factor shares in the total output. θ (theta) is the substitution parameter which determines the elasticity of substitution. Its Properties: 1. The CES function is homogenous of degree one. If we increase the inputs С and L in the CES function by n-fold, output Q will also increase by n-fold. Thus like the Cobb-Douglas production function, the CES function displays constant returns to scale. 2. In the CES production function, the average and marginal products in the variables С and L are homogeneous of degree zero like all linearly homogeneous production functions. 3. From the above property, the slope of an isoquant, i.e., the MRTS of capital for labour can be shown to be convex to the origin. 4. The parameter (theta) in the CES production function determines the elasticity of substitution. In this function, the elasticity of substitution, σ = 1/ 1 + θ 5. As a corollary of the above, if L and С inputs are substitutable ∞ for each other an increase in С will require less of L for a given output. As a result, the MP of L will increase. Thus, the MP of an input will increase when the other input is increased. CES function vs. CD function: Differences between the CES function and the CD production function: 1. The CD function is based on the observation that the wage rate is a constant proportion of output per head. On the other hand, the CES function is based on the observation that output per head is a changing proportion of wage rate. 2. The CES production function is based on larger parameters than the CD production function and as such allows factors to be either substitutes or complements. The CD function is, on the other hand, based on the assumption of substitutability of factors and neglects the complementarity of factors. Thus the CES function has wider scope and applicability. 3. The CES production function can be extended to more than two inputs, unlike the CD function which is applicable to only two inputs. 4. In the CES function, the elasticity of substitution is constant but not necessarily equal to unity. It ranges from 0 to ∞. But the CD function is related to elasticity equal to unity. Thus the CD function is a special case of the CES function. 5. The CES function covers constant, increasing and decreasing returns to scale, while the CD function relates to only constant returns to scale.
Views: 4991 Know Economics
Asset OR Liability / सम्पति या दायित्व
 
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What is an 'Asset' An asset is a resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide a future benefit. Assets are reported on a company's balance sheet and are bought or created to increase a firm's value or benefit the firm's operations. An asset can be thought of as something that, in the future, can generate cash flow, reduce expenses or improve sales, regardless of whether it's manufacturing equipment or a patent. Current Assets Current assets are short-term economic resources that are expected to be converted into cash within one year. Current assets include cash and cash equivalents, accounts receivable, inventory, and various prepaid expenses. While cash is easy to value, accountants periodically reassess the recoverability of inventory and accounts receivable. If there is evidence that accounts receivable might be uncollectible, it'll become impaired. Or if inventory becomes obsolete, companies may write off these assets. Fixed Assets Fixed assets are long-term resources, such as plants, equipment and buildings. An adjustment for the aging of fixed assets is made based on periodic charges called depreciation, which may or may not reflect the loss of earning powers for a fixed asset. Generally accepted accounting principles (GAAP) allow depreciation under two broad methods: The straight-line method assumes that a fixed asset loses its value in proportion to its useful life, while the accelerated method assumes that the asset loses its value faster in its first years of use. Financial Assets Financial assets represent investments in the assets and securities of other institutions. Financial assets include stocks, sovereign and corporate bonds, preferred equity, and other hybrid securities. Financial assets are valued depending on how the investment is categorized and the motive behind it. Intangible Assets Intangible assets are economic resources that have no physical presence. They include patents, trademarks, copyrights and goodwill. Accounting for intangible assets differs depending on the type of asset, and they can be either amortized or tested for impairment each year. What is a 'Liability' A liability is defined as a company's legal financial debts or obligations that arise during the course of business operations. Liabilities are settled over time through the transfer of economic benefits including money, goods or services. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses.
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The life cycle theory of the consumption & saving# उपभोग और बचत का जीवन चक्र सिद्धांत
 
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Permanent Income Hypothesis Milton Friedman# स्थायी आय परिकल्पना मिल्टन फ़्रीडमैन https://youtu.be/iIB1gT5viX8 Relative Income Hypothesis Of Consumption_उपभोग की सापेक्ष आय परिकल्पना# James Duesenberry. https://youtu.be/rQGKd2XlMKY Keynes Psychological Law Of Consumption. उपभोग का मनोवैज्ञानिक नियम https://youtu.be/rS0Vuwdhw5g The life-cycle theory of the consumption function was developed by Franco Modigliani, Alberto Ando and Brumberg. In October 1985, Modigliani was awarded that year's Nobel prize in Economics "for his pioneering analyses of saving and of financial markets. The life-cycle hypothesis suggests that individuals plan their consumption and savings behaviour over their life-cycle. They intend to even out their consumption in the best possible manner over their entire lifetimes, doing so by accumulating when they earn and dis-saving when they are retired. The key assumption is that all individuals choose to maintain stable lifestyles. This implies that they usually don't save up a lot in one period to spend furiously in the next period, but keep their consumption levels approximately the same in every period. Assumption of life cycle hypothesis consumption of individual is depends not only in his current income but also in his expected future income. Net saving is zero. Stable economy. Interest rate on wealth is zero. 𝐶_𝑡=𝑦_𝐿𝑡+(𝑁−1) 𝑦_𝐿^𝑒+𝑊_𝑡 𝐶_𝑡=〖𝑏_1 𝑦〗_𝐿𝑡+𝑏_2 𝑦_𝐿^𝑒+𝑏_3 𝑊_𝑡
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What is Indifference Curve? Part-1 
उदासीनता वक्र क्या है? भाग-१
 
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History The theory of indifference curves was developed by Francis Ysidro Edgeworth, who explained in his 1881 book the mathematics needed for their drawing; later on, Vilfredo Pareto was the first author to actually draw these curves, in his 1906 book. The theory can be derived from William Stanley Jevons' ordinal utility theory, which posits that individuals can always rank any consumption bundles by order of preference. However, it was brought into extensive use by economists J.R. Hicks and R.G.D Allen. Hicks and Allen criticized Marshallian cardinal approach of utility and developed indifference curve theory of consumer’s demand. Thus, this theory is also known as ordinal approach. Introduction - An Indifference curve is a graph showing combination of two goods that gives the consumer equal satisfaction and utility .Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility. Assumptions of indifference curve Two commodities Ordinal utility Diminishing marginal rate of substitution Rational consumers Non satiety Transitivity
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Cobb-Douglas Production Function In Hindi  कॉब-डगलस उत्पादन फलन
 
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Production Function In Hindi / उत्पादन फलन क्या है?https://youtu.be/zM_2i0AvbeM Production function relates quantities of physical output of a production process to quantities of physical inputs or factor of production Q=𝑓(𝐿,𝐾,𝑇,….𝑛) The Cobb-Douglas production function is based on the empirical study of the American manufacturing industry made by Paul Douglas and Charles Cobb. It is a linear homogeneous production function of degree one which takes into account two inputs, labour and capital, for the entire output of the manufacturing industry. 𝑄=𝐴𝐿^𝑎 𝑘^𝛽 Q = total production (the real value of all goods produced in a year L = labour input (the total number of person-hours worked in a year K = capital input (the real value of all machinery, equipment, and buildings) A = The equation tells that output depends directly on L and K, and that part of output which cannot be explained by L and K is explained by A which is the ‘residual’, often called technical change. α and  𝛽  are the output elasticities of capital and labour, respectively. These values are constants determined by available technology. Properties of Cobb Douglas production function (𝑄=𝐴𝐿^𝑎 𝑘^𝛽) Cobb-Douglas production is linear homogenous. In cobb-Douglas returns to scale is constant that means if labor and capital is increased in some proportion will increases in same proportion. For production purposes there is always be require labour and capital. Without any of these two factor, production is not possible. According to the cobb-Douglas production function if one factor of production is kept constant and the other quantity of the other factor of production is increased then the marginal productivity of variable factor is reduced. Elasticity of technical substitution is unity. The production function solved by Cobb-Douglas had 1/4 contribution of capital to the increase in manufacturing industry and 3/4 of labour so that the C-D production function is Q = AL3/4 K1/4 Importance of Cobb - Douglas production function: 1. It has been used widely in empirical studies of manufacturing industries and in inter-industry comparisons. 2. It is used to determine the relative shares of labour and capital in total output. 3. It is used to prove Euler’s Theorem. 4. Its parameters a and b represent elasticity coefficients that are used for inter-sectoral comparisons. .5. This production function is linear homogeneous of degree one which shows constant returns to scale 6. Economists have extended this production function to more than two variables. Criticism of Cobb - Douglas production function: The C-D production function considers only two inputs, labour and capital, and neglects some important inputs, like raw materials, which are used in production. It is, therefore, not possible to generalize this function to more than two inputs. The C-D production function is criticised because it shows constant returns to scale. But constant returns to scale are not an actuality, for either increasing or decreasing returns to scale are applicable to production. It is not possible to change all inputs to bring a proportionate change in the outputs of all the industries. Some inputs are scarce and cannot be increased in the same proportion as abundant inputs. On the other hand, inputs like machines, entrepreneurship, etc. are indivisible. 4. The C-D production function is based on the assumption of substitutability of factors and neglects the complementarity of factors. 5. This function is based on the assumption of perfect competition in the factor market which is unrealistic. If, however, this assumption is dropped, the coefficients α and β do not represent factor shares.
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Ricardo Differential Theory Of Rent रिकार्डो का विभेदात्मक लगान सिद्धांत
 
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Ricardian Theory Of Rent/Scarcity Rent & Differential Rent https://youtu.be/uDKYDh1Vpvw Differential Rent: According to Ricardo, rent of land arises because the different plots of land have different degree of productive power; some lands are more fertile than others. So there are different grades of land. The difference between the produce of the superior lands and that of the inferior lands is rent—what is called differential rent. Let us illustrate the Ricardian concept of differential rent Rent and Price: From the Ricardian theory we can show the relation between rent (of land) and price (of wheat). Since the market price of wheat is determined by costs of the marginal producer and since, for this marginal producer, rents are zero, Ricardo concluded that economic rent is not a determinant of market price. Rather, price of wheat is determined solely by the market demand for wheat and the availability of fertile land. Criticisms of the Theory: Ricardo considers land as fixed in supply. Ricardo’s order of cultivation of lands is also not realistic.  The productivity of land does not depend entirely on fertility. land does not possess any original and indestructible powers. Ricardo’s assumption of no-rent land is unrealistic. Ricardo restricted rent to land only. According to Ricardo, rent does not enter into price (cost) but from the point of view of an individual farm rent forms a part of cost and price.
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Fiscal Policy "a general discussion" # राजकोषीय नीति क्या है।
 
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IS–LM Model_Part 1_The Derivation of IS curve # IS वक्र की व्युत्पत्ति। वक्र की व्युत्पत्ति। https://youtu.be/qorn4yp00lQ IS-LM Model_Part 2_Derivation of LM curve# LM वक्र का व्युत्पन्न। https://youtu.be/_az3lqXS-OQ IS-LM Model_Part 3_Intersection of IS-LM# IS-LM वक्र के प्रतिच्छेदन द्वारा ब्याज दर का निर्धारण। https://youtu.be/gB2gvTIh-tA
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Economic Growth and Economic Development in Hindi आर्थिक संवृद्धि और आर्थिक विकास में क्या अंतर है।
 
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Economic Growth refers to the rise in the value of everything produced in the economy. Conversely, Economic Development is defined as the increase in the economic wealth of a country or a particular area, for the welfare of its residents. People often get confused between these two terms easily, but there is a difference. Here, you should know that economic growth is an essential but not the only condition for economic development. In this video, you will find all the substantial differences between economic growth and economic development. Economic Development_ https://youtu.be/3sUoibkKBTQ
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MRP Maximum Retail Price  अधिकतम खुदरा मूल्य (MRP) क्या है
 
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What is Maximum Retail Price? Maximum Retail Price (MRP) is the highest price that could be charged for a product. Retailers can choose to sell something at a price lesser than this cap but selling at a price over the MRP can attract fine. Maximum retail price is the price that can be charged from the consumer. It includes all the taxes levied on the product. Consumer Goods (Mandatory Printing of Cost of Production and Maximum Retail Price) Act, 2006 It is not necessary that MRP is equal to the selling price. Who sets MRP ? Government of India sets MRP for Medicines and Producer of any product except medicine can set MRP.
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What is GDP(Gross Domestic Product) in hindi
 
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The labor and capital of the country acting on its natural resources, produce annually a certain net aggregate of commodities, Material and immaterial, including services of all kinds. This is the true net annual income or revenue of the country or the national dividend. देश के प्राकृतिक साधनों पर श्रम तथा पूंजी द्वारा कार्य करने पर प्रतिवर्ष विभिन्न भौतिक एवं अभौतिक वस्तुओं और सेवाओं का जो उत्पादन होता है उन सभी के शुद्ध योग को देश की वास्तविक शुद्ध वार्षिक आय या देश का आगम या राष्ट्रिय लाभांश कहते हैं। Dr Alfred Marshall “Principles of Economics” A national income estimate measures the volume of commodities and services turned out during a given period counted without duplication. एक राष्ट्रिय आय अनुमान से अर्थ किसी दी हुई अवधि में वस्तुओं और सेवाओं के उत्पादन की मात्र को बिना किसी दुहरी गणना के मापने से है। “National income committee of India, 1951” National income is the net output of commodity and service flowing during the year from the country’s productive system into the hands of the unlimited costumers or into net additions to the country’s stock of capital goods. राष्ट्रिय आय वास्तुवों एवं सेवाओं की वह शुद्ध उत्पति है जो की वर्ष में देश की उत्पादन प्रणाली में प्रवाहित होकर अंतिम उपभोगताओं के हाथों में पहुँचती है या जो देश के पूंजीगत माल के स्टॉक में वृद्धि करती है। Simon Kuznets
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Harrod-Domar Model Of Economic Growth. Introduction & Assumption.
 
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The Harrod–Domar model is a classical Keynesian model of economic growth. It is used in development economics to explain an economy's growth rate in terms of the level of saving and productivity of capital. It suggests that there is no natural reason for an economy to have balanced growth. The model was developed independently by Roy F. Harrod in 1939, and Evsey Domar in 1946, The Harrod–Domar model was the precursor to the exogenous growth model. The Harrod Domar Model suggests that economic growth rates depend on two things. Level of Savings (higher savings enable higher investment) Capital-Output Ratio. A lower capital-output ratio means investment is more efficient and the growth rate will be higher. Assumptions of the Harrod-Domar model. (i) A full-employment level of income already exists. (ii) There is no government interference in the functioning of the economy. (iii) The model is based on the assumption of “closed economy.” In other words, government restrictions on trade and the complications caused by international trade are ruled out. (iv) There are no lags in adjustment of variables i.e., the economic variables such as savings, investment, income, expenditure adjust themselves completely within the same period of time. (v) The average propensity to save (APS) and marginal propensity to save (MPS) are equal to each other. APS = MPS or written in symbols, S/Y= ∆S/∆Y (vi) Both propensity to save and “capital coefficient” (i.e., capital-output ratio) are given constant. This amounts to assuming that the law of constant returns operates in the economy because of fixity of the capita-output ratio. (vii) Harrod-Domar model is a longrun term growth model. (viii) Income, investment, savings are all defined in the net sense, i.e., they are considered over and above the depreciation. Thus, depreciation rates are not included in these variables. (ix) Saving and investment are equal in ex-ante as well as in ex-post sense i.e., there is accounting as well as functional equality between saving and investment. These assumptions were meant to simplify the task of growth analysis; these could be relaxed later. (x) General price level is constant and money income and real income is equal to each other. (xi) Interest rate is constant.
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HUMAN DEVELOPMENT INDEX (HDI) मानव विकास सूचकांक
 
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Human Development Human Development is defined as the process of enlarging people’s freedoms and opportunities and improving their well-being. Human development is about the real freedom ordinary people have to decide who to be, what to do, and how to live. The human development concept was developed by economist Mahbub ul Haq. He believed that the commonly used measure of Gross Domestic Product failed to adequately measure well-being. Working with Nobel Laureate Amartya Sen and other economists, in 1990 Dr. Haq published the first Human Development Report, which was commissioned by the United Nations Development Programme. The Human Development Index (HDI) is a composite statistic of life expectancy, education, and per capita income indicators, which are used to rank countries human development. A country scores higher HDI when the lifespan is higher, the education level is higher, and the GDP per capita is higher Calculation Old method (before 2010 Index) New method (2010 Index onwards) The 2010 Human Development Index (HDI) combines three dimensions Life expectancy Education Standard of living 1. Life Expectancy Index (LEI) =(𝐿𝐸−20)/(85−20) LEI is 1 when Life expectancy at birth is 85 and 0 when Life expectancy at birth is 20 2. Education Index (EI) =(𝑀𝑌𝑆𝐼+𝐸𝑌𝑆𝐼)/2  Mean Years of Schooling Index (MYSI) =𝑀𝑌𝑆/25 Average number of years of education received by people ages 25 and older, converted from education attainment levels using official durations of each level. Expected Years of Schooling Index (EYSI) =𝐸𝑌𝑆/18 Number of years of schooling that a child of school entrance age can expect to receive if prevailing patterns of age-specific enrolment rates persist throughout the child's life. 3. Income Index (II) =(I𝑛⁡(𝐺𝑁𝐼𝑝𝑐)−I𝑛⁡(100))/(I𝑛⁡(75.000)−I𝑛⁡(100) ) Income Index is 1 when GNI per capita is $75,000 and 0 when GNI per capita is $100 HDI is the Geometric mean of the previous three normalized indices: HDI=∛(𝐿𝐸𝐼∗𝐸𝐼∗𝐼𝐼)
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Substitution Effect In Hindi (Hicks Substitution Effect) हिक्स का प्रतिस्थापन प्रभाव
 
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Giffen Goods and Inferior Goods In Hindi गिफेन वस्तु और हीन वस्तु https://youtu.be/7yQweuSkdYE Income Consumption Curve (ICC) In Hindi आय उपभोग वक्र https://youtu.be/obAKL27w7OA Price Consumption Curve In Hindi कीमत उपभोग वक्र https://youtu.be/0WuboR2EHpc What is the 'Substitution Effect' The substitution effect is the economic understanding that as prices rise — or income decreases — consumers will replace more expensive items with less costly alternatives. Conversely, as the wealth of individuals increases, the opposite tends to be true, as lower-priced or inferior commodities are eschewed for more expensive, higher-quality goods and services, known as the income effect. Although beneficial to some companies like discount retailers, the substitution effect is generally very negative within an economy, as it limits consumer and producer choice.
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Marginal Efficiency Of Capital And Investment # पूंजी की सीमांत उत्पादकता एवं निवेश
 
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Keynes's Theory Of National Income # कीन्स का राष्ट्रीय आय निर्धारण का सिद्धांत https://youtu.be/8a7rhFDkAdk Keynes Psychological Law Of Consumption. उपभोग का मनोवैज्ञानिक नियम https://youtu.be/rS0Vuwdhw5g
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What Is Economic Development In Hindi आर्थिक विकास क्या है और आर्थिक विकास का सही मतलब क्या है।
 
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Economic development is the on going process under which the country would use all the available resources efficiently, Resulting National Income and per capita income increases continuously (long run) By this Economic inequality reduces, standard of living increases and welfare increases
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Cardinal Utility Analysis Part 1 गणनावाचक उपयोगिता विश्लेषण भाग 1
 
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What is 'Utility' "Utility" is an economic term introduced by Daniel Bernoulli referring to the total satisfaction received from consuming a good or service. The economic utility of a good or service is important to understand because it will directly influence the demand, and therefore price, of that good or service. A consumer's utility is hard to measure, however, but it can be determined indirectly with consumer behaviour theories, which assume that consumers will strive to maximize their utility The Definition of Total Utility Total utility (TU) is defined as the total amount of satisfaction that a person can receive from the consumption of all units of a specific product or service. Using the example above, if a person can only consume three Mango and the first Mango consumed yields 12 Rs., the second Mango consumed yields 10 Rs. and the third Mango yields 8 Rs., the total utility of Mango would be 30 Rs. TU can be infinite. Its upper boundary is set by the total number of a good or service available for consumption by a consumer. The Definition of Marginal Utility Marginal utility (MU) is defined as the additional utility gained from the consumption of one additional unit of a good or service. Using the same example, if the utility of the first Mango is 12 Rs. and the utility of the second Mango is 10 Rs. the MU of eating the second Mango is 8 Rs. If the utility of a third Mango is 8 Rs. the MU of eating that third Mango is 8 Rs.
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Industrial Policy of INDIA 1948,56,77,80,90 & 91 भारत की औद्योगिक नीति (1991)
 
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INDIAN ECONOMY MC GRAW HILL http://amzn.to/2pmqYr0 affiliate-program.amazon INDUSTRIAL POLICY is a formal declaration by the government whereby it outlines its general policies for industries. The industrial Policy of a country generally deals with the ideology of the current political dispensation The main objective of any industrial policy is to augment the industrial production and thereby enhance the industrial growth which leads to economic growth by optimum utilization of resources. Modernization. Balanced industrial development & Balanced regional development. Coordinated development of large as well as  small, medium and cottage enterprises. Determination of area of operation under private and public sector. Enhance cordial relations between workers and management and proper utilization of the domestic / foreign capital. To set the direction of foreign investors and foreign investment After independence India has been released industrial policy around 6 time. 1. Industrial Policy — 1948 2. Industrial Policy — 1956 3. Industrial Policy — 1977 4. Industrial Policy — 1980 5. Industrial Policy — 1990 6. Industrial Policy — 1991 Industrial Policy — 1948 The government of India declared its first industrial policy on 6th April, 1948.  The industrial policy 1948 was presented in the parliament by then industry minister dr. Shyama Prasad Mukherjee.India ushered into a mixed economy taking the society on socialistic pattern.The large industries were classified in four categories. Strategic industries (public sector) Basic / key industries (public-cum-private sector) Important industries (controlled private sector) Other industries (private and co-operative sector) Apart from the four fold classification of the industries (the Industrial Policy 1948) endeavoured to protect cottage & small scale industries by according them priority status. Industrial Policy — 1956 The Industrial Policy Resolution of 1956 was based upon the Mahalanobis Model of growth. This Model suggested that there should be an emphasis on the heavy industries, which can lead the Indian Economy to a long term higher growth path.Three Fold Classification of the Industries Schedule A Industries Schedule B Industries Schedule C Industries Monopolistic and Restrictive Trade Practice under MRTP Act, 1969 The Monopolistic and Restrictive Trade Practices Act, 1969, was enacted To ensure that the operation of the economic system does not result in the concentration of economic power in hands of few, To provide for the control of monopolies, and To prohibit monopolistic and restrictive trade practices. The MRTP Act extends to the whole of India except Jammu and Kashmir. The Foreign Exchange Regulation Act (FERA) was legislation passed in India in 1973 that imposed strict regulations on certain kinds of payments, the dealings in foreign exchange (forex)and securities and the transactions which had an indirect impact on the foreign exchange and the import and export of currency. The bill was formulated with the aim of regulating payments and foreign exchange. FERA applied to all citizens of India, all over India. The idea was to regulate the foreign payments, regulate the dealings in Foreign Exchange & securities and conservation of Foreign exchange for the nation Industrial Policy — 1991 On July 24, 1991, Government of India announced its new industrial policy with an aim to correct the distortion and weakness of the Industrial Structure of the countrySalient Features This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model. The primary objective of this model was to make the economy of India the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world
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Say's Law Of Market In Hindi (" प्रो० से" का बाजार नियम)
 
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Introduction:- Say’s law of market is the core of the classical theory of employment. There cannot be general overproduction and the problem of redundancy in the economy. Conversely, if there is general overproduction in the economy and then some laborers may be asked to leave their jobs there may be the problem of unemployment in the economy sometime. In the long run the economy will automatically tend toward full employment. In Say’s words, “It is production which creates market for goods. A product is no sooner created then it, from that instant, affords a market for other products to the full extent of its own value. Nothing is more favorable to the demand of one product, than the supply of another.” Production Creates Market (Demand) for Goods: When producers obtain the various inputs to be used in the production process, they generate the necessary income. For example, producers give wages to labourers for producing goods. The labourers will purchase the goods from the market for their own use. This, in turn, causes the demand for goods produced. In this way, supply creates its own demand. Barter System as its Basis: In its original form, the law is applicable to a barter economy where goods are ultimately sold for goods. Therefore, whatever is produced is ultimately consumed in the economy. In other words, people produce goods for their own use to sustain their consumption levels. Say’s law, in a very broad way, is, as Prof. Hansen has said, “a description of a free-exchange economy. So conceived, it illuminates the truth that the main source of demand is the flow of factor income generated from the process of production itself. Thus, the existence of money does not alter the basic law. General Over Production Impossible: If the production process is continued under normal conditions, then there will be no difficulty for the producers to sell their products in the market. According to Say, work being unpleasant no person will work to make a product unless he wants to exchange it for some other product which he desires. Therefore, the very act of supplying goods implies a demand for them. In such a condition there cannot be general over production for the reason supply of goods will not exceed demand as a whole. But a particular good may be over produced for the reason that producer the producer incorrectly estimates the quantity of the product which others want. But this is a temporary phenomenon, for the excess production of a particular product can be corrected in time by reducing its producing. Labour Market: Prof. Pigou formulated Say’s law in terms of labour market. By giving minimum wages to labourers according to Pigou, more labourers can be employed. In this way, there will be more demand for labour. As pointed out by Pigou, “with perfectly free competition, there will always be at work a strong tendency for wage rates to be so related to demand that everybody is employed.” Unemployment results from rigidity in the wage structure and interferences in the working of the free market economy. Direct interference comes in the form of minimum wage laws passed by the state. The trade unions may be demanding higher wages more facilities and reduction in working hours. In short it is only under free competition that the tendency of the economic system is to provide automatically full employment in the labour market. Saving-Investment Equality: Income accruing to the factor owners in the form of rent, wages and interest is not spent on consumption but some proportion out of it is saved which is automatically invested for further production. Therefore, investment in production is a saving which helps to create demand for goods in the market. Further, saving-investment equality is maintained to avoid general overproduction. Rate of interest as a Determinant Factor Say’s Law of markets regards the rate of interest as a determinant factor in maintaining the equality between saving and investment. If there is any divergence between the two, the equality is maintained through the mechanism of the rate of interest. If at any given time investment exceeds saving, the rate of interest will rise. To maintain the equality saving will increase and investment will decline. This is due to the fact that saving is regarded as an increasing and investment will decline. This is due to the fact that saving is regarded as an increasing function of the interest rate and investment as a decreasing function of the rate of interest. Alternatively, when saving is more than investment the rate of interest falls, investment increasing and saving declines till the two are equal at the new interest rate Laissez-Faire Policy of the Government: Long-run
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Permanent Income Hypothesis Milton Friedman# स्थायी आय परिकल्पना मिल्टन फ़्रीडमैन
 
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Relative Income Hypothesis Of Consumption_उपभोग की सापेक्ष आय परिकल्पना# James Duesenberry. https://youtu.be/rQGKd2XlMKY Psychological Law Of Consumption. उपभोग का मनोवैज्ञानिक नियम https://youtu.be/rS0Vuwdhw5g Keynes Theory Of Employment कीन्स का रोजगार सिद्धांत। https://youtu.be/Nac7k6U-5eA Permanent Income Hypothesis The American economist Milton Friedman developed the permanent income hypothesis (PIH) in his 1957 book A Theory of the Consumption Function. The hypothesis implies that changes in consumption behavior are not predictable, because they are based on individual expectations. This has broad implications concerning economic policy. According to Friedman Consumption de­pends neither on ‘absolute’ income, nor on ‘relative’ income but on ‘permanent’ income, based on expected future income. Thus, he finds a relationship between consumption and permanent income. His hypothesis is then de­scribed as the ‘permanent income hypothesis’ (henceforth PIH). In PIH, the relationship be­tween permanent consumption and perma­nent income is shown. Friedman divides the current measured income (i.e., income actually received) into two: permanent income (Yp) and transitory income (Yt). Thus, Y = Yp + Yt. Similarly, he dis­tinguishes between permanent consumption (Cp) and transitory consumption (Ct). That is, C = Cp + Ct. Friedman’s basic argument is that perma­nent consumption depends on permanent in­come. The basic relationship of PIH is that permanent consumption is proportional to permanent income that exhibits a fairly con­stant APC. That is, Cp = kYp  where k is con­stant and equal to APC and MPC. Measurement Of PIH Yp = Yt-1 + a (Yt – Yt-1)
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Keynes Liquidity Preference Theory of Interest # ब्याज का तरलता अधिमान सिद्धांत
 
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कीन्स के अनुसार ब्याज दर एक ऐसा प्रलोभन या पुरस्कार है, जो लोगों को नकद मुद्रा कुछ समय के लिए न रखने के लिए दिया जाता है। ब्याज दर एक ऐसा प्रलोभन है, जिसके द्वारा लोगों के नकद मुद्रा रखने की इच्छा को ख़रीदा जा सकता है। Limitations of Keynes liquidity preference theory: Even Keynes’ liquidity preference theory is not free from criticisms: Firstly, like the classical and neo-classical theories, Keynes’ theory is an indeterminate one. Keynes charged the classical theory on the ground that it assumed the level of employment fixed. Same criticism applies to the Keynesian theory since it assumes a given level of income. Keynes’ theory suggests that Dm and SM determine the rate of interest. Without knowing the level of income we cannot know the transaction demand for money as well as the speculative demand for money. Obviously, as income changes, liquidity preference schedule changes—leading to a change in the interest rate. Therefore, one cannot, determine the rate of interest until the level of income is known and the level of income cannot be determined until the rate of interest is known. Hence indeterminacy. Hicks and Hansen solved this problem in their IS-LM analysis by determining simultaneously the rate of interest and the level of income. It is indeed true also that the neo-classical authors or the pro-pounders of the loanable funds theory earlier made attempt to integrate both the real factors and the monetary factors in the interest rate determination but not with great successes. Such defects had been greatly removed by the neo-Keynesian economists—J.R. Hicks and A.H. Hansen. Secondly, Keynes committed an error in rejecting real factors as the determinants of interest rate determination. Thirdly, Keynes’ theory gives a choice between holding risky bonds and riskless cash. An individual holds either bond or cash and never both. In the real world, it is the uncertainty or risk that induces an individual to hold both. This gap in Keynes’ theory has been filled up by James Tobin. In fact, today people make a choice between a variety of assets. Conclusion: Despite these criticisms, Keynes’ liquidity preference theory tells a lot on income, output and employment of a country. His basic purpose was to demonstrate that a capitalist economy can never reach full employment due to the existence of liquidity trap. Though the liquidity trap has been overemphasized by Keynes yet he demolished the classical conclusion the goal of full employment. Further, his theory has an important policy implication. A central bank is incapable of reviving a capitalistic economy during depression because of liquidity trap. In other words, monetary policy is useless during depressionary phase of an economy.
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An introduction of the theories of prof. keynes # कीन्स के सिद्धांतों का परिचय
 
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Say's Law Of Market In Hindi (" प्रो० से" का बाजार नियम) https://youtu.be/Rr4-hGkdEGU 1st Paragraph of keynes book which was published in 1936-The General Theory of Employment, Interest, and Money by John Maynard Keynes Chapter 1 THE GENERAL THEORY I have called this book the General Theory of Employment, Interest and Money, placing the emphasis on the prefix general. The object of such a title is to contrast the character of my arguments and conclusions with those of the classical[1] theory of the subject, upon which I was brought up and which dominates the economic thought, both practical and theoretical, of the governing and academic classes of this generation, as it has for a hundred years past. I shall argue that the postulates of the classical theory are applicable to a special case only and not to the general case, the situation which it assumes being a limiting point of the possible positions of equilibrium. Moreover, the characteristics of the special case assumed by the classical theory happen not to be those of the economic society in which we actually live, with the result that its teaching is misleading and disastrous if we attempt to apply it to the facts of experience
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Quantity theory of money #Fisher' equation of exchange #मुद्रा का परिणाम सिद्धांत।
 
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Quantity Theory of Money Explains that when quantity of money changes, how and what change happens in price level and value of money. Quantity Theory of Money, मुद्रा की मात्रा में परिवर्तन से कीमत स्तर और मुद्रा के मूल्य में किया परिवर्तन होता है इसकी व्याख्या करता है। The “Quantity Theory Of Money” is not a theory about money at all. Instead, it is a theory of the price-level (or inflation) which happens to emphasize the role played by the quantity of money The concept of the Quantity Theory Of Money began in the 16th century. As gold and silver inflows from the Americas into Europe were being minted into coins, there was a resulting rise in inflation. This led economist Henry Thornton in 1802 to assume that more money equals more inflation. This period 1797–1810 was a time of major change and great confusion in the British banking system, and the currency crisis of 1797 led to Thornton’s greatest contribution as an economist, for which he is most remembered today. In 1802 he wrote An Enquiry into the Nature and Effects of the Paper Credit of Great Britain. Fisher’s Equation of Exchange The transactions version of the quantity theory of money was provided by the American economist Irving Fisher in his book- The Purchasing Power of Money (1911). According to Fisher, “Other things remaining unchanged, as the quantity of money in circulation increases, the price level also increases in direct proportion and the value of money decreases and vice versa”. Supply of money = Demand for Money Ms = Md MV = PT Where, M is the quantity of money V is the transaction velocity P is the price level. T is the total goods and services transacted. Total value of money expenditures in all transactions = Total value of all items transacted What is spent for purchases (MV) and what is received for sale (PT) P = MV/T MV + M’V’ = PT M’ is bank deposit V’ is velocity of bank deposit Assumptions of Fisher’s Quantity Theory Constant Velocity of Money. Constant Volume of Trade or Transactions. Price Level is a Passive Factor. Money is a Medium of Exchange Proportional relation between Money Supply and Price level. Long Run. Full employment.
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Cournot's Duopoly Model In Hindi कुर्नो का द्वि-अधिकार मॉडल
 
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Oligopoly Market Introduction & Characteristics. अल्पाधिकार बाजार का परिचय और विशेषता। https://youtu.be/IYNVW05Vsy8 Meaning of Duopoly A duopoly (from Greek δύο, duo (two) + πωλεῖν, polein (to sell)) is a form of oligopoly where only two sellers exist in one market. In practice, the term is also used where two firms have dominant control over a market. It is the most commonly studied form of oligopoly due to its simplicity.             Duopoly is exactly a special case of thesis of Oligopoly, in which there are two sellers involved and are absolutely at liberty and no contract persists between them. Cournot duopoly Cournot duopoly, also called Cournot competition, is a model of imperfect competition in which two firms with identical cost functions compete with homogeneous products in a static setting. It was developed by Antoine Augustin Cournot in his “Researches Into the Mathematical principles of the Theory of Wealth”, 1838. Cournot’s duopoly represented the creation of the study of oligopolies, more particularly duopolies, and expanded the analysis of market structures which, until then, had concentrated on the extremes: perfect competition and monopolies कुर्नो की मान्यताएं प्रतिद्वंदी द्वारा कोई प्रतिक्रया नहीं की जाती है उत्पादन लागत शून्य है उत्पादक को बाजार मांग का पूरा ज्ञान है
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Quasi Rent (Alfred Marshall) In Hindi आभास लगान
 
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Ricardian Theory Of Rent/Scarcity Rent & Differential Renthttps://youtu.be/uDKYDh1Vpvw Ricardo Differential Theory Of Rent रिकार्डो का विभेदात्मक लगान सिद्धांत https://youtu.be/49Lj6Ves2Nk The concept of quasi rent was introduced in economic theory by Alfred Marshall, Marshall’s concept of quasi-rent is the extension of the Ricardian concept of rent to the short run earnings of the capital equipment (such as machinery, building etc.) which are in inelastic supply in the short run. Prof. Marshall says that the quasi rent is a temporary surplus, which is achieved in the short-run by the owners of machines and other capital, and in the long run, by increasing of these capital things, creation of quasi rent ends. प्रो. मार्शल का कहना है की अर्ध लगान एक अस्थाई आधिक्य है, जो अल्पकाल में मशीनों और अन्य पूंजीगत संशाधन के स्वामियों को प्राप्त होती है, और दीर्घकाल में इन पूंजीगत संशाधनो की पूर्ति बढ़ जाने के कारण समाप्त भी हो जाती है Professors Stonier and Hague rightly remark, “The supply of machines is fixed in the short run whether they are paid much money or little so they earn a kind of rent. In the long run this rent disappears for it is not a true rent, but only an ephemeral reward—a quasi-rent”. ”मशीनों की पूर्ति अल्पकाल में निश्चित होती है चाहे उनसे प्राप्त आय कम हो अथवा अधिक । अतः वह एक प्रकार का लगान अर्जित करती है। दीर्घकाल में लगान समाप्त हो जाता है क्योंकि यह पूर्ण अथवा शुद्ध लगान नहीं होता बल्कि एक समाप्त हो जाने वाली आय अर्थात् आभास लगान ही होता है ।” Quasi rent can also be expressed in terms of revenue: quasi-rent has also been defined as the excess of total revenue in the short run over and above the total variable costs. Thus, Quasi-rent = Total revenue – total variable cost In the long run, all the costs are considered as variable cost. In long-run, the equilibrium can be attained when total revenue is equal to total costs. In such a case, there is no quasi-rent. Distinction Between Rent and Quasi Rent Similarities Quasi rent arises when the demand for man made goods increases, while rent arises with the rise in the demand for the products of land. Just as the supply of man made appliances is fixed in the short period, so is that of land. Transfer earnings are as much important for determining quasi rent as they are for determining rent. Quasi rent like the rent of land is price determined and not price determining. Differences Rent is a payment for natural gifts of nature like land. Quasi rent is a payment for man made appliances like machines. As the supply of land cannot be changed, rent persists in both short run and long run. But quasi rent is a short run phenomenon which disappears in the long run when the supply of man made goods is increased. Rent is permanent in nature while quasi rent is a temporary phenomenon. Rent is the disparity amidst total revenue and total costs. Conversely, quasi rent is difference between total revenue variable costs. Some economists regarded rent as unearned income. But quasi rent is a necessary payment which all factors of production receive due to their inelastic supply in the short run. Ricardo’s rent arises due to differences in fertility of land. Marshall’s quasi rent arises due to the scarcity of man made appliances in the short run. Rent can be negative but quasi rent cannot be negativ.
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Kinked Demand Curve In Hindi (Paul M. Sweezy). स्वीज़ी का विकुंचित मांग वक्र मॉडल
 
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Oligopoly Market Introduction & Characteristics. अल्पाधिकार बाजार का परिचय और विशेषता। https://youtu.be/IYNVW05Vsy8 Perfect Competition Part 3_Long-run Firm Equilibrium & Normal profit पूर्ण प्रतियोगिता भाग ३ https://youtu.be/Rxwacons03k What is the kinked demand curve model of oligopoly? The Kinked Demand curve theory is an economic theory regarding oligopoly and monopolistic competition. Kinked demand was an initial attempt to explain sticky prices. The kinked demand curve hypothesis is developed by Paul M Sweezy (Paul M Sweezy, Demand Under Conditions of Oligopoly,” Journal of Political Economy, Vol XLVIII, August 1939, reprinted in American Economic Association, Readings in Price Theory). Kinked demand curve hypothesis is used for explaining the price and output determination under oligopoly with product differentiation. The kinked demand curve model assumes that a business might face a dual demand curve for its product based on the likely reactions of other firms to a change in its price or another variable. Same idea has developed in Queens College (Oxford University) by Robert Hall and Charles Hitch. They published their article name “Theory and Business Behavior” based on empirical testing.
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Consumer's Surplus Theory In Hindi उपभोक्ता के बचत का सिद्धांत
 
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The concept of consumer surplus was first formulated by Dupuit in 1844 to measure social benefits of public goods such as canals, bridges, national highways. Marshall further refined and popularized this in his ‘Principles of Economics” published in 1890. The concept of consumer sur­plus became the basis of old welfare economics. Marshall’s concept of consumer’s surplus was based on the cardinal measurability and interpersonal comparisons of utility. According to him, every increase in consumer’s surplus is an indicator of the increase in social welfare. As we shall see below, consumer’s surplus is simply the difference between the price that ‘one is willing to pay’ and ‘the price one actually pays’ for a particular product. Concept of consumer’s surplus is a very important concept in economic theory, especially in theory of demand and welfare economics. This concept is important not only in economic theory but also in formulation of economic policies such as taxation by the Government and price policy pur­sued by the monopolistic seller of a product Consumer’s surplus = What a consumer is willing to pay minus what he actually pays. = ∑ Marginal utility – (Price x Number of units of a commodity purchased) The concept of consumer surplus is derived from the law of diminishing marginal utility. As we purchase more units of a good, its marginal utility goes on diminishing. It is because of the diminish­ing marginal utility that consumer’s willingness to pay for additional units of a commodity declines as he has more units of the commodity. The consumer is in equilibrium when marginal utility from a commodity becomes equal to its given price. In other words, consumer purchases the number of units of a commodity at which marginal utility is equal to price. This means that at the margin what a consumer will be willing to pay (i.e., marginal utility) is equal to the price he actually pays. But for the previous units which he purchases, his willingness to pay (or the marginal utility he derives from the commodity) is greater than the price he actually pays for them. This is because the price of the commodity is given and constant for him and therefore price of all the units is the same.
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Price Consumption Curve In Hindi 
कीमत उपभोग वक्र
 
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Indifference Curve Part-1 https://youtu.be/jHfJk6Q9RW8 Indifference Curve Part-2 https://youtu.be/4xBGarhbic8 Indifference Curve Part-3 https://youtu.be/W5Gqruk2LIA Budget Line https://youtu.be/WdGuZjJdt6c
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Perfect Competition Part 3_Long-run Firm Equilibrium & Normal profit पूर्ण प्रतियोगिता भाग ३
 
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Perfect Competition Market Part_1 पूर्ण प्रतियोगिता बाजार के अंतर्गत बाजार संतुलन https://youtu.be/Xavg5N-n71s Perfect Competition Part 2 #ShutDown condition.पूर्ण प्रतियोगिता भाग-२ https://youtu.be/2jqLwv0mB34 Concept Of Cost In Hindi / लागत की अवधारणा https://youtu.be/TMsy2QxUpLA What is ''Normal Profit A normal profit is an economic condition that occurs when the difference between a firm’s total revenue and total cost is equal to zero. Simply put, normal profit is the minimum level of profit needed for a company to remain competitive in the market. Normal profit is also often called “zero economic profit.”  Firm's Equilibrium फर्म का संतुलन https://youtu.be/Vm8SbR6QhWs What Is Market Cournot’s definition – the French economist Cournot defined a market thus “economists understand by the ‘market’ not any particular market place in which things are bought and sold but the whole of any region in which buyers and sellers are in such free intercourse with one another that the prices of the same goods tend to equality, easily and quickly.” 2. According to Jevons – “originally a market was a public place in a town where provision and other objects were exposed for sale, but the word has been generalized so as to mean anybody or persons, who are in intimate business relation and carry on extensive transaction in any commodity. 3. As chapmen has said – “the term market refers not necessarily to a place but always to commodity or commodities and the buyers and sellers of the same who are in direct competition with each other.” 4. According to prof. Benham – “we must therefore, define a market as any area over which buyers and sellers are in such close touch with one another either directly or through dealers that the prices obtainable in one part of the market affect the prices in other parts.” What is market. Meaning of perfect competition. Characteristics or assumptions. Short-run firm equilibrium under perfect competition. Economic profit, losses, and normal profit earned by firm under perfect competition. Shutdown conditions of firm. Long-run firm equilibrium under perfect competition. Meaning of Market: In common parlance, by market is meant a place where commodities are bought and sold at retail or wholesale prices. Thus, a market place is thought to be a place consisting of a number of big and small shops, stalls and even hawkers selling various types of goods. In Economics however, the term “Market” does not refer to a particular place as such but it refers to a market for a commodity or commodities. It refers to an arrangement whereby buyers and sellers come in close contact with each other directly or indirectly to sell and buy goods. What is 'Perfect Competition’ Perfect competition describes a market structure where Competition is at its greatest possible level. Perfect competition is the Opposite of A monopoly. Pure or perfect competition is a Theoretical market structure. Ideally, perfect competition is a Hypothetical situation which cannot possibly exist in a market. perfect market is the subject of General equilibrium. Assumptions A large number of buyers and sellers – A large number of consumers with the willingness and ability to buy the product at a certain price, and a large number of producers with the willingness and ability to supply the product at a certain price. Homogeneous products – The products are perfect substitutes for each other, (i.e., the qualities and characteristics of a market good or service do not vary between different suppliers) Perfect information – All consumers and producers know all prices of products and utilities each person would get from owning each product. No barriers to entry or exit Perfect factor mobility – In the long run factors of production are perfectly mobile, allowing free long term adjustments to changing market conditions.  Every firm is a price taker – It takes the price as decided by the forces of demand and supply. No firm can influence the price of the product. Normal Profit earned by sellers – Each firm earns normal profits and no firms can earn super-normal profits
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Price Discrimination In Hindi कीमत विभेदीकरण क्या है
 
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The term “Price Discrimination” is also known as differential Pricing, Preferential Pricing, Dual Pricing, tiered Pricing, or Menu Pricing etc. What is “Price Discrimination” Price discrimination is a pricing strategy that charges customers different prices for the same product or service. The difference in the product may be on the basis of brand, wrapper etc. This policy of the monopolist is called price discrimination. Definitions: “Price discrimination exists when the same product is sold at different prices to different buyers.” –Koutsoyiannis “Price discrimination refers to the sale of technically similar products at prices which are not proportional to their marginal cost.” -Stigler “Price discrimination is the act of selling the same article produced under single control at a different price to the different buyers.” -Mrs. Joan Robinson “Price discrimination refers strictly to the practice by a seller of charging different prices from different buyers for the same good.” -J.S. Bain “Discriminating monopoly means charging different rates from different customers for the same good or service.” -Dooley Types of Discriminating Monopoly: Price discrimination is of following three types: 1. Personal Price Discrimination: Personal price discrimination refers to the charging of different prices from different customers for the same product. For example, an advocate charges different fees for the same service from rich and poor client. 2. Geographical Price Discrimination: Under geographical price discrimination, the monopolist charges different prices in different markets for the same product. It also includes dumping where a producer may sell the same commodity at one price at home and at the other price abroad. 3. Price Discrimination according to Use: When the monopolist charges different prices for the different uses of the same commodity is called the price discrimination according to use. Degree of Price Discrimination: Prof. A.C. Pigou has given the following three degrees of discriminating monopoly: 1. Price Discrimination of First Degree: Price discrimination of first degree is said to exist when the monopolist is able to sell each separate unit of his product at different prices. It is also known as the perfect price discrimination. In case of first degree price discrimination, a seller charges a price equal to what the consumer is willing to pay. It means the seller leaves no consumer’s surplus with the consumer. Apart from above, under perfect price discrimination the demand curve of the buyer, like under simple monopoly, becomes the marginal revenue curve of the seller. 2. Price Discrimination of Second Degree: In the price discrimination of second degree buyers are divided into different groups and from different groups a different price is charged which is the lowest demand price of that group. This type of price discrimination would occur if each individual buyer had a perfectly in- elastic demand curve for good below and above a certain price. 3. Price Discrimination of Third Degree: Price discrimination of third degree is said to exist when the seller divides his buyers into two or more than two sub markets and from each group a different price is charged. The price charged in each sub-market depends on the output sold in that sub-market along with demand conditions of that sub-market. In the real world, it is the third degree price discrimination which exists. 4. Legal Sanction: In some cases price discrimination is legally sanctioned. As, Electricity Board charges lowest for electricity for domestic use and highest for commercial houses. 5. Monopoly Existence: Price discrimination is also called discrimination monopoly. It is evident that price discrimination is possible only under conditions of monopoly.
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IS-LM Model_Part 3_Intersection of IS-LM# IS-LM वक्र के प्रतिच्छेदन द्वारा ब्याज दर का निर्धारण।
 
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IS–LM Model_Part 1_The Derivation of IS curve # IS वक्र की व्युत्पत्ति। वक्र की व्युत्पत्ति। https://youtu.be/qorn4yp00lQ IS-LM Model_Part 2_Derivation of LM curve# LM वक्र का व्युत्पन्न। https://youtu.be/_az3lqXS-OQ
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What Is Economics In Hindi अर्थशास्त्र क्या है जानिए आसान शब्दों में
 
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Know Economics The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object.
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Domar Model Of Economic Growth डोमार का आर्थिक विकास का मॉडल
 
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Harrod-Domar Model Of Economic Growth. Introduction & Assumption. https://youtu.be/47j8y8BVrkY Harrod Model Of Economic Growth प्रो० हैरोड का आर्थिक विकास का सिद्धांत। https://youtu.be/-3NFNveepb8 Domar presented his growth model in his pioneer work “expansion and employment” in 1947. Domar’s growth model addresses itself to the question as to what should be the rate of growth of investment so that the rate of growth of income coincides with the rate of growth of productive capacity. In short, Domar’s Model is an attempt to determine the rate at which investment purchasing must increase in an economy, if full- employment levels of production are to be maintained. According to Domar, investment raises productive capacity on the one hand and on the other hand it raises total demand in terms of total income. Productive capacity can be optimally utilized only if there is equivalent demand for the goods produced. That is, for a state of equilibrium in the economy, it is required that total supply (or productive capacity) equals total demand (or income).
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Keynes Psychological Law Of Consumption. उपभोग का मनोवैज्ञानिक नियम
 
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Keynes Theory Of Employment कीन्स का रोजगार सिद्धांत। https://youtu.be/Nac7k6U-5eA Propensity to Consume & Propensity to Save# उपभोग प्रवृति और बचत प्रवृति। https://youtu.be/snuDG92VyOc To quote him: “The amount of aggregate consumption depends mainly on the amount of aggregate income. The fundamental psychological law, upon which we are entitled to depend with great confidence both a priori from our knowledge of human nature and from the detailed facts of experience is that men (and women, too) are disposed, as a rule and on an average to increase their consumption as their income increases, but not by as much as the increase in their income” The law basically captures and understands the essential spending behavior of the household sector. Keynes uses the term 'psychology' in his law but the law is just a basic observation of consumer behavior and consumption. It states the relationship between income and consumption pattern, such as the changes in the aggregate income of the economy and the expenditures on consumption by the household sector. Assumptions Three main assumptions of the Psychological Law are: 1. Normal conditions: Firstly, the psychological law applies only under normal conditions and when there is no danger of war or cold war, depression, boom, political upheaval, revolution etc. In other words, it is time invariant 2. Consistency of psychological and institutional factor : It means that there is no change in the psychological and institutional complex, such as population, tastes and preferences, habits of the people, fashion, prices etc. except change in income. 3. Capitalist economy based on laissez-faire: The psychological law applies to free and prosperous economies and does not hold well in socialist and under-developed economies. This is because, in a free economy, the people can consume any kind of goods they want, according to their necessities and desires and also there is no interference of the government in the economic affairs The law is based on three interrelated propositions: When aggregate income increases, consumption expenditure also increases, but less proportionately. This is because, as a person’s income increases, most of their wants are gradually satisfied. So, less is spent on consumption after a subsequent level of increment in their income. It follows that the increment in the level of income is always divided into spending and saving. An increase in income thus, leads to an increase in consumption as well as savings. Normally, people would spend more and save more when income increases. While Keynes recognized that many subjective and objective factors including interest rate and wealth influenced the level of consumption expenditure, he emphasized that it is the current level of income on which the consumption spending of an individual and the society depends. 1. Highlighting the crucial importance of investment in an economy: A vital point in the law is the tendency of people not to spend on consumption the full amount of an increase in their income. There is thus a “gap” between aggregate income anad aggregate consumption. Assuming the consumption function to be stable during a short-run period, the “gap” will widen with an increase in income. This gives rise to the problem of investment. Investment should be increased to fill the gap between income and consumption. Keynes, therefore, stresses that investment is the crucial and initiating determinant of levels of income and employment 2. Refuting Say’s Law: It refutes Say’s Law of market by indicating the demand deficiency and possibility of over-production. 3. Explanation to the Business Cycle: An explanation of the turning points of a business cycle is also provided by this law. The upper turning point from a boom is caused by a collapse of the marginal efficiency of capital owing to the fact that consumption expenditure does not keep pace with increase in income during the prosperity phase. Similarly, the law explains the revival of the marginal efficiency of capital and the turning point of recovery from a depression, on the basis of the fact that when income is reduced consumption expenditure does not decrease in the same proportion
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Concept Of Money Supply M1, M2, M3, M4 & M0(High power money)# मुद्रा पूर्ति की अवधारणा
 
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Cambridge CashBalance Theory Marshall, Pigou, Robertson & Keynes equationकैंब्रिज कैशबैलेंस सिद्धांत https://youtu.be/OQSHpTYwUB0 Quantity theory of money #Fisher' equation of exchange #मुद्रा का परिणाम सिद्धांत। https://youtu.be/IeCViOLIYK0 RBI Money Supply Concept https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/78902.pdf The supply of money means the total stock of money (paper notes, coins and demand deposits of bank) in circulation which is held by the public at any particular point of time. Supply of money is only that part of total stock of money which is held by the public at a particular point of time. In other words, money held by its users (and not producers) in spendable form at a point of time is termed as money supply There are four measures of money supply in India which are denoted by M1, M2, M3 and M4. This classification was introduced by the Reserve Bank of India (RBI) in April 1977. Prior to this till March 1968, the RBI published only one measure of the money supply, M or defined as currency and demand deposits with the public. This was in keeping with the traditional and Keynesian views of the narrow measure of the money supply. From April 1968, the RBI also started publishing another measure of the money supply which it called Aggregate Monetary Resources (AMR). This included M plus time deposits of banks held by the public. This was a broad measure of money supply which was in line with Friedman’s view. But since April 1977, the RBI has been publishing data on four measures of the money supply which are discussed as under. M1 = Currency with the public + Demand deposits with the banking system + ‘Other’ deposits with the RBI. M2 = M1 + Savings deposits of post office savings banks. M3 = M1+ Time deposits with the banking system. M4 = M3 + All deposits with post office savings banks (excluding National Savings Certificates). Reserve Money (M0)= Currency in circulation + Bankers’ deposits with the RBI + ‘Other’ deposits with the RBI
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Harrod Model Of Economic Growth प्रो० हैरोड का आर्थिक विकास का सिद्धांत।
 
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Harrod-Domar Model Of Economic Growth. Introduction & Assumption. https://youtu.be/47j8y8BVrkY Harrod’s growth model raised three issues: (i) How can steady growth be achieved for an economy with a fixed (capital- output ratio) (capital-coefficient) and a fixed saving-income ratio? (ii) How can the steady growth rate be maintained? Or what are the conditions for maintaining steady uninterrupted growth? (iii) How do the natural factors put a ceiling on the growth rate of the economy? The Actual Growth Rate is the growth rate determined by the actual rate of savings and investment in the country. In other words, it can be defined as the ratio of change in income (AT) to the total income (Y) in the given period. If actual growth rate is denoted by G, then G = ∆Y/Y G C = s G = Actual growth rate ( Δ𝑌/𝑌 ) C = Capital output ratio ( Δ𝐾/Δ𝑌 ) s = Marginal propensity to save ( S/𝑌 ) G C = s Δ𝑌/𝑌 × Δ𝐾/Δ𝑌 [ Δ𝐾=I ] Δ𝑌/𝑌 × I/Δ𝑌 = S/𝑌 I/𝑌 = S/𝑌 I =S “Warranted growth” refers to that growth rate of the economy when it is working at full capacity. It is also known as Full-capacity growth rate. This growth rate denoted by Gw is interpreted as the rate of income growth required for full utilisation of a growing stock of capital, so that entrepreneurs would be satisfied with the amount of investment actually made. Gw Cr = s Gw Wrranted growth rate Cr Required Capital output ratio s Marginal propensity to save Gw Cr = s Gw = S/"Cr" = "Marginal propensity to save" /"Required Capital output ratio " Natural Rate of Growth: Expansion, however, cannot go on indefinitely. The availability of labour and natural resources would put the limit. In other words, it is not necessary that the warranted rate of growth Gw (which is also equal to the actual rate of growth Gy) is the maximum attainable rate of growth. With this view in mind. Harrod introduces yet another rate of growth called the ‘natural rate of growth’, Gn which is the maximum rate of growth allowed by the increases of macro variables like population growth, technological improvements, and growth in natural resources. In fact, Gn is the highest attainable growth rate which would bring about the fullest possible employment of the resources existing in the economy. This may be considered as the ceiling rate of growth. Joan Robiuson calls it the maximum feasible rate of growth. If I stands for growth rate of population (or labour force) and t for technological progress (i.e. rate of increase of productivity), then natural rate of growth can be written as Gn  Cr = or not = s Hence for the equilibrium growth rate at full employment of all existing resources, the follow­ing condition must be satisfied: G = Gw = Gn Any deviation from this path would bring about instability in the economy. The Golden Age: The equality of three growth rates (G = Gw = Gn) ensures that economy is in moving or dynamic equilibrium. This is also called balanced growth equilibrium. Joan Robinson describes the equality of these three growth rate as a golden age as its represents a very satisfactory and happy situation. This is a happy situation because the equality of these three growth rates (G = Gw = Gn), will ensure steady equilibrium growth rate along with full unemployment of labour and without creating excess productive capacity. However, Joan Robinson has emphasized that the gold age, namely, the equality of three growth rates “represents a mythical state of affairs not likely to obtain in any actual economy
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What is price equilibrium कीमत संतुलन क्या है।
 
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What is Equilibrium Economic equilibrium is a condition or state in which economic forces are balanced. These economic variables remain unchanged from their equilibrium values in the absence of external influences Price Equilibrium Definition - The equilibrium price is the market price where the quantity of goods supplied is equal to the quantity of goods demanded. This is the point at which the demand and supply curves in the market intersect Properties New Keynesian economist and Ph. D. Huw Dixon The behaviour of agents is consistent. No agent has an incentive to change its behaviour. Equilibrium is the outcome of some dynamic process.
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Ricardian Theory Of Rent/Scarcity Rent & Differential Rent
 
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What is rent According To Classical Economists: Rent is associated to land The cost of the use of land is rent Supply of land is fixed It is price inelastic The value of land use is zero "Portion of the produce of the earth which is paid to a landlord on account of the original and indestructible powers of the soil. David Ricardo Ricardo in his theory of rent has emphasized that rent is a reward for the services of land which is fixed in supply. Secondly, it arises due to original qualities of land which are indestructible". (The original indestructible powers of the soil include natural soil, fertility, mineral deposits, climatic conditions etc.) Economic Rent: Economic rent is a modern concept of rent. Factor of production should be Price Inelastic. Economic rent is a surplus or excess over the transfer earnings. Every factor of production produces economic rent, if their supply is fixed in short run. Pro. Marshall called it quasi rent. The law of rent was formulated by David Ricardo around 1809, and presented in its most developed form in his magnum opus, On the Principles of Political Economy and Taxation(19April1817). This is the origin of the term Ricardian rent. Ricardo's formulation of the law was the first clear exposition of the source and magnitude of rent, and is among the most important and firmly established principles of economics. Assumptions: No Alternative Use: It has been assumed that land has no alternative use as it is used only for farming. Difference in Fertility: The theory also assumes that fertility differs from land to land. It means some pieces of land are more fertile as compared to other pieces of land. Law of Diminishing Returns: The theory assumes that law of diminishing returns holds in agriculture. It states that output will not be increasing at the same rate at which labour and capital increases. Increase in Population: The population of the country increases continuously which results in an increase in agricultural production to feed the larger population. Long Run: The Ricardian theory of rent is based upon the assumption of long period. This assumption is basic to the classical economics. No-Rent Land: The Ricardian theory assumes the existence of no-rent land which does not enjoy any rent. Scarcity of Land: The Ricardian theory assumes that the supply of superior grade of land is limited. Original and Indestructible Powers of the Soil: The Ricardian theory rests upon the fundamental assumption that land possesses some original and indestructible powers. Original and Indestructible Powers of the Soil: The Ricardian theory rests upon the fundamental assumption that land possesses some original and indestructible powers. Perfect Competition: The theory assumes the existence of perfect competition in the market. Since under perfect competition, the product price is given, economic rent is that surplus which accrues over and above the cost of production. Descending Order of Cultivation: Theory assumes that different tracts of land are brought under cultivation in a descending order of fertility. In the words of Ricardo, “The most fertile and most favorably situated land will be first cultivated” Scarcity Rent: Ricardo assumed that land had only one use—to grow corn. This meant that its supply was fixed, Hence the price of land was totally determined by the demand for land. In other words, all the price of a factor of production in perfectly inelastic supply is economic rent—it has no transfer earnings. Thus, it was the high price of corn which caused an increase in the demand for land and a rise in its price, rather than the price of land pushing up the price of corn. However, this analysis depends on the assumption that land has only one use. In the real world a particular piece of land can be put to many different uses. This means its supply for any one use is elastic, so that it has transfer earnings.
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Economic-Sociology आर्थिक-समाजशास्त्र
 
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WHAT IS ECONOMICS https://www.youtube.com/edit?o=U&video_id=dbWazTFi0rw ECONOMIC DEVELOPMENT https://www.youtube.com/edit?o=U&video_id=3sUoibkKBTQ sociology - A general definition of sociology is the systematic study of human society, culture, and relationships on a group level. Are men and women really that different? Why do we have problems such as racism? What motivates people to have social status and respect? These questions are hugely important to life as a human being, and they are studied by the field of sociology. Sociology studies different ideas for what might create an ideal society. Some people believe that society should focus on making sure everyone is treated equally, including from an economic perspective. However, other people believe that an ideal society includes different social classes, because wanting to be rich motivates people to invent things and work harder. These questions include the study of how economics, politics, and culture combine in different ways. Other questions sociology asks are, 'How is culture created, and how is it passed down from one generation to the next? Sociology also studies the similarities and differences among different types of people. What about people of different races or ethnicities? How about rich people versus poor people? Finally, sociology studies social institutions. Social institutions are major structures made up of groups or ideas that influence people's daily lives, views of the world, or integration into society. Examples of social institutions are religious groups, schools, political organizations, and families. How have all of these social institutions influenced your life? For example, did you go to a public school or a private school? Economic sociology is the study of the social cause and effect of various economic phenomena. Economic sociology, the application of sociological concepts and methods to analysis of the production, distribution, exchange, and consumption of goods and services. The field can be broadly divided into a classical period and a contemporary one,  known as "New economic sociology The specific term "economic sociology" was first coined by William Stanley Jevons in 1879, The classical period modernity rationalisation Secularisation urbanisation social stratification etc. Emile Durkheim The Division of Labour in Society  Max Weber Economy and Society Karl Marx Historical Materialism New economic sociology A contemporary period of economic sociology, often known as new economic sociology, was consolidated by the 1985 work of Mark Granovetter titled "Economic Action and Social Structure
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Monopolist Equilibrium Under Price Discrimination कीमत विभेदीकरण के अंतर्गत एकाधिकारी का संतुलन
 
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https://amzn.to/2sxvbrs Price Discrimination In Hindi कीमत विभेदीकरण क्या है https://youtu.be/NeYl26EpJyU The term “Price Discrimination” is also known as differential Pricing, Preferential Pricing, Dual Pricing, tiered Pricing, or Menu Pricing etc. What is “Price Discrimination” Price discrimination is a pricing strategy that charges customers different prices for the same product or service. The difference in the product may be on the basis of brand, wrapper etc. This policy of the monopolist is called price discrimination. Definitions: “Price discrimination exists when the same product is sold at different prices to different buyers.” –Koutsoyiannis “Price discrimination refers to the sale of technically similar products at prices which are not proportional to their marginal cost.” -Stigler “Price discrimination is the act of selling the same article produced under single control at a different price to the different buyers.” -Mrs. Joan Robinson “Price discrimination refers strictly to the practice by a seller of charging different prices from different buyers for the same good.” -J.S. Bain “Discriminating monopoly means charging different rates from different customers for the same good or service.” -Dooley Types of Discriminating Monopoly: Price discrimination is of following three types: 1. Personal Price Discrimination: Personal price discrimination refers to the charging of different prices from different customers for the same product. For example, an advocate charges different fees for the same service from rich and poor client. 2. Geographical Price Discrimination: Under geographical price discrimination, the monopolist charges different prices in different markets for the same product. It also includes dumping where a producer may sell the same commodity at one price at home and at the other price abroad. 3. Price Discrimination according to Use: When the monopolist charges different prices for the different uses of the same commodity is called the price discrimination according to use. Degree of Price Discrimination: Prof. A.C. Pigou has given the following three degrees of discriminating monopoly: 1. Price Discrimination of First Degree: Price discrimination of first degree is said to exist when the monopolist is able to sell each separate unit of his product at different prices. It is also known as the perfect price discrimination. In case of first degree price discrimination, a seller charges a price equal to what the consumer is willing to pay. It means the seller leaves no consumer’s surplus with the consumer. Apart from above, under perfect price discrimination the demand curve of the buyer, like under simple monopoly, becomes the marginal revenue curve of the seller. 2. Price Discrimination of Second Degree: In the price discrimination of second degree buyers are divided into different groups and from different groups a different price is charged which is the lowest demand price of that group. This type of price discrimination would occur if each individual buyer had a perfectly in- elastic demand curve for good below and above a certain price. 3. Price Discrimination of Third Degree: Price discrimination of third degree is said to exist when the seller divides his buyers into two or more than two sub markets and from each group a different price is charged. The price charged in each sub-market depends on the output sold in that sub-market along with demand conditions of that sub-market. In the real world, it is the third degree price discrimination which exists. 4. Legal Sanction: In some cases price discrimination is legally sanctioned. As, Electricity Board charges lowest for electricity for domestic use and highest for commercial houses. 5. Monopoly Existence: Price discrimination is also called discrimination monopoly. It is evident that price discrimination is possible only under conditions of monopoly.
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What Is GDP(Gross Domestic Product) In Hindi सकल घरेलु उत्पाद का क्या अर्थ है जानिए आसान हिंदी में ।
 
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The labor and capital of the country acting on its natural resources, produce annually a certain net aggregate of commodities, Material and immaterial, including services of all kinds. This is the true net annual income or revenue of the country or the national dividend. देश के प्राकृतिक साधनों पर श्रम तथा पूंजी द्वारा कार्य करने पर प्रतिवर्ष विभिन्न भौतिक एवं अभौतिक वस्तुओं और सेवाओं का जो उत्पादन होता है उन सभी के शुद्ध योग को देश की वास्तविक शुद्ध वार्षिक आय या देश का आगम या राष्ट्रिय लाभांश कहते हैं। Dr Alfred Marshall “Principles of Economics” A national income estimate measures the volume of commodities and services turned out during a given period counted without duplication. एक राष्ट्रिय आय अनुमान से अर्थ किसी दी हुई अवधि में वस्तुओं और सेवाओं के उत्पादन की मात्र को बिना किसी दुहरी गणना के मापने से है। “National income committee of India, 1951” National income is the net output of commodity and service flowing during the year from the country’s productive system into the hands of the unlimited costumers or into net additions to the country’s stock of capital goods. राष्ट्रिय आय वास्तुवों एवं सेवाओं की वह शुद्ध उत्पति है जो की वर्ष में देश की उत्पादन प्रणाली में प्रवाहित होकर अंतिम उपभोगताओं के हाथों में पहुँचती है या जो देश के पूंजीगत माल के स्टॉक में वृद्धि करती है। Simon Kuznets
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Monopoly Market Part 2# Firm's Losses & Shutdown.
 
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Monopoly Market In Hindi Part 1 (एकाधिकार बाजार क्या है भाग १) https://youtu.be/mryQrEnp6u0 Perfect Competition Market Part_1 पूर्ण प्रतियोगिता बाजार के अंतर्गत बाजार संतुलन https://youtu.be/Xavg5N-n71s Perfect Competition Part 2 #ShutDown condition.पूर्ण प्रतियोगिता भाग-२ https://youtu.be/2jqLwv0mB34 Perfect Competition Part 3_Long-run Firm Equilibrium पूर्ण प्रतियोगिताभाग ३ https://youtu.be/Rxwacons03k Monopoly is a kind of structure that exists when one company or supplier produces and sells a product. If there is a monopoly in a single market with no other substitutes, it becomes a “pure monopoly.” When there are multiple sellers in an industry and there are many similar substitutes for the goods being produced, and companies keep some power in the market, then it is called monopolistic competition. Characteristics of a Monopoly Single seller: There is only one seller in the market. In this instance, the company becomes the same as the industry it serves.  No Close Substitutes: There shall not be any close substitutes for the product sold by the monopolist. The cross elasticity of demand between the product of the monopolist and others must be negligible or zero. High or no barriers to entry: Other competitors are not able to enter the market Price maker: The company that operates the monopoly decides the price of the product that it will sell. Price discrimination: The firm can change the price or quantity of the product at any time Monopoly is also an Industry: Under monopoly there is only one firm which constitutes the industry. Difference between firm and industry comes to an end. “Monopoly is a market situation in which there is a single seller. There are no close substitutes of the commodity it produces, there are barriers to entry”. –Koutsoyiannis “A pure monopoly exists when there is only one producer in the market. There are no dire competitions.” -Ferguson
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Relative Income Hypothesis Of Consumption_उपभोग की सापेक्ष आय परिकल्पना# James Duesenberry.
 
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Keynes Psychological Law Of Consumption. उपभोग का मनोवैज्ञानिक नियम https://youtu.be/rS0Vuwdhw5g Propensity to Consume & Propensity to Save# उपभोग प्रवृति और बचत प्रवृति। https://youtu.be/snuDG92VyOc Keynes's Theory Of National Income # कीन्स का राष्ट्रीय आय निर्धारण का सिद्धांत https://youtu.be/8a7rhFDkAdk Relative Income Hypothesis Studies were made to resolve the conflict and inconsistencies between Keynes absolute income hypothesis and observations made by Kuznets. Former hypothesis said that consumption is a stable function of current income and his statement was based on fundamental psychological law. Also, as per him in the short run Marginal propensity to consume (MPC) is less than Average propensity to consume (APC). Further, as per Kuznets observation both MPC and APC are equal in the long run i.e. MPC=APC. Thus, one of the earliest attempts to solve the conflict between short and long run consumption was Relative Income Hypothesis (RIH). - Developed by James Duesenberry who believed that the basic consumption function was long run and potential. This means that average fraction of income consumed does not change in long run, but there may be variation in short run between consumption and income. The difference between Relative income (सापेक्ष आय) and Absolute income(निरपेक्ष आय), on the surface, can cause confusion for some people, but it centers on the issue of context. Relative income measures your income in relation to other members of society, weighing it against the current standards of the day. Absolute income, on the other hand, does not take into consideration those other factors, but simply reflects the total amount of earnings you've received in a given period. Relative Income James Duesenberry introduced the relative income hypothesis, which demonstrates that people make decisions, including savings and consuming, based not only on absolute income but on relative income as well. Duesenberry argued that consumers view their own social position and status in relation to others, and then behave accordingly. For instance, a consumer will consider his income as it relates to the income of another before making purchase decisions. -In economics, relative income hypothesis is attributed to James Duesenberry, who investigated the implications of this idea for consumption behavior in his 1949 book titled Income, Saving and the Theory of Consumer Behavior. Developed by James Duesenberry, the Relative income hypothesis states that an individual’s attitude to consumption and saving is dictated more by his income in relation to others than by abstract standard of living. The percentage of income consumed by an individual depends on his percentile position within the income distribution. It hypothesizes that the present consumption is not influenced merely by present levels of absolute and relative income, but also by levels of consumption attained in a previous period. It is difficult for a family to reduce a level of consumption once attained. The aggregate ratio of consumption to income is assumed to depend on the level of present income relative to past peak income. Demonstration Effect (प्रदर्शन प्रभाव) Ratchet Effect (रैचेट प्रभाव)
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