10 episodes
EconConcept John M Zamen
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- Education
Economics is defined as a social science that aims to satisfy how the society allocates it's scarce resources to satisfy the society's unlimited needs and wants in the most efficient way. Since resources are limited (scarce) and the needs and wants are unlimited, therefore, we can say that economics is the study of how people make choices.
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Podcast 40 Movement Along The Demand Or Supply Curve Vs Shift Of A Demand Or Supply Curve
Welcome to another episode of my podcast. Movement along the demand or supply curve takes place when all factors affecting demand and supply are constant and Only the Price is changing. Whereas, shift of demand or supply curve occurs when Any other of the many factors (Non Price) affecting demand and supply changes.
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Podcast 39 Supply Vs Quantity Supplied
Welcome to another episode of my podcast. Supply refers to the entire relationship between prices and the quantity of the product supplied at each of these prices ( think of the supply curve). Whereas Quantity supplied refers to one particular point on the supply curve ( not the entire curve), referring to how much of […]
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Podcast 38 Number Of Sellers As A Non Price Determinant Of Supply
Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in number of sellers in the market ( population of sellers).
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Podcast 37 Expectation As A Non Price Determinant Of Supply
Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in expectations.
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Podcast 36 Technology As A Non Price Determinant Of Supply
Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in technology (Improved mechanisation).
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Podcast 35 Input Prices As A Non Price Determinant Of Supply
Welcome to another episode of my podcast. An increase in supply occurs when more is supplied at each price and vice versa, this could occur due to change in input prices (cost of production).