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Economics 12 Notes

Economics XII Notes

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Economics XII: Meaning of Cost
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Economics XII: Meaning of Cost

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Derivation of TR, AR and MR curves under the perfect competition market
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Derivation of TR, AR and MR curves under the perfect competition market

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The law of maximum satisfaction/ The law of equi-marginal utility/ The law of substitution
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The law of maximum satisfaction/ The law of equi-marginal utility/ The law of substitution

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Economics XII: Meaning
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Economics XII: Meaning

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Types of money
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Types of money

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Exceptions/ Limitations of the law of substitution
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Exceptions/ Limitations of the law of substitution

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Interest
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Interest

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Law of variable production
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Law of variable production

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Price elasticity of demand
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Price elasticity of demand

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Cross elasticity of demand
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Cross elasticity of demand

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Concept of market economy
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Concept of market economy

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The Law of diminishing marginal utility
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The Law of diminishing marginal utility

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Definition of money
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Definition of money

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Stages of population
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Stages of population

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Limitation of diminishing marginal utility
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Limitation of diminishing marginal utility

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Law of Supply
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Law of Supply

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Supply
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Supply

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Barter system
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Barter system

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Factors determining the elasticity of Demand
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Factors determining the elasticity of Demand

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Comparative cost theory of international trade
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Comparative cost theory of international trade

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Determinants of demand
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Determinants of demand

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Determinants of supply
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Determinants of supply

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Land
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Land

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Meaning of Demand
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Meaning of Demand

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Wage
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Wage

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Unitary elastic demand
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Unitary elastic demand

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Protectionism
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Protectionism

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World trade organization (WTO)
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World trade organization (WTO)

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South Asian free trade agreement
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South Asian free trade agreement

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Income elasticity of demand less than one
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Income elasticity of demand less than one

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Relatively elastic demand
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Relatively elastic demand

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Concept of capital market
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Concept of capital market

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Concept of money market
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Concept of money market

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Sole trading concern
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Sole trading concern

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Concept of production
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Concept of production

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Monopoly Market
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Monopoly Market

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Limitations (Criticisms) of Optimum Theory
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Limitations (Criticisms) of Optimum Theory

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Economics XII: Meaning in Factor Prices
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Economics XII: Meaning in Factor Prices

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Importance of concept of Consumers’ Surplus
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Importance of concept of Consumers’ Surplus

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Negative income elasticity of demand
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Negative income elasticity of demand

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Zero income elasticity of demand
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Zero income elasticity of demand

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Application of Law of diminishing return especially in agriculture
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Application of Law of diminishing return especially in agriculture

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Concepts of short run average cost
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Concepts of short run average cost

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Difference between fixed and variable cost
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Difference between fixed and variable cost

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Marginal Cost (MC)
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Marginal Cost (MC)

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Deflation
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Deflation

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Negative cross elasticity of demand
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Negative cross elasticity of demand

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Perfectly inelastic demand
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Perfectly inelastic demand

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Factors of production
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Factors of production

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Equilibrium
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Equilibrium

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Movement Along Supply Curve
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Movement Along Supply Curve

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Labor division
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Labor division

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Simple price index number
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Simple price index number

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Wage fund theory of wage
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Wage fund theory of wage

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Utility
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Utility

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Free trade
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Free trade

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Features of market economy
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Features of market economy

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Procedure of construction of price index
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Procedure of construction of price index

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Concept of short-run total cost curves
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Concept of short-run total cost curves

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Profit
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Profit

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