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KEYNESIAN PSYCHOLOGICAL LAW OF CONSUMPTION John Maynard Keynes has explained the consumption behaviour of the household sector through the Psychological Law of Consumption.in his work – The General Theory of Employment, Interest and Money published in 1936. Therefore, this law is also known as “Keynesian psychological law of consumption”. It provides a key part of…
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CONSUMPTION FUNCTION Consumption function or propensity to consume refers to the general income consumption relationship. It represents functional relationship between two aggregates i.e., total consumption and total income. It shows how consumption expenditure varies with given changes in income. ACCORDING TO K. KURIHARA “Consumption represents amount of consumer expenditure made at a given level of…
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MEASUREMENT OF NATIONAL INCOME National income is the total money value of goods and services produced by a country in a particular period of time. The duration of this period is usually one year.Measurement of National income can be made by taking three viewpoints, namely production viewpoint, income viewpoint, and expenditure viewpoint. Based on these…
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NATIONAL INCOME IN INDIA The total net value of all goods and services produced within a nation over a specified period of time, representing the sum of wages, profits, rents, interest, and pension payments to residents of the nation. It is denoted by NNPFC. National Income in India is calculated by Income method, Product Method…
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DIFFERENCE BETWEEN PERFECT AND MONOPOLISTIC COMPETITION In this post you will learn about perfect and monopolistic competition differences. PERFECT COMPETITION A Perfect Competition market is that type of market in which the number of buyers and sellers is very large, all are engaged in buying and selling a homogeneous product without any artificial restrictions and…
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DIFFERENCE BETWEEN MONOPOLY AND MONOPOLISTIC COMPETITION MONOPOLY The word monopoly has been derived from the combination of two words i.e., ‘Mono’ and ‘Poly’. Mono refers to a single and poly to control. In this way, monopoly refers to a market situation in which there is only one seller of a commodity. There are no close…
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PRODUCT DIFFERENTIATION STRATEGY In this post you will learn about Product differentiation strategy under Monopolistic competition Product differentiation is the means used by a firm in a monopolistic competitive market with many firms selling similar products to differentiate its product from that of other firms. Product Differentiation strategy is adopted to capture more market share…
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MONOPOLISTIC COMPETITION The concept of monopolistic competition was put-forth by an American economist Prof. E.H. Chamberlin in his popular book, “The Theory of Monopolistic Competition” published in 1933. Monopolistic competition is a type of imperfect competition market structure in which a large number of firms produce differentiated products and there are no barriers to entry. ACCORDING…
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DIFFERENCE BETWEEN PERFECT COMPETITION & MONOPOLY In this post you will study about difference between Perfect competition & Monopoly. PERFECT COMPETITION A Perfect Competition market is that type of market in which the number of buyers and sellers is very large, all are engaged in buying and selling a homogeneous product without any artificial restrictions…
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PRICE DISCRIMINATION UNDER MONOPOLY Price discrimination refers to the charging of different prices by the monopolist for the same product. The difference in the product may be on the basis of brand, wrapper etc. This policy of the monopolist is called price discrimination. ACCORDING TO KOUTSOYIANNIS “Price discrimination exists when the same product is sold…
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