EconConcept

Feb 19 2019 10 ep. 1 mins 90

EconConcept Podcast artwork

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

Feb 19 2019 1 mins

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.

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 […]

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).

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.

Podcast 36 Technology As A Non Price Determinant Of Supply

Feb 19 2019 1 mins

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).

Podcast 35 Input Prices As A Non Price Determinant Of Supply

Feb 19 2019 1 mins

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).

Podcast 34 Price Factor As A Determinant Of Supply

Welcome to another episode of my podcast. Supply means the quantities that a seller is willing and able to sell at different prices. It is oblivious that if the price goes up, the seller will offer more for sale and vice versa. Therefore, supply varies with price.

Podcast 33 Supply And Determinants Of Supply

Feb 19 2019 1 mins

Welcome to another episode of my podcast. Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply relate to amount available at a specific price or amount available across a range of prices. The factors of supply for a given product or […]

Podcast 33 Demand Vs Quantity Demanded

Welcome to another episode of my podcast. This episode discusses the fundamental difference between demand and quantity demanded. Demand simply denotes the willingness and the person’s ability to purchase. Quantity demanded represents the amount goods and services desired by consumer at a fixed price.

Podcast 32 The Demand Curve

Feb 17 2019 2 mins

Welcome to another episode of my podcast. If you were to plot out how many units you would buy at different prices, then you’ve created a demand curve. It graphically portrays the data in the demand schedule.