ECO 101 THE INDIFFERENCE CURVE THEORY

Price Mechanism/Theory

Theory of Demand

Demand Schedule

Demand Curve

Demand Function

Types of Demand

Factors Afffecting Demand or Demand Determinants

Change in Quantity Demanded/Change in Demand

Exceptional/Abnormal Demand Curve

Theory of Supply

Supply Schedule

Supply Function

Factors Afffecting Supply or Supply Determinants

Exceptional/Abnormal Supply Curve

Concept of Equilibrium

Merits of Equilibrium (Price System)

Demerits of Price System

Government Intervention and Price System

Concept of Elasticity

Elasticity of Demand

Arc Elasticity

Types of Price Elasticity of Demand

Elasticity of Supply

Factors Determining Elasticity of Supply

Applications of Elasticity

Importance of Elasticity