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define Economic Activities. Briefly discuss the classification of Economic Activities?

Define a term Economic Activities. Briefly discuss the classification of Economic Activities? DEFINITION OF ECONOMIC ACTIVITIES: “The activities which are related to the production consumption and exchange of things are called ECONOMIC ACTIVITIES .”  Important Question with answer in cg F o ur points for the importance of the study of commercial geography for the Commerce students? CLASSIFICATION OF ECONOMIC ACTIVITIES: Following are the classifications of Economic Activities. A. Production B. Exchange C. Consumption 1. PRODUCTION: Production is divided into two parts: 1. Primary Production 2. Secondary Production PRIMARY PRODUCTION: Hunting of animal (Harvesting commodities from nature) (subsistence agriculture, forestry fishing mining) Gathering of wild berries and nuts Extracting of minerals from the earth Fishing from rivers, lakes and oceans Harvesting of trees SECONDARY PRODUCTION: Purposeful tending of crops and livestock (Commercial Agriculture) Increasing the va

Stone Age Vs Bronze Age Vs Machine Age Vs Atomic Age.

STONE AGE: In the beginning the man’s needs were limited. Thus in that period man used to live like animals, and also used the forests products as his food, as the human being was increasing rapidly, he adopted various ways for hunting and fishing for these purposes he begin to use instrument made of stones. Thus that period of man’s history is known as Stone Age.  importance of Economic and Commercial Geography F o ur points for the importance of the study of commercial geography for the Commerce students? BRONZE AGE: After that man becomes more civilized and he started to tame the wild animals and with the help of these animals he started the profession of agriculture to fulfill the needs for growing population. Besides the production of various agricultural crops man started digging of earth and he became successful for fining various minerals thus this period is known as Bronze Age. MACHINE AGE: The discovery of various minerals enables man to make various inventions in s

four points for the importance of the study of commercial geography for the Commerce students?

Qno.4 State the four points for the importance of the study of commercial geography for the Commerce students? 2012(R) 1. The students of commerce get knowledge about the industrial resources of the world through the study of commercial geography.  2. The students of commerce know about the determination and location of various industries in the world through the study of commercial geography.  3. The study of commercial geography gives knowledge to commerce students about the procedure of many commodities in industries, the raw material required for manufacturing and the factors of determination and localization of industries.  4. The students of commerce get knowledge about home trade, means of transportation and international markets through the study of commercial geography. Commercial Geography Most Important Questions In English What do you mean by Geography & Commercial Geography? Scope of Economic and Commercial Geography

importance of Economic and Commercial Geography

Qno.3 Explain the importance of Economic and Commercial Geography? IMPORTANCE OF ECONOMIC AND COMMERCIAL GEOGRAPHY: Now-a-days Economic and Commercial Geography is an important subject not only for the student’s commerce, but it also helps in different fields of life for example.  What do you mean by Geography & Commercial Geography? Scope of Economic and Commercial Geograph y? 1. FOR STUDENTS: The study of Economic and Commercial Geography helps the commerce students in the selection of right path for their future, so, that they can become successful businessmen, industrialist, traders, bankers, etc. 2. FOR TRADERS: By the study of Economic and Commercial Geography the businessmen can learn more about the production and trade of various crops and minerals found in the world. In this way, they can make their business more progressive. FOR INDUSTRIALISTS: The study of Economic and Commercial Geography guides about the resources for the raw material of industries as well as,

Scope of Economic and Commercial Geography

Qno2. What do you know about the Scope of Economic and Commercial Geography? SCOPE OF ECONOMIC AND COMMERCIAL GEOGRAPHY: Economic and Commercial Geography is mainly concerned with the study of agriculture, minerals, and industrial resources and also means of transportation and trade centers of the world. So, more detailed study, about the factors of production and distribution are as follows: Commercial Geography Most Important Questions In English Desert Areas Of Pakistan 1. STUDY OF AGRICULTURE RESOURCES: For the study of Economic and Commercial Geography it is essential that causes for the production of various agricultural products, are to be studied, and also the factors responsible for the commerce and trade of those products cannot be neglected. 2. STUDY OF MINERALS RESOURCES: Minerals are also an important factor of commerce and trade, because every country in the world is not self-sufficient in mineral resources. So, in economic and commercial geography we study about

What do you mean by Geography & Commercial Geography?

Qno1. What do you mean by Geography? DEFINITION AND MEANING OF GEOGRAPHY: The word Geography is a combination of two words “Geo” and “Graphy” Geo is a Greek word which means “The Earth” and the word “Graphy” has been derived from the word “Graphen” which means – “Description” So, Geography means Description of the Earth”.  Geography could be defined as: “The science of description of the physical features of the Earth.”  DEFINITION OF COMMERCIAL GEOGRAPHY: “Commercial geography is a form of geography concerned with the production and supply of raw materials including agricultural output and finished goods.” check this out Commercial Geography Most Important Questions In English Desert Areas Of Pakistan The rivers of Pakistan

Trade Cycle: 4 Phases of Trade Cycle ~ Discussed!

TRADE CYCLE Trade cycle refer to regular fluctuations in the level of national income. It is a well-observed conomic phenomenon, though it often occurs on a generally upward growth path and has a variable time span, typically of three years. Phases of Trade Cycle: Typically economists divide business cycle into two main phases- depression and recovery. Boom and slump mark is the turning points of the cycles. Depression In this phase, the whole economy is in depression and the business is at the lowest ebb. The general purchasing power of the community is very low. The productive activity, both in the production of consumer and the production of capital goods, is at a very low level. Business settles down at a new equilibrium point with a low level of prices, costs and profits. It may last for a number of years. Recovery  This phase is also known as "expansion". The depression period of trade cycle ends in the recovery period. The economic situation has now become favo

Monopoly - Characteristics Of Monopoly

MONOPOLY MONOPOLY is that market form in which a single producer controls the whole supply of a single commodity which has no close substitute. Cost of Production & Classification of Cost of Production What is the difference between Total Cost, fixed cost and variable cost? CHARACTERISTICS OF MONOPOLY Following are the characteristics of monopoly. 1. Monopoly is one the type of imperfect market 2. There are no close substitute of the firm’s product 3. There is only one producer in the market or only one firm controlling over 80% market share. 4. Government may put restriction on the entry of business such as previously private sector was not allowed to operate domestic flight in Pakistan to compete with PIA 5. Firm may control over supply of raw material such as Sui Southern Gas has monopoly for supply of natural gas. KESC has monopoly for supply of electricity of in Karachi.

Equilibrium of the Firm in the Short Run (With Diagram)

MEANING OF A FIRM EQUILIBRIUM The concept of a firm equilibrium occupies an important place in price theory. A firm is in equilibrium when it has no incentive either to expend or to contract it output. A firm would not like to change its level of output when its total profits are maximum. The rational entrepreneur will expand output if he thinks he can increase his total profit by doing so or vice versa. Therefore a firm is in equilibrium position when it is earning maximum profits. The equilibrium of the firm is usually discussed in two stages via Short Run and Long Run. FIRM’S EQUILIBRIUM UNDER SHORT RUN Short Run has been defined as a period of time long enough to allow the firm to adjust its output by increasing or decreasing the amount of variable of a factor of production i.e. Land and Labor, but during which factor of production cannot be altered. Why Average Revenue and Marginal Revenue is horizontal straight line.  Under perfect competition, for an individual firm price is g

Perfect Competition and Equilibrium of the Firm under Perfect Competition

MARKET Market is any place where goods and services are sold and bought. There are two types of markets. • Perfect Competition • Imperfect Competition Average Cost Vs Marginal Cost and Opportunity Cost Revenue Vs Average Revenue Factor of Production & Classification of the Factors PERFECT COMPETITION Perfect competition prevails in the market when a large number of buyers and sellers exist and different units are homogenous. Monopoly : Monopoly is that situation of the market when only one firm controls the whole supply of any commodity. Duopoly : When there are only two firms in the market it is known as duopoly. Oligopoly : When there are few firms in the market. It is more than two or less than ten producers. EQUILIBRIUM OF THE FIRM UNDER PERFECT COMPETITION Market is specified as perfect or imperfect according to the nature of competition prevalent in to the economy. Competition is said to be perfect if the following conditions are prevailing i

Factor of Production & Classification of the Factors

Factor of Production L. M. Fraser, defining factors of production says; “Factors of production are the name which is given to the original resources of production. ”  Factor of production, in fact, is the group of element of production and the single number of this group is termed as ‘unit’ of that particular resources. The word ‘Factor’ used to be applied to these elements of production by the classical economists but the modern expert of Economics calls them ‘Anonymous productive Services”. Economics Important Questions With Answers Cost of Production & Classification of Cost of Production What is the difference between Total Cost, fixed cost and variable cost? Average Cost Vs Marginal Cost and Opportunity Cost Classification of the Factors Classical division of these factors of production is as under: 1. Land 2. Labor  3. Capital  4. Organization / Enterprise  Land  The word land in economics is used in different sense as Marshall define

Revenue Vs Average Revenue

REVENUE  The money payment which is received to a producer or the manufacturer through the sale of goods during a particular period of time In short, “Revenue is the sale price received by the producer.” Revenue is calculated by multiplying the price at which goods or services are sold by the number of units or amounts sold.  Most Important Question With Answer In Economics What is the difference between Total Cost, fixed cost and variable cost? Average  Cost Vs Marginal Cost and Opportunity Cost AVERAGE REVENUE Average revenue are received through the sales of unit of commodity sold in the market, for the computation of the average revenue, the following formula can be used; Average revenue = Total revenue / Number of Units Sales

Average Cost Vs Marginal Cost and Opportunity Cost

Average Cost In economics, average cost is equal to total cost divided by the number of goods produced. It is also equal to the sum of average variable cost plus average fixed cost. According to above schedule, average cost is constantly falling up to the 4th unit because fixed cost remains unchanged and the variable cost increases slowly but after the 4th unit the total cost is increasing first. This is the reason that average cost is also increases. In short, average cost falls in the beginning but after reaching a point, it increase. This schedule could also be converted into diagram as well. Did you check the most important questions in economics Economics is the science of scarcity and choice. & Criticism Of Robbin s Explain Micro and Macro approaches of the Economics Analysis Define Firm And Various Kinds Of Firms Marginal Cost The marginal cost of an additional unit of output is the cost of the additional inputs needed to produce that output. More fo

What is the difference between Total Cost, fixed cost and variable cost?

What is the difference between Total Cost, fixed cost and variable cost? FIXED COST Periodic cost that remains (more or less) unchanged irrespective of the output level or sales revenue of a firm, such as depreciation, insurance, rent, salaries and wages. In simple words, the costs of the firm which don’t change with the production are called Fixed Cost. Explanation of Fixed Cost by Schedule  Unit of production Fixed cost 0 30 1 30 2 30 3 30 4 30 5 30 When the production is zero fixed cost is Rs.30 and when the production is minimum one again the fixed cost is RS.30. So much when the production is maximum up to 5 units, still the fixed cost is Rs.30. It is, therefore proved that fixed cost does not change with the production but it remains the same with all the volumes of production within the total production capacity of the firm The M

2nd Year Banking Important Questions With Answer ~ XII Banking Past Papers

2nd Year Banking Important Questions With Answer ~ XII Banking Past Papers Banking (2018) Section ‘’B’’ (Short Answer Question) Did You Check ( kia app ney yeh teen post check ki hai) 2nd Year English 2019 Solved Paper 2nd Year Urdu Guess paper 2020 For Commerce Group  2nd year Banking Guess Paper & Important Short Questions 2020  1. Define letter of credit explains irrevocable letter of credit. Letter of Credit: The commercial banks issue letter of credit to the tourists. The tourists their letter with him in which the bank instructs to pay a certain amount to the holder of the letter.when his letter is shown within or outside the bank, it pays the amount and makes the bank debtor. Kinds of letter of credit : Letter of credit can be divided into two categories. Letter of commercial credit. Letter of travelers facility. 1. Letter of commercial credit: These credits are us