Economics

In the previous lesson, we learned about demand and elasticity of demand. Supply is the other side of the market. While demand explains consumer behaviour, supply explains producer behaviour. This lesson covers the meaning of supply, its determinants, the law of supply, changes … [Read more...] about CMA Foundation – Supply Function Lesson 1.3 – Part 3

In the previous lesson, we discussed the Law of Demand and how changes in denad work. Elasticity of demand measures how sensitive demand is to a change in price, income, or the price of another good. This is a very heavily tested topic in CMA Foundation MCQs — especially the … [Read more...] about CMA Foundation – Elasticity of Demand Lesson 1.3 – Part 2

In the previous post, we learned how utility, wealth and production play a role in production. Now let's take a look at one of the most important concepts in economics, Demand. It explains why consumers buy what they buy, how much they are willing to pay, and how the market … [Read more...] about CMA Foundation – Demand Function Lesson 1.3 – Part 1

In the previous lesson The Fundamentals of Economics, Economics explains how goods and services are created, valued, and accumulated. Lesson 1.2 introduces three closely linked concepts — Utility, Wealth, and Production — which form the foundation of consumer behaviour and output … [Read more...] about CMA Foundation – Utility, Wealth and Production Lesson 1.2

Economics is a social science that studies economic activities such as earning and spending money. It deals with how individuals and society use limited resources to satisfy unlimited wants.The central problem of economics arises due to scarcity of resources in relation to … [Read more...] about CMA Foundation – The Fundamentals of Economics Lesson 1.1