Kevin1390's Blog

law of demand

kevin1390 — Mon, 26 Jul 2010 16:50:09 +0000

A microeconomic law that states that, all other factors being equal, as the of a good or service increases, consumer demand for the good or service will decrease and vice versa. This law summarizes the effect price changes have on consumer behavior. For example, a consumer will purchase more pizzas if the price of pizza falls. The opposite is true if the price of pizza increases

the law of supply

kevin1390 — Thu, 22 Jul 2010 17:28:52 +0000

tendency of suppliers to offer more of a good at a higher price microeconomic law stating that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services offered by suppliers increases and vice versa Like the law of demand, the law of supply demonstrates the quantities that will be sold at a certain price. But unlike the law of demand, the supply relationship shows an upward slope. This means that the higher the price, the higher the quantity supplied. Producers supply more at a higher price because selling a higher quantity at a higher price increases revenue

goals and values of economic systems

kevin1390 — Wed, 21 Jul 2010 17:15:21 +0000

A nation’s economy must grow for a nation to improve its standard of living or level When your goals and values are not in line it is as if you have two horses pulling you in different directionsThe followers of Islam are required to lead a material life in such a way that it becomes a source of happiness and prosperity in the existing world. It proves to be source of benevolence for them in the next world. With this point in view we now define Islamic economic system in line with the technical definitions given for other system