This is to inform all that the article below is written by me Dr. Irfana Samdani if any one published it on their name online of line will have to claim it in court I have the intellectual rights on it . without my concerned and without my permission if any one ppublished it online /ofline have to be black listed.if anyone one to contract on this they can contract me on my email isamdani786@gmail.com Energy Comparison in India between Renewable and Non-Renewable Dr Irfana Samdani Ph.d form osmania university and PDF from ICSSR New Delhi. Abstract The availability of energy has altered the course of human history during the previous few centuries. New energy sources have been discovered, increasing both the quantity of energy we can produce and utilize. First came fossil fuels, then nuclear, hydropower, and now diverse renewable technologies. This page focuses on our energy usage, including how much electricity and overall energy we consume, how other countries compare when we examine this data per person, and how energy production and consumption have changed through time. Key Words: Energy Consumption, Energy Production, Renewable Energy Non Renewable Energy, Comparison. Introduction In the field of energy economics, the connection between energy use and economic expansion is regarded as a crucial topic. Energy is believed to be one of the primary driving forces of economic growth in all economies; therefore the relationship between energy use and economic growth has been the subject of increased research. Energy also plays a crucial part in the process of economic development. Economic expansion has been shown to have a favorable impact on energy use, according to Kraft and Kraft (1978). So, he asserted that a lack of resources had an impact on prices and economic growth. Energy, which is a fundamental component of human civilization and a crucial input for economic growth, is thus a crucial component of the infrastructure sector whose sustainability must be assured. It is absolutely important to carry out many economic activities, like as manufacturing, business location, family residences, heating, cooling, lighting, and transportation, among others. It is also having a significant impact on the standard of living in the modern world. In addition, it affects a wide range of economic and social problems, including poverty, social services, agricultural production, food security, climate change, and environmental quality. The most significant commercial good and component of economic activity is energy. Consumption and production are the two basic categories into which economic activity may be split. Particularly in developing and poor nations, energy is a scarce resource. Economists contend that energy is both an input into economic processes and an intermediate good whose demand is classified as derived demand. Energy is thus unavoidably required for the growth of the economy. The importance of energy in the processes of economic development, economic growth, consumption, demand, supply, and standard of living has been emphasized and discussed by contemporary economists. A relationship between energy consumption and economic growth is straightforward and foreseeable, according to economists. But the traditional energy source is being widely used, which is having a negative impact on the availability every day. Due to the high demand for renewable power and the necessity of it for modern consumption, it affects both pricing and output. However, it causes environmental contamination, leads to a significant rise in infrastructure and management costs, and exacerbates the already existing problem of conventional energy sources' scarcity. This results in the importation of many traditional energy sources. The amount of foreign direct investment leaving has risen as a result of its effects. In essence, it is an issue of incompatibility between insufficient energy resources and the excessively high demand for energy, which leads to an energy crisis. Although renewable sources can also be used to produce energy, their contribution is currently relatively tiny and will remain so, at least for the foreseeable future. The circumstances of energy production and the purposes to which it is put all have a significant impact on the link between energy and economic growth. Due to the production and supply issues with conventional energy sources, more and more countries are becoming interested in employing various forms of renewable energy. Therefore, compared to conventional energy sources, renewable energy offers greater advantages and is more widely used. In India, where there are 1.22 billion people, the 2011 census results show that 300 million people lack access to electricity, a problem that not only impacts rural areas but also urban ones. Individuals, companies, and the government are promoting renewable energy sources in order to reach this objective of energizing both rural and urban areas in order to promote sustainable development. Economists claim that there is a direct and predictable link between energy usage and economic growth. The intense usage of the traditional energy source, however, is having a detrimental daily influence on the supply. The rising demand for conventional energy and its requirement for modern use have an impact on both pricing and output. However, it causes environmental degradation, significantly increases the cost of infrastructure setup and management, and is also causing a shortage of conventional energy sources. Consequently, a significant amount of traditional energy sources are imported. The outflow of foreign direct investment has increased as a result of its effects. It causes an energy crisis and is essentially a problem of incompatibility between insufficient energy resources and an excessive increase in energy demand. Although both exhaustible and renewable resources can be used to produce energy, the share of the latter is quite tiny and will remain that way, at least for the foreseeable future. The circumstances of how energy is produced and the purposes for which it is used all have a significant impact on how energy and economic development are related. As a result, the production and supply of conventional energy sources are problematic, which is why more and more countries are interested in adopting various forms of renewable energy. In contrast to conventional energy sources, renewable energy is therefore more advantageous and is in demand. Sources Energy: Two general categories can be used to describe energy sources. 1. The first is conventional energy, also known as non-renewable energy, non-renewable resources, and commercial energy sources. 2. Energy sources that is not commercially available, renewable, or non-renewable. Study goals and a general summary of the paper This study makes an effort to look at the amounts and connections between India's production and use of non-renewable energy. This article is divided into the following four sections: the section 2 reviews of the literature, sections 3 explain the suggested strategy and data collection techniques, sections 4 present and analyze the results, and sections 5 discuss and conclude the study. Methodology In the energy domain, there are many different units thrown around – joules, exajoules, million tons of oil equivalents, barrel equivalents, British thermal units, terawatt-hours, to name a few. This can be confusing, and make comparisons difficult. So the present study uses British thermal units. The purpose of this study article is to better comprehend the relationship between population, non-renewable energy consumption, greenhouse gas emissions, and the inclusion of renewable energy sources. Table 1 provides a summary of the used data. It should be noted that all of the data described above fall within the category of "Ratio Scale" data, which may be utilized to analyze growth phenomena across a range of years. Additionally, the data is a non-stationary time-series and is gathered annually in the three datasets, each of which has a growing growth. Table: 1: Sets of Data Used For Statistical Analysis Dataset Name Years Data Type Population Growth of India 2005 – 2019 Population Energy Consumption by Source 2005 – 2019 Oil, Coal, Gas, Hydropower, Nuclear, Solar, Wind & Other renewable combined (1 quadrillion (1015) British thermal units (BTUs)) Energy Production by Source 2005 – 2019 Oil, Coal, Gas, Hydropower, Nuclear, Solar, Wind & Other renewable combined (1 quadrillion (1015) British thermal units (BTUs)) Sources: data gathered between 2005 and 2019 from the U.S. Energy Information Administration, Report created on: 07-31-2022 16:04:57. Population Data Is Collected from Handbook of Statistics on Indian Economy published by Reserved Bank of India from 2014-15 and 2020-21. The three datasets share the years 2005 to 2019, hence the research primarily examines India's population throughout this time frame. However, it will eventually be necessary to decide with regard to particular country whether major advancements in the production of energy from renewable and non-renewable sources are made based on their stated visions. The data was obtained from the same eia U.S. Energy information administration website, which is under the control of the American Department of Energy. Hypothesis H1: There is no statistically significant difference between the consumption of renewable and non-renewable energy. H0: There is statistically significant difference between the consumption of renewable and non-renewable energy H2: There is no statistically significant difference between the consumption of energy and per-capita population. H0:There is no statistically significant difference between the consumption of energy and per-capita population Study of the Literature In general, recent research has emphasized the relationship between population growth and energy demand. An econometric analysis by Salim and Shafiei1 looks at how the consumption of renewable and non-renewable energy is impacted by the spread of urbanization (i.e., the population and economic activity density in urban zones). The STIRPAT (Stochastic Impacts by Regression on Population, Affluence, and Technology) model was used to study the countries that make up the Organization for Economic Co-operation and Development (OECD) between 1980 and 2011. The technique made use of the panel causality test, the economic plan, and the empirical model. The types of data included elements including total population, urbanization, population density, GDP per capita, and the consumption of renewable and non-renewable energy. As a result, it was found that urbanization significantly and positively effects non-renewable energy consumption in OECD countries, but not renewable energy consumption. In other words, fossil fuels continue to be the main source of energy in industrialized countries notwithstanding the recent increase in the usage of renewable resources. The STIRPAT model was initially developed by York et al.2 to show how population has a large impact on energy use. The impact of population growth, energy use, and GDP growth on CO2 emissions in Malaysia was examined by Begum et al.3 using econometric methods. India is another nation with increased energy consumption4 as a result of population expansion. Fossil fuels are used in India to fulfill this need. A comprehensive overview of how renewable energy effectively aids India in providing a sustainable electrical supply has been provided by Tripathi et al.4 A comparative comparison of CO2 emissions and renewable and non-renewable energy has been proposed by Shafiei and Salim5. In order to demonstrate the bidirectional causality between energy consumption (both renewable and non-renewable) and economic growth, Apergis and Payne6 utilized the Panel Error Correction (PEC) model. Between 1980 and 2010, M. Ben Jebli7 et al. demonstrated the causal links between GDP, energy use, and CO2 emissions. To prove bidirectional causation, Short-run Granger causality tests were specifically applied. Additionally, they utilized long-run projections from Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares to support the Environmental Kuznets Curve (EKC) theory (DOLS). Few studies have particularly addressed parametric, non-parametric, and normality/Equal Uniformity tests, even though the linked work given here investigates the impact of population on energy use. The study's goal is to present comprehensive findings that show how recent increases in population have impacted global energy consumption and GHG emissions. Modern statistical techniques and programs are used to achieve this. India's Overall Production of Renewable Energy Energy production and availability as a result have a direct impact on investment, imports, exports, and upcoming output, all of which have a significant impact on a country's economy. With the aid of thorough and high-quality energy data, policymakers may assess potential trade-offs and come up with informed judgments. This can help them get ready for global price shocks in energy commodities. Over the years, India has been successful in fostering the optimistic mindset needed to promote national investments in, demand for, and supply of renewable energy, including solar, wind, bio, hydro, and waste to energy. Rural areas in need of energy for lighting, cooking, and productive purposes have access to decentralized and distributed renewable energy technologies that are realistic grid power substitutes. According to Table: 1, the nation's hydroelectricity output in 2019 was 1.4267 quad Btu, up from 1.0682 quad Btu in 2005, the production pattern has shown a CAGR of 4.38 percent. From 0.0815 quad Btu in 2005 to 1.3633 quad Btu in 2019, non-hydroelectric production increased by 18.23 percent throughout 2005 to 2019. Similar to that, solar energy production rose by 0.04 percent in 2019 to 0.4502 quad Btu from 0.0002 quad Btu in 2005. From 2005 to 2019, the CAGRs for waste, wind, and biomass were 7.41 percent, 3.07%, and 7.41%, respectively. Non-hydroelectric energy sources exhibit the greatest CAGR among all energy sources, demonstrating the impressive expansion of renewable energy in India. Table: 1 India's Production of Renewable Energy since 2005 to 2019 Year Hydro Electricity Non-Hydroelectric Solar Wind Biomass And Waste Total Renewable Energy Production(quad Btu) 2005 1.0682 0.0815 0.0002 0.0621 0.0192 1.23 2006 1.1820 0.1164 0.0002 0.0968 0.0193 1.41 2007 1.2512 0.1367 0.0006 0.1166 0.0195 1.52 2008 1.1395 0.2317 0.0006 0.1369 0.0942 1.60 2009 1.0932 0.3008 0.0007 0.1835 0.1166 1.69 2010 1.1065 0.3385 0.0012 0.1918 0.1455 1.78 2011 1.2567 0.4265 0.0145 0.2383 0.1737 2.11 2012 1.0725 0.5063 0.0216 0.2866 0.1981 2.09 2013 1.2750 0.5785 0.0392 0.3165 0.2228 2.43 2014 1.2182 0.6645 0.0553 0.3464 0.2629 2.55 2015 1.1208 0.6705 0.0971 0.3269 0.2465 2.46 2016 1.1198 0.8612 0.1734 0.4457 0.2421 2.84 2017 1.1517 1.0547 0.2399 0.5067 0.3082 3.26 2018 1.2167 1.2515 0.3617 0.5982 0.2916 3.72 2019 1.4267 1.3633 0.4502 0.6228 0.2903 4.15 Sources data collected from eia U.S Energy information administration during the period 2005-2019, Report generated on: 07-31-2022 16:04:57 India's Overall Production of Non-Renewable Energy Production is the collection, extraction, or creation of energy sources or fuels that are appropriate for broad use in energy statistics. Two separate categories of production exist: primary and secondary. Primary production is the gathering or extraction of energy or fuels in a form that is suitable for use from biosphere, natural fossil fuel resources, and energy flows inside the national territory. Both the inert matter that was taken out of the extracted fuels as well as the quantities that were re-injected, flared, or vented are not included. Secondary production is the process of transforming additional fuels or energies—primary or secondary—into energy-producing substances. The quantities of secondary fuel output that were mentioned include any that were lost through venting and flaring both during and after production. As per Table: 2, the amount of coal produced in the country increased by 68.60 percent between 2005 and 2019, from 7.02640 quads Btu to 11.66632 quads Btu. The production of natural gas fell by -0.01% over the same period. From 1.58295 quads Btu in 2005 to 1.61873 quad Btu in 2019, a CAGR of around -0.46 %, petroleum and other liquids were produced. Nuclear had a comparative CAGR of 7.10 percent. Out of all the conventional energy sources, coal has the highest CAGR. Table: 4.2 India's Production of Non-Renewable Energy since 2005 to 2019 Year Coal Natural Gas Petroleum And Other Liquids Nuclear Total Non-Renewable Energy Production (quad Btu) 2005 7.02640 1.09182 1.58295 1.15493 10.86 2006 7.42443 1.12468 1.63848 1.31012 11.50 2007 7.88732 1.15473 1.63657 1.40024 12.08 2008 8.10292 1.19059 1.63979 1.38223 12.32 2009 8.18561 1.50450 1.60914 1.39873 12.70 2010 8.61854 1.93526 1.76514 1.44953 13.77 2011 8.78702 1.76074 1.82747 1.69509 14.07 2012 8.95785 1.54185 1.82368 1.58982 13.91 2013 9.06577 1.29856 1.80720 1.86641 14.04 2014 9.25778 1.21248 1.79342 1.89525 14.16 2015 9.89806 1.15520 1.77230 1.81176 14.64 2016 10.62417 1.14326 1.73525 2.01119 15.51 2017 10.98002 1.16611 1.74365 2.22725 16.12 2018 11.70536 1.17799 1.70697 2.51007 17.10 2019 11.66632 1.15808 1.61873 2.85010 17.29 Sources data collected from eia U.S Energy information administration during the period 2005-2019, Report generated on: 07-31-2022 16:04:57 *quad Btu = quadrillion British thermal units When we examine total energy use, disparities between renewable and non-renewable sources frequently mirror variations in population size: India with a large population naturally consumes more energy. The average person India consumes as much as 100 times more than the average person in some of the developing countries.2 Table: 3 Renewable and Non-Renewable Energy in India since 2005 to 2019 Year Renewable Energy Non-Renewable Energy Total Energy Renewable Energy Non-Renewable Energy Total Energy Population Production (quad Btu) Consumption (quad Btu) Million 1 2 3 4 5 6 7 2005 1.23 10.86 12.47 1.23 14.39 15.62 1106 2006 1.41 11.50 13.29 1.43 15.48 16.91 1122 2007 1.52 12.08 13.98 1.54 16.76 18.3 1138 2008 1.60 12.32 14.24 1.45 17.82 19.27 1154 2009 1.69 12.70 14.75 1.47 19.51 20.98 1170 2010 1.78 13.77 16.05 1.50 20.96 22.46 1186 2011 2.11 14.07 16.89 1.75 21.72 23.47 1202 2012 2.09 13.91 16.73 1.67 22.96 24.63 1217 2013 2.43 14.04 17.20 1.94 23.29 25.23 1233 2014 2.55 14.16 17.52 1.98 25.06 27.04 1267 2015 2.46 14.64 17.94 1.87 25.73 27.6 1283 2016 2.84 15.51 19.20 2.09 26.43 28.52 1299 2017 3.26 16.12 20.22 2.31 27.57 29.88 1314 2018 3.72 17.10 21.68 2.60 29.03 31.63 1327 2019 4.15 17.29 22.43 2.87 29.41 32.28 1341 Sources data collected from eia U.S Energy information administration during the period 2005-2019, Report generated on: 07-31-2022 16:04:57.colum 5 and 6 is calculated manually. Population Data Is Collected from Handbook of Statistics on Indian Economy published by Reserved Bank of India from 2014-15 and 2020-21. Correlation To determine whether regression may be used, the basic correlations must initially be calculated. Spearman correlation is used because the population's distribution is not normal. The null hypothesis There is no statistically significant difference between the consumption of energy and per-capita population was rejected after total energy consumption and population were calculated to show that they are strongly associated (r = 0.979 and P-Value < 0.001). The correlation between population and energy use is then determined (r = 0.999 and P-Value 0.001). Additionally, a substantial link between Total Energy Production and Population is discovered (r = 0.988 and P-Value < 0.001). In order to determine whether India is aware of renewable energy and has begun to tilt toward using renewable clean energy, an additional correlation between the consumption of renewable energy and non-renewable energy is conducted. Since non-renewable energy consumption has increased, the correlation is shown to be 0.991 with a P-Value of less than 0.001, indicating that there is little incentive to increase renewable energy consumption. Renewable energy, the ratio has been sharply rising in recent years while non-renewable energy consumption has not decreased, showing that the installed renewable energy is not supplanting current non-renewable energy use. The null hypothesis There is statistically significant difference between the consumption of renewable and non-renewable energy was rejected after total energy consumption and population were calculated to show that they are strongly associated (r = 0.979 and P-Value < 0.001). Table: 4 linear regression models for the different variables Variables Pearson Correlation Standard Error P-Value R Square Number of Observation 1 2 3 4 5 6 Total Energy Consumption vs. Population 0.995 3.753 0.000 0.979 15 Total Energy Production Vs. Population 0.976 1.943 0.000 0.988 15 Total Energy Production Vs. Total Energy Consumption 0.983 0.927 0.009 0.997 15 Renewable Energy Vs Non-Renewable Energy Consumption 0.916 0.188 0.000 0.991 15 Renewable Energy Vs Non-Renewable Energy Production 0.969 0.558 0.000 0.952 15 Table 4, column 5, provides an overview of the linear regression models. The general trend is linear across all models, with R2 values ranging from 0.952 to 0.997, with Europe's model being the least accurate. In this situation, it is possible to assert that linear regression is a useful method for modeling global energy consumption in the context of growing population. Table 4 displays the population and energy consumption linear regression models. R2 = 0.979 indicates that the behavior is largely linear. Linear relationship between total energy production and population, with an R2 of 0.988. The model for renewable energy and non-renewable energy consumption, however, exhibit the linearity of R2 = 0.991 between renewable energy and non-renewable energy consumption, indicating a increase in their renewable energy consumption. On the other hand, the production of renewable and nonrenewable energy exhibits linear trend, with R2 = 0.952, indicating a decrease in their renewable energy production Conclusion Understanding the connections between population, energy use, and the reflection of renewable resource use helps this study achieve its overall purpose. A clear linear causation relationship between India's population and energy use is implied. A more complete examination of energy output and population shows that India consumes non renewable energy at rates that are higher than those of renewable energy. This is a result of both the substantial economic activity and the vast population of our country. Renewable Energy and Non-Renewable Energy Production, but due to its small population and use of renewable energy in comparison to non-renewable energy. The author was unable to handle the analysis for each variable separately, therefore the database and its data availability is one of the main restrictions encountered. Additionally, the used dataset covered the years (2005–2019), with the population dataset 8 serving as the upper bound and the energy consumption dataset 9 serving as the lower bound. Future research should look into the energy use of each nation separately and the effects of using renewable energy on each nation's population. References 1. R. A. Salim and S. Shafiei, “Urbanization and renewable and non-renewable energy consumption in OECD countries: An empirical analysis,” Econ. Model., vol. 38, pp. 581–591, Feb. 2014, doi: 10.1016/j.econmod.2014.02.008. 2. R. York, E. A. Rosa, and T. Dietz, “Footprints on the earth: The environmental consequences of modernity,” Am. Sociol. Rev., vol. 68, no. 2, pp. 279–300, 2003, doi: 10.2307/1519769. 3. R. A. Begum, K. Sohag, S. M. S. Abdullah, and M. Jaafar, “CO2 emissions, energy consumption, economic and population growth in Malaysia,” Renew. Sustain. Energy Rev., vol. 41, pp. 594– 601, Jan. 2015, doi: 10.1016/j.rser.2014.07.205. 4. L. Tripathi, A. K. Mishra, A. K. Dubey, C. B. Tripathi, and P. Baredar, “Renewable energy: An overview on its contribution in current energy scenario of India,” Renew. Sustain. Energy Rev., vol. 60, pp. 226–233, Jul. 2016, doi: 10.1016/j.rser.2016.01.047. 5. S. Shafiei and R. A. Salim, “Non-renewable and renewable energy consumption and CO2 emissions in OECD countries: A comparative analysis,” Energy Policy, vol. 66, pp. 547–556, Mar. 2014, doi: 10.1016/j.enpol.2013.10.064. 6. N. Apergis and J. E. Payne, “Renewable and non-renewable energy consumption-growth nexus: Evidence from a panel error correction model,” Energy Econ., vol. 34, no. 3, pp. 733–738, May 2012, doi: 10.1016/j.eneco.2011.04.007. 7. M. Ben Jebli, S. Ben Youssef, and I. Ozturk, “Testing environmental Kuznets curve hypothesis: The role of renewable and non-renewable energy consumption and trade in OECD countries,” Ecol. Indic., vol. 60, pp. 824–831, Jan. 2016, doi: 10.1016/j.ecolind.2015.08.031. 8. Population Data Is Collected from Handbook of Statistics on Indian Economy published by Reserved Bank of India from 2014-15 and 2020-21. 9. eia U.S Energy information administration during the period 2005-2019, Report generated on: 07-31-2022 16:04:57.colum 5 and 6 is calculated manually.

Law of Demand Chapter -2 (11th Std New Syllabus 2019) Part- 2 Lecture. Created by Dr Irfana Smadani . This simple but not simplistic and easy to follow 20 minute, lecturer on Theory of demand | law of demand | Micro economics | Class 11 | Class 12( New Syllabus 2019) and C.A, CPT class as well as this lecturer is also meant for the Subjects & Chapters related to Commerce & Management

In today lecture contents are the extension and contraction in demand increase and decrease in demand movement across in demand cure shift in demand curve and types of demand. We all know that whenever there is a change in price of any commodity weather it increase or decrease it will have effect the law demand of quantity demand also changes. As all of us know that there is inverse relationship between the price and the quantity demanded Change in quantity demanded first is expansion and other is contraction likewise change in demand is segregated to increase in demand and decrease in demand. Let’s discuss the change in quantity demanded at first in this we take expansion. Expansion is nothing but increase in quantity demanded higher quantity will be demanded at the lower price let see into the graph this the normal demand curve this much quantity is demanded at this price let say the price falls to P1 the quantity demand will now increase to Q1 you can see that quantity demand increase with the fall in price. The price has fallen the quantity demanded increase. This movement along the curve is expansion of quantity demand, whenever there is change in quantity demanded not due to other factors but only due to price is called as change in quantity demanded and when quantity demanded increases because of fall in price we call it expansion. Now let’s discuss what is contraction again lest assume this a normal demand curve. This the quantity demanded and this is the price now what happen as the price increases the quantity demand will shrinks when price goes up lesser number of that commodity is demanded less number of unit of that commodity is demanded. So what happen is quantity demanded falls with an increase in price and pretend to move along the cure in the upward direction. When we move in the upward direction we call it contraction, contraction is quantity demanded because the quantity of that commodity is demanded in lesser amount Now let’s discuss what increase in demand. Increase in demand means where there is a change in demand where the quantity demanded of that commodity has change not due to price but due to other factors. Let’s say change in income level. As we low that income will affect the quantity demand as income level rises demand changes as income level fall demand changes that is it goes down. Likewise when the price of substitute goods up demand goes up and the price of substitute good goes down demand also goes down again when the price of complimentary goods goes up the demand fall and when price of complementary good falls down demand increases so there is a relation between demand and income level or the price of substitute good and complimentary goods. Now because of this reason the demand curve is not able to move along the curve it all together shifts let see how again this is the normal demand curve this the quantity demanded in the market and this is the price at which this commodity is demanded now demand changes because of other factors not because of price so here we keep the price constant let say demand increases to q1 now please not there is no change in price even though the quantity demanded has increase this will shift the demand curve from dd to d1d1 we cannot go along the same curve this process is outward precession of the curve and when the curve shift outward or the right ward then we call it increase in demand this is increase in demand. Please not quantity demand has change because of other factors let says the income level has increase or the price of substitute goods has gone up this leads to an increase in demand. likewise lest draw and x axis and y axis this the normal demand curve this is the quantity demanded at this prices now what happen is many times income level of people falls let say we are going through recession period what happen during recession time the income level of the people comes down along with the income level of people as long as the income level of people comes down the consumption patter of the people also shrinks they tends to consume less number of goods or commodities so their consumption reduces fall from q to Q2 but price remain the same. The price again remains the same because the change has been brought about by the change in income level not because of prices this leads to an inward projection of the curve because no more on the singer on this equilibrium point or new equilibrium point will be not on the curve DD but inside the curve and this lead to form a new curve D1D1 here we can see that the curve had move in that is there is an inward movement in the curve there is an inward movement in the curve or we can say that the curve has shifted left ward or to the left side or toward the origin this is because reduction in commodity consume or purchase or demanded is called decreased in demand. Again please note expansion and contraction are due to change in price where other goods remain constant. Expansion is because of fall in price contraction is because of rise in price. However, Increase and decrease are not related to price but are related to other factors that demand changes because of change in other factors. Let’s discuss the types of demand in this we have price demand, income demand, cross demand, indirect or drive demand, direct demand, joint demand, and composite demand. We know that the demand of X is depend on the price of X good, price of related goods, and income of the consumer, taste and preference of the consumer. Taste and preference of the consumer cannot be measured quantitatively so if we exclude this and we discuss the other determinants of demand that is price of commodity X price of related good, and the income of the consumer. We have three types of demand it is related to this three determinants that is price demand, cross demand which is related to the price of related goods and the income demand to the income of the consumer. Price tell you the relationship between price of the commodity X and demand of the commodity X other things are kept constant. What are the other thing we talk here that is income of the consumer taste and preference of the consumer and price of related goods. Similarly we talk of the income demand. Quantity demand of a commodity in relation to the income of the consumer that is other thing being equal it shows the relationship between the income of the consumer and the demand of a commodity. If shows how demand changes as the income of the consumer change and other thing here means price of X goods, price of related goods and taste and preference of consumer remain constant. Other thing remain constant in cross demand quantity demand is the function of related goods. When the demand of another related goods changes with the change in the price of commodity this case will be cross demand. We are talking of the demand of commodity Y which can be a substitute or complementary for commodity x. assume that demand for commodity y the demand for related good that is Y is related to the price of commodity X what are the other thing which are kept here constant are income of the consumer, taste and preference of the consumer and price of commodity Y. price of commodity Y is kept constant here because we are taking about the demand of commodity Y. Let us move to another type of demand direct and indirect demand. Is based on the dependency on other product first we will discuss direct demand. The demand for the product is not associate with the demand of other product that is the demand for the commodity is set to be direct when it satisfy your want directly it does not depend on the demand of other goods for example when you talk of food it will satisfy your hunger directly. When you demand food so it is directly satisfy your wants. Direct demand satisfy your want directly and they do not depend on the demand of the other goods. Now when we talk about the indirect demand of derived demand. What is means this depends on the demand of other products or parent product you demand this product not for it won sake but for the sake of the product that you want for example labour when you demand labour you demand to produce certain commodities say that commodity is shoe so when you demand labour it is the derive demand because you demand labour because you want shoe. So all the factor of production that is land, raw material, labour and capital all this are the derived demand. Why because you demand this in order to produce some other goods. Let’s discuss composite demand. When a commodity put to several uses it is said to poses the composite demand for example demand for steel is a composite demand because steel can be used for manufacturing machines, can be used as a tools can be used in cars so this commodity steel can be put to several uses therefore it is said to have a composite demand. Next comes joint demand when the demand for one commodity itself mean the demand for the other commodity for example first in finished product like bread there are many thing service of flour milk, oven fuel, so we need all this thing in order to make bread so the demand for bread means the demand for other commodity therefore it the demand call the joint demand Hope you understand the law of demand expansion and contraction of demand, increase and decrease in demand, types of demand next lecture we will discuss elasticity of demand and types of elasticity of demand. If you have any confusion doubt you can comment below or contract me on my watsapp number 6303481790 or on my email isamdnai786@gmail.com

Law of Demand Chapter -2 (11th Std New Syllabus 2019),Part- 1 Lecture. Created by Dr Irfana Smadani . This simple but not simplistic and easy to follow 20 minute, lecturer on Theory of demand | law of demand | Micro economics | Business Economics ,Class 11 | Class 12( New Syllabus 2019) , C.A, CPT, as well as this lecturer is also meant for the Subjects & Chapters related to Commerce & Management.

Hello student well come to my blog Dr Irfana samdani today I am going to take the topic on Theory of Demand. Chapter -2 this lecturer contents are Meaning of demand, determinates of demand and the law of demand Before moving on the meaning of demand we will try to understand the utility. What is utility? Utility is the want satisfying power of a commodity. Whenever you consume a commodity you drive a sort of satisfaction from the consumption of a commodity and that satisfaction is call as utility. Therefore the satisfaction derived from the consumption of a commodity is utility. Now utility is subjective by nature. Why it is subjective in nature let us take two example first we take two people where one person like chocolate and other person does not like chocolate. The person who like chocolate has been offer chocolate the utility arrived form the chocolate of consumption will be high for him and the person who does not like the chocolate by consuming that chocolate the satisfaction drive will be less or less utility. Now let us take the example of the same commodity say Cadbury daily milk silk the first person first bit of the consumption of chocolate the utility or satisfaction of the first bit will be very high after the consumption of the four five bits the utility of the six bit or last bite will be low comparing to the utility of the first bite of consumption of the chocolate. Whenever the utility or satisfaction from a commodity you drive is high then the desire to have that commodity will be high because the satisfaction drive from that commodity or utility of that commodity is high. That is why the desire to have that commodity will be high. One thing you need to keep in mind that the demand for the commodity is not equal to the desire of that commodity just because the desire or what for any commodity will not turn into demand in order to convert your desire into demand. Certain condition need to be fulfill first will be availability of resources. We should have purchasing power to by the commodity means you should have enough money to buy the commodity that you desire. Ready to spend the resources this means you are ready to spend the money in order to obtain a particular commodity you want or desire. Availability of the commodity that you want to purchase that is the commodity you want to buy is available in the market. Here I listed the important characteristic in the definition of demand. Definition say that total quantity of commodity that a buyer is willing to buy with he is able to purchase that commodity at a given price during the particular time period. This are the important characteristic of the definition of demand that is the total amount of commodity that you want to buy , willingness to buy means the consumer have the desire to purchase that commodity means some is not forcing the consumer to buy that commodity he is purchasing it with his won will. Next comes ability to purchase the commodity means have the enough money to purchase the commodity and he is ready to spend that money at a given prices means the price which is quoted in the market is given and your willing to buy that commodity at the given price or market quoted price and during the particular time period. That is within a week or within a month. Next we will discuss the determinants of demand. Now demand function express the functional relation between the demand and its determinants. That is it tell you how demand is depends on the determinants of demand. Now the demand function here says that demand for a commodity n is depend on the price of commodity n and the price of related goods income of the consumer taste and preference of the consume. Now there are two kind of related goods that is substitutes and complimentary. First we discuss substitute good as the name suggest when two good can be used in place of each and other they call substitute for example coke and Pepsi suppose a person is indifferent between consuming coke and Pepsi means rather the consumer derive the same satisfaction from both the commodity coke and Pepsi when there is increase in the demand of coke then the price of Pepsi kept constant the demand of pepsi will increase because the Pepsi price is less than coke. Similarly in the case of complimentary goods this good are good which compete with each other they are complimenting each other in case of complimentary good utility or satisfaction of derive from one good become zero in the absence of other goods for example ball pen and refill a ball pen body without refill is no use and a refill with you ball pen body had no use. Therefore if the price of refill increases the demand for ball pen will decrease so the utility of ball pen become zero in absence of refill. And the utility of refill in absence of ball pen become zero. Now let us move to the other factor of the demand that is the taste and preferences of consumer if the consumer developed the positive taste for the commodity let say tea then the demand for tea will increase and suppose if a consumer developed a negative taste or a negative preference for coffee then the demand for coffee will decrease now let us move to the income of the consumer this also a determinants of demand now there are three good come in this but I will not go much into detail but in order to explain the relationship between the income and the demand I will segregate the types of goods and let you know demand for different types of good are related to the income of consumer in this first comes normal goods In this case if there is increase in the price of good the demand for the good also increases example milk if the income of the consumer increase then the demand for milk will increase that is if we use to consume milk less than once income increase then we increase the consumption of milk. In the case of inferior commodities with the increase in income the demand for the good decreases. This inferiority is related to the affordability of the good but not the quality of the good for example there are two commodity in the market that is wheat and jowar person who was consuming jowar now with the increase in the income the demand for jowar with fall now he want to purchase wheat which cannot afford before.so the movement from the jowar to wheat with the increase income decrease the demand for jowar. Next comes Geffen goods. Are the special kind of inferior goods in case of good if the price increases the demand for good also increase. Now we will discuss the law of demand now question arises what is law of demand the law of demand states the other factors being the same if the price of the commodity increases the demand for that commodity contracts and with the fall in the price of the commodity the demand for the commodity expands in other words we can say price and demand are inversely related to each other. Now question before us is what this other things are. Other things being the same refer to the assumption of demand it has been assume that there is no change in the price of related goods and no change in the income of the consumer and no change in the taste and preference of the consumer. Now you see the law demand state that if the price of particular commodity rises then the demand for a particular commodity fall down it means that if the price of commodity rises undoubtedly it can be afford by the some customer and if it became un affordable for customer then they will demand less when they demand less obviously the quantity demand will fall.in the same way if the price will fall the quantity demand will rise because due to fall in price it will become affordable for many customers. And if they will be able to afford it they will increase its demand the demand will rise ultimately the quantity demand will rise.so it’s a very simple reason I am providing right now later on we will discuss in detail at this movement you need to remember that in law of demand if prices rises the demand fall down and if price decreases the demand for goods increases there is inverse relation between the price and quantity demand. Here there is point other factors remain constant now what is this other factor remain constant you need to understand carefully it means all factors other than price that can affect the demand for commodity first of all you need to know that whenever you’re writing demand you need to remember that you have to write demand for never write demand of. Other factor means other than price which affect demand. Lets take an example income see if the income of a consumer will rise consumer will be able to affords the better quality of goods yes or no and if they will be able to afford the good then the demand for good will rise therefore in India the per capita income I rising people may be able to afford more iPhone or smart phone of Samsung, and so many companies are there in this case the demand for smart phone will rise. So income is one of the coterie in other factors which affect the demand for any commodity. The main thing in the law of demand is that when the prices will rise the quantity demand will fall only in one condition when other factor are remain constant here considering income as other factor what I want to say that if the prices rising quantity demand will fall the income remain constant as the income incomes in other factors why so when other factors remain constant then law of demand operates let us take an example suppose we plan to buy a smart phone it might be around 30000 when you go to show room and ask for smart phone that was rs 80000 now you went to purchase that phone when you go to show room the shop keeper say that now this phone will cost you rs 1 lakh why due to increase in taxes it will cost you one lakh so now what you will do weather you buy the phone or not buy because the price has increase you will not buy you will come back to the home so in this way due to increase in price the quantity demanded will fall down. Now take another example now you went of the showroom you refuse to buy the phone and your coming back to home you’re on the way at that time your boss call you and said you salary has been increased from the back date this June and your salary has been increase from January and you will received the areas for that from Jan to Jun approximately you will received the areas rupees 50000 this what the boss communicate with you on call. So this means you income has increase right so what you will do you’re on the way you’re going back to your home on call your boss told you that you are salty increase and you’re going to received 50000 obviously you will go back and purchase the smart phone in first case you went to show room you dint buy the phone because price increase but your income was constant case 1 price increase but income was constant you reuse to purchase but in second case you went back and purchase the phone because you income increases in case two the prices increase with that you income also increase so you don’t have any problem so you decided to purchase. So due to rise in price here you refuse to buy where in the case the law of demand is operational but in the case two the law of demand is not operational because with the increase in price the income also rises and you will buy it there will be no problem at all in affordability in the sense of affordability so in order to law of demand to get operational first thing that you need to understand other factors should remain constant if other factors are not constant they are also changing they might be law of demand will not operates this the very simple example I gave at this point of time later on we will discuss other factors in detail. So what exactly the law of demand is when the price of commodity rises the quantity demand will falls and vice versa provided other factors remain constant now let us understand with the help of a table price and quantity demanded price 5 10 15 suppose at the price 5 rupee the demand for good is 100 when price increases from 5 to 10 the demand will fall say 80 father increase in price to 15 then the demand will be father fall that is to 60 this table is clearly indicating the relationship between price and quantity demand as per the law of demand now considering this we can draw a diagram for demand curve also. On x axis we will take non-monetary item that is quantity demand on y axis you will take the monetary item that is price SO IN PRICES 5, 10 15 20 and quantity demanded is 20 40 60 80 100 I have to take on x axis now when th price is rs 5 the qd is 100 when the price rs 10 quantity demanded is 80 when th price I 15 qd is 60 so by joining this three points we can draw a demand curve this will be a straight line it is looking like a zig zak but actually but it will be a straight line so you can see the deamnd curve will downward sloping curve from left to right so whenever there is inverse relationship means one variable will be rising and other is falling or one is falling and other is rising then you will know always there will be a downward sloping curve so how the demand curve will look like y x quantity price when the price will fall from P1 to P the quantity demand will increase from Q1 to Q when the price will fall from P to P2 then the quantity demand increase from Q ro Q2. So this exactly the law of demand. Hope you understand the law of demand if you have any confusion doubt you can comment below or contract me on my watsapp number 6303481790 or on my email isamdnai786@gmail.com if your unable to find my video you can watch my video on my blog https://isamdani786.blogspot.com follow my lecturer on my block view it on youtube , chare it with your friends and subscribe my your tube channel World of Economics and do not forget to click on like. Next video we will discuss the factor affecting demand, change in quantity demand extend in demand contraction increase and decrease in demand ok thanks for watching my lecture if you like my video please click on like and do not forget to subscribe my channel to get information of up coming videos.

Microeconomics , Business Economics Chapter-1.Introduction to economics 11 Std Economics Paper (New Syllabus 2019), C.A, CPT class as well as this lecturer is also meant for the Subjects & Chapters related to Commerce & Management Part-1 English Version. Created by Dr Irfana Smadani . This simple but not simplistic and easy to follow 10 minute, lecturer on Chapter - 1,Introduction to Economics, the Lecturer Ccontents are 1. Basic Concept of Economics, Social Science and Definition of Economics in Different Era.

Created by Dr Irfana Smadani . This simple but not simplistic and easy to follow 10 minute, lecturer on Introduction to Economics, Social Science and Definition of Economics in Different Era. Students are advised to watch the entire lecture for better understanding. If there’s any doubt or confusion, please comment below or contract me on my WatsApp 916303481790 or Email: isamdani786@gmail.com.You are unable to find any video on YouTube you can watch this videos on my block https://isamdani786.blogspot.com. In the present video an attempt is made understand the Introduction to Economics, Social Science and Definition of Economics in Different Era. Based on practical template for understanding the economy, which I developed over the course of my career, the video breaks down economic concepts like Introduction to Economics, Social Science and Definition of Economics in Different Era allowing viewers to learn the meaning of Economics and Definition of Economics . First chapter of class 11 is basic concepts of economics. If you look around yourself you can find out many scientific inventions and scientific discoveries. First we will see what science is. Science is nothing but the systematic body of knowledge. Science has two types first is natural science and social science. Natural science has laws which is accepted universally. it means it is accepted by all human being without any doubt and it is verifiable by different scientific methods. This laws can be validate, and can be tested in laborites, and this laws can be proved in laborites when we study science we test the laws in labs for example chemistry laws, physics laws are universally accepted as the natural science laws. We call Natural science as exact science because its approach is empirical in nature. Empirical approach means on which we use the scientific method to observed and test in lab. We can proved it scientifically. Natural science in exact science in which we use empirical approach to study physic chemistry and mathematics are natural science. Now we study social science. Social science is also call as abstract science or behavior science. Because social science study human behavior. To study human behavior we don’t have such laws. Social science laws are not universal and this laws cannot be tested because it is not empirical in nature. For example in psychology or sociology we study human behavior which cannot be tested in lab but it’s a study. For example in sociology we study social aspect and social behavior of human being. When we study the Social aspect of human being we call this study as sociology. Why we study social science and why we need to understand the relation of social science with economic. Economics is a social science. the word economic has been drive from the Greek word “okionomia” which means household of management. Foe example we have finance of our household which we manage with the given resources or limited income to satisfy our unlimited wants. Economy is call queen of social sciences by Professor Samuelsson. Because economics study the economic behavior of human being. Here economic behavior means its study how human being spend their limit resources means income in such a manner that it satisfied all their unlimited wants. When we study this aspect of human being we call it economics. Now we will look at our ancient history. In ancient history of India Kautilya was one of the famous personality he was the statement, philosopher, economics and political advisor in the Court of Gupta Empire. He is also known as Chanakya. He wrote the treaties Arthashastra basically it is a political treaty of ancient history. What is the meaning of Arthashastra here the word Artha means wealth and Shatra means science. Therefore Arthashastra means science of wealth. Basically it’s a science of managing and acquiring of wealth means how state should to collect revenue and manage it. This what Arthashastra Now we will discuss the key point and views of Kautilya ’s which he gave in his book Arthashastra. He wrote that state and government play an important role or crucial role in managing and acquiring the wealth. As per him it’s a state to focus on how to gather and create more and more wealth. What will happen if state gather and create wealth with this state can promote social welfare. Therefore state focus on the creation of wealth to ensure welfare of the state. Kautilya also said that for good governance we need an effective administrative machinery. Effective administration machinery means government should have proper structure of administration when we have proper structure of administration then only we have proper governance. Then in his book Arthashastra he complied the lot of political ideas. So this are the key economics idea written by Kautilya in Arthashastra. Hope you are able to follow this. Now we will discuss the definition of economics. Economics has three important era first is classic second one is neo classic and third one is modern era. First we will discuss the classic era in this era the first definition of economics was given by Adam smith whome we also call the father of economics. His approach was based on wealth oriented definition of economics. He made lot of contribution in economics but the main contribution was his famous book “wealth of nation” or “An Enquiry into the Nature and Causes of Wealth of Nations,” which he published in 1776 in this book he gave a very first definition of economics. Now we will see how Adam smith define economics as per him “economics as a science of wealth”. Just now we discuss what is science exactly means and what social science means. If we see from the science point of view Adam smith call economics as a science of wealth. Because Economics is concerned with an enquiry into the nature and cause of wealth of nations, and it related to the laws of production, exchange, distribution and consumption of wealth. His definition key points are first is laissez fair economy means free market economy. free market economy is an economic system in which transactions between private groups of people are free from or almost free from any form of economic interventionism of government such as regulation and subsidies. The individual is the basic unit in society and has a natural right to freedom. Next point tin Adam Smith definition is wealth accumulation is simply means building up your net worth and wealth over period of time it have many benefits and he believe that nature law of economics affairs. Because nature laws are not man made laws. One can’t depend on manmade laws basically man made laws are created by man for his own benefit or for the benefit of society every on in society see one or other befit. As per Adam smith nature laws are loyal and modest and it never see their own benefit they are ebullient for all. In the last he discuss the point division of labour as an aspect of growth theory. We know that Adam Smith is expert of his field and every person of this world is expertise in one or other field and goods and services are available for all the people and almost all the people use the good and service. With our specialization we can create goods or service with which our growth will take place. Because of this reason Adam smith added the division aspect in growth theory is the main point of classical approach. Hope you understand the classical era definition of economics Now we will discuss the neo classical era here we have Professor Alfred Marshal he was neo classical economics. Professor Marshal gave Welfare Oriented Definition of Economics as Adam Smith had gave the Wealth Definition of Economics. Marshall publish his book “Principal of Economics” in 1890 in his work principal of Economics, he gave his definition of economics he said “Economics is the study of mankind in ordinary business of life it examine that part of individual and social action which is closely connected with attainment and use of material requirement of wellbeing”. His definition key point is economic is study of mankind or human being in ordinary life and examine that part of individual in social action which is closely connected. Here we examine how the individual perform act with in the society because economic is a behavior science and in economics we examine the human behavior to attain the material welfare. Economic is the study of material welfare mean how to utilized the goods it’s a requisite wellbeing means economic is not simply the study of wealth at the same time it is also study of welfare of human being. Economic is the study of martial welfare means in economics we study not only wealth but also what are the way through which welfare of human being will be possible. So this the definition of Alfred Marshal hope you understand this. Next we discuss the modern era definition of economics. Modern era popular economist was Lionel Robbins he gave scarcity oriented definition of economics in his book “an easy on nature and significant of economics” which he publish in 1932. In his book he gave the definition of economics as per him “economic is the science which study human behavior as a relationship between ends and scare means which have alternative use” here ends means wants and relation to scare means resources which are limited or income which is limited and it have alternative used. Means resources have alternative uses but at the same time our want are unlimited means our wishes are unlimited there is no lime for it. In the comparison of wants our resources are limited. As per the priority of our wants can be grade as per our need its depends on urgent need and less urgent need. For urgent need we give preference and less urgent need can be delay. he also said that means have alternative uses this means that our resource has alternative use by nature for example water we can use water to drink or to wash cloth or to take a bath or we can generate electricity. Therefore resource have alternative uses. Today we discuss introduction to economics after this we discuss social science then we discuss definition of economics in three different era. Next lecture will be on branches of economics.

Introduction to Economic 30 min Lecturer in English Part - I.Micro Economics/Business Economics Class 11 | Class 12( New Syllabus 2019), C.A CPT as well as this lecturer is also meant for the Subjects & Chapters related to Commerce & Management .Created by Dr Irfana Smadani . This simple but not simplistic and easy to follow 30 minute, lecturer on Introduction to Economics Basic Concepts and Principles Contents of this lecturer are Meaning of Economics, Tyes of Economics, Microeconomica and Macroeconomics, Positve Econmics and Normantive Economics, Central Problem of Economics, Solution To the Central Problem of Economics in diffrent Types of Economics.

Introduction to Economic 30 min Lecturer in Hindi Part - I.Micro Economics/Business Economics Class 11 | Class 12( New Syllabus 2019), C.A CPT as well as this lecturer is also meant for the Subjects & Chapters related to Commerce & Management .Created by Dr Irfana Smadani . This simple but not simplistic and easy to follow 30 minute, lecturer on Introduction to Economics Basic Concepts and Principles Contents of this lecturer are Meaning of Economics, Tyes of Economics, Microeconomica and Macroeconomics, Positve Econmics and Normantive Economics, Central Problem of Economics, Solution To the Central Problem of Economics in diffrent Types of Economics

Created By Dr Irfana Samdani M.A, Ph.D., (Economics) Department of Eonomics, Hyderabad , Osmania University Hyderabad, Telangana India and Post Doctorate (Economics), ICSSR. New Delhi, India. Today topic is Introduction to Economics Basic Concepts and Principles

Before studding economic we will also try to understand the subject matter of economic. Economic is the oldest discipline and with the time the study of economic is becoming the need of life. As per Professor Samuelson “Economics is the oldest of the arts, the newest of the science, indeed the queen of social science.” Economic knowledge is essential to understand the society and social welfare. The aim of Economic is human development, its raises the standard of living and in turn increase the welfare of mankind. The knowledge of economics is essential for, business executive. Business executive must have knowledge of economics concepts, tools and techniques to take business decision. In ancient and medieval times economics is used to call Political Economy Since then Economics has developed as the most logical social science the functions of at that time the state were limited to maintain law and order, peace and security. The state also undertake some social welfare functions like provision of relief during the crop failure provision of public utility service etc, In order to perform these functions, the state used to collect revenue and to spend it in such a manner so as to promote the social welfare. Following this approach Indian renowned statement Chanakya or Kaustilya in Arthashastra he examine both kind of activities i.e Economic and Political. It is important to know that the word “Economics” or “Economy” in English language has its origin from two Greek word Okios (Household) and Nemein (Management). This means economics is nothing but managing a household, using the limited money or resources a household has.( remember this it might ask in exam) The origin of the term economics could be treated to the work of Great Greek Philosopher Aristotle who confined the study of economics to the Management of Household and the Statecraft, Acquiring, Guarding and Making Proper use of Wealth. The subject matter of economic teaches the people how to earn livelihood and spend it and when we study this aspect of economy we call this social sciences as the study of economy. Thus economics is the study of the allocation of scarce resources to meet unlimited human wants For example we will live in a society or community if we see around we find every human being doing some work or business Like teacher works in school, doctor give services in hospital, shopkeeper work in shop. The reason for doing this work is simple because man need bread to eat cloth to were and shelter or home to live besides medicine and education in other words wants of a man are unlimited to fulfill this wants he does efforts by doing efforts he get income or wealth and with this earned income he satisfied his want hence economic is a science which satisfied human want or economics is a science which studies the circle of wants efforts and satisfaction. When we earn income we will spend it on purchasing of different commodities, like food clothing and shelter etc when we study this human behavior we call it economy. The basic problem of economics is scarcity of resources means limited resources. Here what is limited resources, limited resources is income. Why we study economic the basic reason is scarcity. Basically human being have unlimited wants and our income is limited to satisfied that wants. One can not satisfied all there wants they have to make the choice among the urgent want and less urgent want. Scarcity means when a particular resource demand is more and its resource supply is less. Because our income is limited and our wants are unlimited then one can all this aspect as income scarcity. For example in a particular area where water supply is less and water demand is more then we call it as resources of water is scarcity or scarcity of water . In an economy petrol demand is more and its supply is less then we call it’s as the resources of petrol is scarce or scarcity of petrol is there in that particular economy. This situation of demand in relation to supply will create economic problem and what do you mean by economic problem. Economic problem is the problem of choice between unlimited wants and limited resources means which have alternative uses. Let’s study the economic problem reasons. They are three reasons for economic problem the first reason is scarcity. As we already discuss that what is the meaning of scarcity its nothing but supply in relation to demand when the demand for a particular resource demand is more and its supply is limited then the problem of scarcity arises. When specks about application of scarcity problem we are not specking about an individual economy. Hear we mean that problem of Scarcity is applied on every economy every organization and every society and every individual. If there is no scarcity of resources the there will no economic problem and there is no need to study the economy at all. The second economic problem is unlimited human wants. Unlimited want means human need are unlimited. As soon as our one want satisfied another want emerges and the new want intensity is more than our first want. But our priorities are more differ than like I have ten liter of water and is felt trusty then I prefer to drink the water than taking the bath with it. Because the intensity of drinking water is more compare to the intensity of taking bath with it. That’s why we say if our need will have equal intensity then we are not supposed to select it. As which want I need to satisfied first. that’s why we say the human wants have differ in intensity and human being try to satisfied those want which have higher intensity. The third economic problem is alternative uses. We have already discuss that our resources are scare and with hat it have alter native uses also. For example if we have fuel like petro and diesel with which we can drive a car and can also run generator as well we can use it to run machinery So because the available resource have multiple uses it’s become very difficult to decide where we have to use these resources. So hear alternative uses mean different use of resources. We have to make the choice between less urgent want and more urgent want to satisfy our need because our resources are limited. With this I stop this lecture and it will continue in Part- 2 of Introduction to Economy. Where we discuss the Central Problem of Economics.

Created By Dr Irfana Samdani M.A, Ph.D., (Economics) Department o economics, Hyderabad , Osmania University Hyderabad, Telangana India and Post Doctorate (Economics), ICSSR. New Delhi, India. Today topic is Introduction to Economics Basic Concepts and Principles Before studding economic we will also try to understand the subject matter of economic. Economic is the oldest discipline and with the time the study of economic is becoming the need of life. As per Professor Samuelson “Economics is the oldest of the arts, the newest of the science, indeed the queen of social science.” Economic knowledge is essential to understand the society and social welfare. The aim of Economic is human development, its raises the standard of living and in turn increase the welfare of mankind. The knowledge of economics is essential for, business executive. Business executive must have knowledge of economics concepts, tools and techniques to take business decision. In ancient and medieval times economics is used to call Political Economy Since then Economics has developed as the most logical social science the functions of at that time the state were limited to maintain law and order, peace and security. The state also undertake some social welfare functions like provision of relief during the crop failure provision of public utility service etc, In order to perform these functions, the state used to collect revenue and to spend it in such a manner so as to promote the social welfare. Following this approach Indian renowned statement Chanakya or Kaustilya in Arthashastra he examine both kind of activities i.e Economic and Political. It is important to know that the word “Economics” or “Economy” in English language has its origin from two Greek word Okios (Household) and Nemein (Management). This means economics is nothing but managing a household, using the limited money or resources a household has.( remember this it might ask in exam) The origin of the term economics could be treated to the work of Great Greek Philosopher Aristotle who confined the study of economics to the Management of Household and the Statecraft, Acquiring, Guarding and Making Proper use of Wealth. The subject matter of economic teaches the people how to earn livelihood and spend it and when we study this aspect of economy we call this social sciences as the study of economy. Thus economics is the study of the allocation of scarce resources to meet unlimited human wants For example we will live in a society or community if we see around we find every human being doing some work or business Like teacher works in school, doctor give services in hospital, shopkeeper work in shop. The reason for doing this work is simple because man need bread to eat cloth to were and shelter or home to live besides medicine and education in other words wants of a man are unlimited to fulfill this wants he does efforts by doing efforts he get income or wealth and with this earned income he satisfied his want hence economic is a science which satisfied human want or economics is a science which studies the circle of wants efforts and satisfaction. When we earn income we will spend it on purchasing of different commodities, like food clothing and shelter etc when we study this human behavior we call it economy. The basic problem of economics is scarcity of resources means limited resources. Here what is limited resources, limited resources is income. Why we study economic the basic reason is scarcity. Basically human being have unlimited wants and our income is limited to satisfied that wants. One can not satisfied all there wants they have to make the choice among the urgent want and less urgent want. Scarcity means when a particular resource demand is more and its resource supply is less. Because our income is limited and our wants are unlimited then one can all this aspect as income scarcity. For example in a particular area where water supply is less and water demand is more then we call it as resources of water is scarcity or scarcity of water . In an economy petrol demand is more and its supply is less then we call it’s as the resources of petrol is scarce or scarcity of petrol is there in that particular economy. This situation of demand in relation to supply will create economic problem and what do you mean by economic problem. Economic problem is the problem of choice between unlimited wants and limited resources means which have alternative uses. Let’s study the economic problem reasons. They are three reasons for economic problem the first reason is scarcity. As we already discuss that what is the meaning of scarcity its nothing but supply in relation to demand when the demand for a particular resource demand is more and its supply is limited then the problem of scarcity arises. When specks about application of scarcity problem we are not specking about an individual economy. Hear we mean that problem of Scarcity is applied on every economy every organization and every society and every individual. If there is no scarcity of resources the there will no economic problem and there is no need to study the economy at all. The second economic problem is unlimited human wants. Unlimited want means human need are unlimited. As soon as our one want satisfied another want emerges and the new want intensity is more than our first want. But our priorities are more differ than like I have ten liter of water and is felt trusty then I prefer to drink the water than taking the bath with it. Because the intensity of drinking water is more compare to the intensity of taking bath with it. That’s why we say if our need will have equal intensity then we are not supposed to select it. As which want I need to satisfied first. that’s why we say the human wants have differ in intensity and human being try to satisfied those want which have higher intensity. The third economic problem is alternative uses. We have already discuss that our resources are scare and with hat it have alter native uses also. For example if we have fuel like petro and diesel with which we can drive a car and can also run generator as well we can use it to run machinery So because the available resource have multiple uses it’s become very difficult to decide where we have to use these resources. So hear alternative uses mean different use of resources. We have to make the choice between less urgent want and more urgent want to satisfy our need because our resources are limited. With this I stop this lecture and it will continue in Part- 2 of Introduction to Economy. Where we discuss the Central Problem of Economics.

!!A SolUtiONz To ANy PRoBzzz!!
A Girl & A Boy Crossing a Bridge,
The Boy was kind of Scared, So He asked Her:
"Baby Hold My Hand so that;
You don't fall In to the River..♥ !! :(

...Girl Said:
No.., U Hold My Hand...!!

"Wat's the Difference??"
The Boy Asked

Girl Said:
There's A Big Difference, Like This:

"If I hold Ur Hand & Something Happens to Me;
Chances are that I may Let Ur Hand Go..=(
But If U Hold My Hand, I know for Sure that;
No Matter what Happens,
You will Never Let My Hand Go..!!" ♥ =)...:)

HOW TO ACQUIRE THE LEADERSHIP QUALITIES

"Some of the most talented people are terrible leaders because they have a crippling need to be loved by everyone."

James Schorr.

Leadership is nothing but the quality which makes a person stands out different from other ordinary employees. It is associated with such a person who has aggressiveness in speech and action, love for the employees, and who can handle pressure under different circumstances and a person who is always ready to fight for the rights of employee. A leader is useless without followers. It is the followers who make a person as a leader and if required overthrow him.


Leaders play a critical role during change implementation, the period from the announcement of change through the installation of the change. During this middle period the organization is the most unstable, characterized by confusion, fear, loss of direction, reduced productivity, and lack of clarity about direction and mandate. It can be a period of emotionalism, with employees grieving for what is lost, and initially unable to look to the future.

In addition to forecast and amiability, the characteristics that leader must have are ability to recognize employees' talents, the know-how to make teams work and an open mind.
Leadership does vary to some extent as per the positions i.e. it may be slight different for manager and different for a union leader but the basic qualities of leadership does not change.

1. Good communication skill

Communication is the key to be a great leader. The reason for this is simple: if he possesses the other nine leadership qualities but if he fails to communicate well, he will never be great leader.
What he can do is communicate with others in the organization about what IT can do to move the company forward. In other words, good communication is the key for developing good business relationships. If he can't establish a good business working relationship, he is not going to be that leader, that team player. He will not be able to communicate how IT can add long-term value to the company. The modern leaders must therefore be equipped with good communication skill and use new ways to do effective communication.

2. Honesty

The most valuable asset of a leader is honesty. He must be honest with both his employees and the management committee. Another part of his features is integrity. Once a leader compromises his or her integrity, it is lost. That is perhaps the reason integrity is considered the most admirable trait. The leaders therefore must keep it "above all else."

3. Visionary outlook

Leadership qualities are different for different position. For a CIO (Chief Information Officer) he must be thinking for stabilizing the current business and always looking for future scope of expansion. He has to be able to look beyond where we are today, know where the business is going, and be able to use that vision to move the company forward. Being able to do this is a rare skill indeed.

4. Selecting a good team

A good CIO (Chief Information Officer) although he possesses sound technical skills he assures that the team he selects is efficient enough to back up any skill he lacks. Choosing the best people for such team is a skill. A CIO (Chief Information Officer) after all is a human being and does not have answer for everything. But by working together he creates an atmosphere of mutual trust and respect; the team then always find the best solution.

5. Action speaks louder than words

Managers must be able to put aside their concerns to listen to (and appear to listen to) those around them. As a result, they come know what is going on, and know what is both said, and said between the lines. They have the knack of appearing to know what people need even if those needs are not expressed directly. However, knowing what is going on, and identifying the needs of those around them is not sufficient. The responsive manager also acts upon that knowledge, attempting to help fulfill the needs of employees, superiors, etc. Responsive managers wield influence to solve problems for those around them, often before even being asked.

6. Ability to motivate people around

A good leader must always keep motivating his team mates for good work and should maintain healthy environment. He must give first priority to safety of workers and see that they are not exploited by superiors.

7. Consistency

Leadership effectiveness is impossible without consistency. Every leader has an approach that is unique to them. Don't change your personal style radically after all; it got you in a leadership position. Modify the rough spots but take care not to confound your staff by displaying inconsistency. Your expectations, though subject to modification based on ever-changing business needs, should remain as constant as possible. The business world is confusing enough without you adding unwelcome surprises into the mix. Keep things simple and consistent.

8. Ability to stand against critics

As the success rate increases your critics multiply and become louder. Come to peace with the fact that you will always have a camp of people who critique every decision you make. They are generally the ones who are excellent problem-identifiers rather than problem-solvers. Develop your skills of repelling such critics so that they do not diminish your confidence or enthusiasm.
It takes focus and confidence not to be adversely affected by criticism. Strong leaders learn the art of listening to critics, but ultimately making decisions for the good of the department, not to simply please the critics. The following quote sums it up nicely: "Some of the most talented people are terrible leaders because they have a crippling need to be loved by everyone." As rightly stated by James Schorr.

HOW TO ACQUIRE THE LEADERSHIP QUALITIES

"Some of the most talented people are terrible leaders because they have a crippling need to be loved by everyone."

James Schorr.

Leadership is nothing but the quality which makes a person stands out different from other ordinary employees. It is associated with such a person who has aggressiveness in speech and action, love for the employees, and who can handle pressure under different circumstances and a person who is always ready to fight for the rights of employee. A leader is useless without followers. It is the followers who make a person as a leader and if required overthrow him.

Leaders play a critical role during change implementation, the period from the announcement of change through the installation of the change. During this middle period the organization is the most unstable, characterized by confusion, fear, loss of direction, reduced productivity, and lack of clarity about direction and mandate. It can be a period of emotionalism, with employees grieving for what is lost, and initially unable to look to the future.

In addition to forecast and amiability, the characteristics that leader must have are ability to recognize employees' talents, the know-how to make teams work and an open mind.

Leadership does vary to some extent as per the positions i.e. it may be slight different for manager and different for a union leader but the basic qualities of leadership does not change.

1. Good communication skill

Communication is the key to be a great leader. The reason for this is simple: if he possesses the other nine leadership qualities but if he fails to communicate well, he will never be great leader.

What he can do is communicate with others in the organization about what IT can do to move the company forward. In other words, good communication is the key for developing good business relationships. If he can't establish a good business working relationship, he is not going to be that leader, that team player. He will not be able to communicate how IT can add long-term value to the company. The modern leaders must therefore be equipped with good communication skill and use new ways to do effective communication.

2. Honesty

The most valuable asset of a leader is honesty. He must be honest with both his employees and the management committee. Another part of his features is integrity. Once a leader compromises his or her integrity, it is lost. That is perhaps the reason integrity is considered the most admirable trait. The leaders therefore must keep it "above all else."

3. Visionary outlook

Leadership qualities are different for different position. For a CIO (Chief Information Officer) he must be thinking for stabilizing the current business and always looking for future scope of expansion. He has to be able to look beyond where we are today, know where the business is going, and be able to use that vision to move the company forward. Being able to do this is a rare skill indeed.

4. Selecting a good team

A good CIO (Chief Information Officer) although he possesses sound technical skills he assures that the team he selects is efficient enough to back up any skill he lacks. Choosing the best people for such team is a skill. A CIO (Chief Information Officer) after all is a human being and does not have answer for everything. But by working together he creates an atmosphere of mutual trust and respect; the team then always find the best solution.

5. Action speaks louder than words

Managers must be able to put aside their concerns to listen to (and appear to listen to) those around them. As a result, they come know what is going on, and know what is both said, and said between the lines. They have the knack of appearing to know what people need even if those needs are not expressed directly. However, knowing what is going on, and identifying the needs of those around them is not sufficient. The responsive manager also acts upon that knowledge, attempting to help fulfill the needs of employees, superiors, etc. Responsive managers wield influence to solve problems for those around them, often before even being asked.

6. Ability to motivate people around

A good leader must always keep motivating his team mates for good work and should maintain healthy environment. He must give first priority to safety of workers and see that they are not exploited by superiors.

7. Consistency

Leadership effectiveness is impossible without consistency. Every leader has an approach that is unique to them. Don't change your personal style radically after all; it got you in a leadership position. Modify the rough spots but take care not to confound your staff by displaying inconsistency. Your expectations, though subject to modification based on ever-changing business needs, should remain as constant as possible. The business world is confusing enough without you adding unwelcome surprises into the mix. Keep things simple and consistent.

8. Ability to stand against critics

As the success rate increases your critics multiply and become louder. Come to peace with the fact that you will always have a camp of people who critique every decision you make. They are generally the ones who are excellent problem-identifiers rather than problem-solvers. Develop your skills of repelling such critics so that they do not diminish your confidence or enthusiasm.

It takes focus and confidence not to be adversely affected by criticism. Strong leaders learn the art of listening to critics, but ultimately making decisions for the good of the department, not to simply please the critics. The following quote sums it up nicely: "Some of the most talented people are terrible leaders because they have a crippling need to be loved by everyone." As rightly stated by James Schorr.