Economics 1 min read
Incomplete markets
An incomplete market is one where some of the necessary conditions for market formation exist, but not all of them.…
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Economics 3 min read
Pure public goods
The market mechanism is likely to fail to supply pure public goods because entrepreneurs are unlikely to enter the market,…
General Concepts 2 min read
Flow Measurement Using Flow Nozzle
Basic Principle of Flow Nozzle: When a flow nozzle is placed in a pipe carrying whose rate of flow is…
Economics 1 min read
Missing markets
A significant market failure is the failure to produce some goods and services, despite being needed or wanted. Markets can…
Economics 1 min read
The nature of economics
Economics is the scientific study of the ownership, use, and exchange of scarce resources – often shortened to the science of scarcity. Economics is…
General Concepts 3 min read
Effects of Feedback
The effects of feedback in systems on other working parameters of the system has been analysed. The parameter considered for…
Economics 1 min read
Index numbers
Economists frequently use index numbers when making comparisons over time. An index starts in a given year, the base year, at…
Economics 1 min read
Marginal analysis
Economic decisions are taken in a marginal way, which means that decisions to produce, or consume, are made one at a time.…
General Concepts 3 min read
Feedback Principle
As I said in the previous post Open loop control system don’t give the required level of control as they…
Economics 1 min read
Increasing opportunity cost
Opportunity cost can be thought of in terms of how decisions to increase the production of an extra, marginal, unit…
Economics 2 min read
Pareto efficiency
Any point on a PPF, such as points ‘A’ and ‘B’, is said to be efficient and indicates that an…
General Concepts 2 min read
Electromechanical Relays
As the name indicates, electromechanical relays use the principle of inter conversion between electrical and mechanical energies. The most common…
