What is economics? aiou book code 402- aiou studies

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 What is economics?

The earlier term for ‘economics’ was political economy. It is adapted from the French Mercantilist usage of economic policies, which extended the economy from the ancient Greek term for household management to the national realm as public administration of the affairs of the state. Sir James Stuart (1767) wrote the first book in English with ‘political economy in the title, explaining that just as:
Microeconomics is the study of decisions that people and businesses make regarding the allocation of resources and prices of goods and services. 
What is economics

This means also taking into account taxes and regulations created by governments. Microeconomics focuses on supply and demand and other forces that determine the price levels seen in the economy. For example, microeconomics would look at how a specific company could maximize its production and capacity, so that it could lower prices and better compete in its industry. (Find out more about microeconomics in.


How does government policy impact microeconomics?

 
The fact that the MR curve is lying below the AR curve indicates that marginal revenue declines more rapidly than average revenue. When OQ units of output are sold, AR is equal to QH or OP and MR is equal to QS. 
When OM units of the product are sold, marginal revenue is zero. If the quantity sold is increased beyond OM, marginal revenue becomes negative.
 

Q.What is Commonwealth?

The commonwealth is described as a family of nations, originally linked together in the British Empire, and now building on their common heritage in language, culture, and education, which enables them to work together in an atmosphere of greater trust and understanding than generally prevails among nations. Bringing together some 1.7 billion people of many faiths, races, languages, traditions, and levels of economic development, the Commonwealth represents almost one-third of the world populationsCommonwealth represents almost one-third of world’s population. 


Q.What is the Commonwealth of Learning?

 
 A. The Commonwealth of Learning (www.col.org) is an intergovernmental organization created by Commonwealth heads of Governments in 1987 to encourage the development and sharing of open learning/distance education knowledge, resources, and technologies. 
 
Working with and providing services to hundreds of institutions throughout the 54 Member Commonwealth, COL is helping to increase the capacities of developing nations to meet the demands for improved access to quality education and training. With headquarters based in Vancouver, Canada, this International Organization serves the 54 Member Commonwealth with a mandate to widen opportunities for learning by promoting the development and sharing of open and distance learning resources and communication technologies.


Q.Who are the Participating Institutions in this program? A.

 Commonwealth MBA / MPA Program is being offered in different Open Universities in Asian and African countries also. Currently, this Program is being offered at Allama Iqbal Open University, Indira Ghandi National Open University, Bangladesh Open University, Open University of Sri Lanka, WAWASAN Open University College, Malaysia, and the National Open University of Nigeria. 

 

Q.Why the Commonwealth MBA/MPA Programme of AIOU? 

A. Commonwealth MBA/MPA (CMBA/CMPA) Programme for Executives aims to complement existing MBA/MPA programs currently being offered in the Commonwealth in meeting the social and professional demands for management and public administration education at the postgraduate level. 

The objectives of the Programmes are:

 i. To enable students in the Commonwealth countries where the programs are offered to obtain Masters’s degrees in the areas of Business Administration and Public Administration, contributing to their professional growth and career advancement and to their country’s Development.

 ii. To develop human resources in various aspects of the areas noted above iii. To build quality Post-Graduate Programmes that can be implemented widely in Commonwealth countries and recognized across the Commonwealth. 

Q.What are the different levels or exit points on CMBA / CMPA? 

A. Three levels. There are four stages of study modules in the CMBA/ CMPA Program Core, Specialist Compulsory, Electives, and those required for the Degree. 

Attainment of different levels of academic awards (Post Graduate Professional Certificate, Post Graduate Diploma, and MBA or MPA Degree) will depend on the successful completion of each of the stages of study. There are four stages of study modules in the CMBA/ CMPA Programme Core, Specialist Compulsory, Electives, and those required for the Degree. Attainment of different levels of academic awards (Post Graduate Professional Certificate, Post Graduate Diploma, and MBA or MPA Degree) will depend on the successful completion of each of the stages of study. 

Q.How many courses do we have to study for a complete degree?

 

 A. Student has to complete fifteen (15) courses for the degree of CMBA / CMPA. 

Q.What is the period of study? 

 Minimum Two (02) years if the student does not give break in his or her studies. The maximum time allowed for completing the degree is five (05) years.

 Q.What is the eligibility criterion for admission to CMBA / CMPA?

 A. The CMBA/CMPA Programmes seek highly capable and qualified individuals committed to self-development and a higher level of achievement in their professional lives. Admission to the CMBA/CMPA Programme for Executives requires the following criteria: 

At least a second-class Bachelor’s degree from a recognized University. A minimum of two years of experience. Residency in Pakistan. Working knowledge of the English language. 

 

 A satisfactory score on the CMBA/CMPA Admission Test. The offering institution will conduct the Admission Test. The Admission Test is designed to provide an additional dimension of measure for the selection of candidates for this vigorous and demanding Program of study. 

There are four (4) portions of the admission test which include General Awareness  English Language  Quantitative Aptitude Reasoning The passing marks are 50% in the admission test. The result can be viewed at www.aiou.edu.pk. Applicants successfully completing the admission test shall be eligible for admission in the year they clear the test. Registration for the CMBA/CMPA Programme shall be valid for 5 years from the date of admission However, in case the candidate is not able to complete the Programme within 5 years, he/she shall be eligible for re-registration. 

The institution that you register with will announce the condition of re-registration. 

Q.What is the procedure for submitting the Admission form?

 A. The applicants are required to send their admission forms along with all the required attested documents to the following address: Majed Rashid Block No 13, Allama Iqbal Open University, H-8 Islamabad. Pakistan Majed Rashid Block No 13, Allama Iqbal Open University, H-8 Islamabad. Pakistan. 

Q.How much do I have to pay for the complete degree?

 Registration fee Rs:200 Fee for viva voce Rs. 350 Admission fee Rs. 700 Technology fee Rs. 100 Course fee Rs. 26460 per course.

 Q.What is Commonwealth? 

A. The commonwealth is described as a family of nations, linked initially together in the British Empire, and now building on their common heritage in language, culture, and education, which enables them to work together in an atmosphere of greater trust and understanding than generally prevails among nations. 

Bringing together some 1.7 billion people of many faiths, races, languages, traditions, and levels of economic development, the Commonwealth represents almost one-third of the world populationsCommonwealth represents nearly one-third of the population. 

Q.What is the Commonwealth of Learning? 

A. The Commonwealth of Learning is an intergovernmental organization created by Commonwealth heads of Governments in 1987 to encourage the development and sharing of open learning/distance education knowledge, resources, and technologies. Working with and providing services to hundreds of institutions throughout the 54 Member Commonwealth, COL is helping to increase the capacities of developing nations to meet the demands for improved access to quality education and training. 

With headquarters based in Vancouver, Canada, this International Organization serves the 54 Member Commonwealth with a mandate to widen opportunities for learning by promoting the development and sharing of open and distance learning resources and communication technologies.

 Q.Who are the Participating Institutions in this program?

 A. Commonwealth MBA / MPA Program is being offered in different Open Universities in Asian and African countries also. Currently, this Program is being offered at Allama Iqbal Open University, Indira Ghandi National Open University, Bangladesh Open University, Open University of Sri Lanka, WAWASAN Open University College, Malaysia, and the National Open University of Nigeria. 

Q.Why the Commonwealth MBA/MPA Programme of AIOU? 

A. Commonwealth MBA/MPA (CMBA/CMPA) Programme for Executives aims to complement existing MBA/MPA programs currently being offered in the Commonwealth in meeting the social and professional demands for management and public administration education at the postgraduate level. The objectives of the Programmes are:

 i. To enable students in the Commonwealth countries where the programs are offered to obtain Masters’s degrees in the areas of Business Administration and Public Administration, contributing to their professional growth and career advancement and to their country’s Development. 

ii. To develop human resources in various aspects of the areas noted above iii. To build quality Post-Graduate Programmes that can be implemented widely in Commonwealth countries and recognized across the Commonwealth.

 Q.What are the different levels or exit points on CMBA / CMPA? 

A. Three levels. There are four stages of study modules in the CMBA/ CMPA Program Core, Specialist Compulsory, Electives, and those required for the Degree. Attainment of different levels of academic awards (Post Graduate Professional Certificate, Post Graduate Diploma, and MBA or MPA Degree) will depend on the successful completion of each of the stages of study. There are four stages of study modules in the CMBA/ CMPA Programme Core, Specialist Compulsory, Electives, and those required for the Degree. Attainment of different levels of academic awards (Post Graduate Professional Certificate, Post Graduate Diploma, and MBA or MPA Degree) will depend on the successful completion of each of the stages of study. 

Q.How many courses do we have to study for a complete degree?

 A. Student has to complete fifteen (15) courses for the degree of CMBA / CMPA. Q.What is the period of study? 

A. Minimum Two (02) years if the student does not give break in his or her studies. The maximum time allowed for completing the degree is five (05) years.

 Q.What is the eligibility criterion for admission to CMBA / CMPA?

 A. The CMBA/CMPA Programmes seek highly capable and qualified individuals committed to self-development and a higher level of achievement in their professional lives. Admission to the CMBA/CMPA Programme for Executives requires the following criteria: At least a second-class Bachelor’s degree from a recognized University. 

A minimum of two years of experience in Residency in Pakistan.  Working knowledge of the English language.  A satisfactory score on the CMBA/CMPA Admission Test. The offering institution will conduct the Admission Test. The Admission Test is designed to provide an additional dimension of measure for the selection of candidates for this vigorous and demanding Programme of study. 

There are four (4) portions of the admission test which include General Awareness  English Language  Quantitative Aptitude  Reasoning The passing marks are 50% in the admission test. The result can be viewed at www.aiou.edu.pk.

The price paid by the consumer for the product forms the revenue or income of the seller. The whole income received by the seller from selling a given amount of the product is called total revenue. If a seller sells 15 units of a product for Rs. 10 per unit and obtains Rs. 150 from this sale, his total revenue is Rs. 150.

Why is economic cod important?

The economy, in general, is the art of providing for all the wants of a family, [so the science of political economy] seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary for supplying the wants of the society, and to employ the inhabitants … in such manner as naturally to create reciprocal relations and dependencies between them, to supply one another with reciprocal wants.
 
Economics is the science that deals with the production, exchange, and consumption of various commodities in economic systems. It shows how scarce resources can be used to increase wealth and human welfare. The central focus of economics is on the scarcity of resources and choices among their alternative uses. 
 
The resources or inputs available to produce goods are limited or scarce. This scarcity induces people to make choices among alternatives, and the knowledge of economics is used to compare the alternatives for choosing the best among them. For example, a farmer can grow paddy, sugarcane, banana, cotton, etc. in his garden land. But he has to choose a crop depending on the availability of irrigation water.
 
In the short run we are interested not just in costs, but in average costs of production (AC) and the shape of the AC curve, which depends on the condition of the AVC curve (note: AFC always diminishes). However, the dynamics of AVC depend on the relationship between average and marginal products of labor (variable factor).
 
While these two studies of economics appear to be different, they are actually interdependent and complement one another since there are many overlapping issues between the two fields.
 
 For example, increased inflation (macro effect) would cause the price of raw materials to increase for companies and in turn affect the end product’s price charged to the public.
 
b) ‘Nomos’, which means ‘Management’. Thus, Economics means ‘Home Management. The head of a family faces the problem of managing the unlimited wants of the family members within the family’s limited income. In fact, the same is true for society also. 
 
If we consider the whole society as a ‘family’, then the society also faces the problem of tackling the unlimited wants of the members of the society with the limited resources available in that society. Thus, Economics means the study of how mankind organizes itself to tackle the basic problems of scarcity.
 
 All societies have more wants than resources. Hence, a system must be devised to allocate these resources between competing ends.

How can you use economic code in your business?

 
Make sure, you keep yourself up to date, with 402 Economics assignments submission dates, so that you submit them on a time. So, make sure to submit these assignments using the date. Consequently exceeding these dates could cause failure in assignments, in other words, failure in papers. 
So dear, don’t wait for the last dates and submit our assignments at your earliest.
 
Now, when all units of a product are sold at the same price, the average revenue equals price. How marginal revenue can be obtained from the changes in total revenue and what relation it bears to average revenue will be easily grasped by looking at Table.
In the above table, the price remains constant at the level of Rs. 16 when more units of the product are sold. Col. Ill shows the total revenue when various quantities of the product are sold. Total revenue has been found out by multiplying the quantity sold by the price.
 
It may be noted that in all forms of imperfect competition, that is, monopolistic competition, oligopoly, and monopoly, the average revenue curve facing an individual firm slopes downward as in all these market forms when a firm lowers the price of its product, its quantity demanded and sales would increase and vice versa.
 
If a producer sells 10 units of a product for Rs. 15 per unit, he will get Rs. 150 as the total revenue. If he now increases his sales of the product by one unit and sells 11 units, suppose the price falls to Rs. 14 per unit. He will, therefore, obtain total revenue of Rs. 154 from the sale of 11 units of the goods. This means that the 11th unit of output has added Rs. 4 to the total revenue. Hence Rs. 4 is here the marginal revenue.

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