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When the price is above the equilibrium price, the quantity supplied exceeds the quantity demanded. There is excess supply or a surplus. Suppliers will lower the price to increase sales, thereby moving toward equilibrium. In mainstream economics, economic surplus , also known as total welfare or total social welfare or Marshallian surplus (after Alfred Marshall), is either of two related quantities: Consumer surplus , or consumers' surplus , is the monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay. Producer surplus , or producers' surplus , is the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for; this is roughly equal to profit (since producers are not normally willing to sell at a loss and are normally indifferent to selling at a break-even price). A surplus describes the amount of an

  Market supply is the total amount of an item producers are willing and able to sell at different prices, over a given period of time e.g. one month. Industry, a market supply curve is the horizontal summation of all each individual firm's supply curves.   ♦Market supply refers to the sum of all individual supplies for all sellers of a particular good or service.   ♦Graphically, individual supply curves are summed horizontally to obtain the market supply curve.  Market supply is the total amount of an item producers are willing and able to sell at different prices, over a given period of time e.g. one month. Industry, a market supply curve is the horizontal summation of all each individual firm’s supply curves. The entry of new firms into an industry will cause an outward shift of market supply; so too would an industry-wide improvement in the technology available to producers.

 What is Supply in Economics? Quantity supplied is the amount of a good that sellers are willing and able to sell. In economics, supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual. Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object. Supply is often plotted graphically as a supply curve , with the price per unit on the vertical axis and quantity supplied as a function of price on the horizontal axis. This reversal of the usual position of the dependent variable and the independent variable is an unfortunate but standard convention. The supply curve can be either for an individual seller or for the market as a whole, adding up the quantity supplied by all sellers. The quantity supplied is for a particular time period (e.g., the tons of steel a firm would supply in a year), but the units

  Consumer income is the amount households have available to spend after income taxes have been deducted .It is the money that a consumer earns from either work or investment , such as dividends distributed by companies to its shareholders and the gain realized on the sale of an asset, such as a house. When you combine these income sources, it's often referred to as aggregate income. As income increases the demand for a normal good will increase. ♦ As income increases the demand for an inferior good will decrease.   Prices of Related Goods Substitutes & Complements ♦When a fall in the price of one good reduces the demand for another good, the two goods are called substitutes. ♦When a fall in the price of one good increases the demand for another good, the two goods are called complements.

    A change in quantity demanded refers to a movement along a fixed demand curve -- that's caused by a change in price. A change in demand refers to a shift in the demand curve -- that's caused by one of the shifters: income, preferences, changes in the price of related goods and so on. Change in Quantity Demanded: ♦ Movement along the demand curve. ♦ Caused by a change in the price of the product. Change in Demand ♦ A shift in the demand curve, either to the left or right. ♦ Caused by a change in a determinant other than the price.  What is the difference between quantity demanded and demand?: Demand is the quantity of a good or service that consumers are willing and able to buy at given prices during a period of time. Quantity demanded is the amount of a good or service people will buy at a particular price at a particular time. Change in Quantity Demanded versus Change in Demand Variables that Affect Quantity Demanded A Change in This Variable . . . Price Represent

  Market demand refers to how much consumers want your product for a given period of time . Market demand is the summation of the total individual's demand curves . Consider a shop that sells 1,000 pens on a daily basis. That means the shop has a daily demand of 1,000 pens. However, on weekends, there is an increase in the number of customers. ♦Market demand refers to the sum all individual demands for a particular good or service. ♦Graphically, individual demand curves are summed horizontally to obtain the market demand curve.

    Demand: Quantity demanded is the amount of a good that buyers are willing and able to purchase. Law of Demand: The law of demand states,that there is an inverse relationship between pricem and quantity demanded. Demand Schedule: The demand schedule is a table that shows the relationship between the price of the good and the quantity demanded. Determinants of Demand: ♦Market price ♦Consumer income ♦Prices of related goods ♦Tastes ♦Expectations Demand Curve: The demand curve is the downward- sloping line relating price to quantity demanded.  

Ceteris paribus is a Latin phrase that means all variables other than the ones being studied are assumed to be constant.Literally, ceteris paribus means “other things being equal.”The demand curve slopes downward because, ceteris paribus, lower prices imply a greater quantity demanded! Ceteris paribus (also spelled caeteris paribus ; ( Modern Latin:  [ˈse.tɛ.ris ˈpa.ri.bus] ) is a Latin phrase, meaning "other things equal"; some other English translations of the phrase are " all other things being equal ", " other things held constant ", " all else unchanged ", and " all else being equal ". A statement about a causal, empirical, or logical relation between two states of affairs is ceteris paribus if it is acknowledged that the statement, although usually accurate in expected conditions, can fail because of, or the relation can be abolished by, intervening factors. A ceteris paribus assumption is often key to scientific inquiry, b

 ♦A market is a group of buyers and sellers of a particular good or service. ♦The terms supply and demand refer to the behavior of people . . . as they interact with one another in markets. The Market Forces of Supply and Demand: ♦Supply and demand are the two words that economists use most often. ♦Supply and demand are the forces that make market economies work. ♦Modern microeconomics is about supply, demand, and market equilibrium.

 In some modern societies, government plays a big role in answering the three basic questions. In pure command economies, a central authority directly or indirectly sets output targets, incomes, and prices.  A laissez-faire economy is one in which individuals independently pursue their own self-interest, without any central direction or regulation, and ultimately determine all basic economic outcomes.  A market is an institution through which buyers and sellers interact and engage in exchange. Some markets involve simple face-to-face exchange; others involve a complex series of transactions, often over great distances or through electronic means. 6 There are no purely planned economies and no pure laissez faire economies; all economies are mixed.  Individual enterprise, independent choice, and relatively free markets exist in centrally planned economies; and there is significant government involvement in market economies.  Free markets produce what people want, and competition forces

  THE CIRCULAR-FLOW MODEL: The circular-flow model is a simple way to visually show the economic transactions that occur between households and Arms in the economy. The circular flow model demonstrates how money moves through society . Money flows from producers to workers as wages and flows back to producers as payment for products. In short, an economy is an endless circular flow of money.  

 PRODUCTION POSSIBILITY FRONTIER (PPF)  A GRAPH THAT SHOWS ALL THE COMBINATIONS OF GOODS AND SERVICES THAT CAN BE PRODUCED IF ALL OF SOCIETY'S RESOURCES ARE USED EFFICIENTLY. The Production Possibilities Frontier (PPF) is a graph that shows all the different combinations of output of two goods that can be produced using available resources and technology . The PPF captures the concepts of scarcity, choice, and tradeoffs.

 ECONOMIC POLICY Four criteria are: 1. Efficiency 2. Equity  3. Growth  4. Stability Efficiency - In economics, allocative efficiency. An efficient economy is one that produces what people want at the least possible cost. Equity- Fairness. Economic growth- An increase in the total output of an economy.  Stability - A condition in which national output is growing steadily, with low inflation and full employment of resources.   Economic growth occurs when society produces more, either by acquiring more resources or by learning to produce more with existing resources. Improved productivity may come from additional capital or from the discovery and application of new, more efficient techniques of production.

  7 Schools of Economic thought(Single sentenced definition):   1. Classical School: The market keeps all producers alert through competition, so leave it alone (invisible hand of market)   2. Marxian School: Capitalism is powerful vehicle for economic progress, but it will collapse, as private property ownership becomes an obstacle to further progress.   3. Neo-Classical School: Individuals know what they are doing, so leave them alone- except when markets malfunction. 4. Institutional School: Individuals are products of their society, even though they may change its rules.  5. Austrian School: No one knows enough, so leave everyone alone.   6. Keynesian School: What is good for individual may not be good for the whole economy. 7. Behaviouralist School: We are not smart enough, so we need to deliberately constrain our own freedom of choice through rules.What are

 It means that society has limited resources and therefore cannot produce all the goods and services people wish to have. Scarcity in economics refers to when the demand for a resource is greater than the supply of that resource, as resources are limited . Scarcity results in consumers having to make decisions on how best to allocate resources in order to satisfy all basic needs and as many wants as possible.

 The effective birth of economics as a separate discipline may be traced to the year 1776, when the Scottish philosopher Adam Smith published An Inquiry into the Nature and Causes of the Wealth of Nations . There was, of course, economics before Smith: the Greeks made significant contributions, as did the medieval scholastics, and from the 15th to the 18th century an enormous amount of pamphlet literature discussed and developed the implications of economic nationalism (a body of thought now known as mercantilism). It was Smith, however, who wrote the first full-scale treatise on economics and, by his magisterial influence, founded what later generations were to call the “English school of classical political economy,” known today as classical economics.

 Marriage can be defined as a socially acknowledged and approved sexual union between two adult individuals. Marriage is defined as a legally recognized social contract between two people, traditionally based on a sexual relationship and implying a permanence of the union. A socially supported union involving two or more individuals in what is regarded as a stable, enduring arrangement typically based at least in part on a sexual bond of some kind .

  Divorce: Divorce is the socially recognized and legal dissolution of marriage . According to the Concise Oxford Dictionary of Sociology (1994), 'the formal legal dissolution of legally constituted marriage' is called divorce. Seperation:   Separation often is done before divorce, whereby a couple decide to separate from one another based on issues within the relationship . Cohabitation:  Cohabitation is when a couple live together in one household but are not legally married . Cohabiting couples do not have the same legal protection as married couples. Gay & Lesbian partnerships:   In the narrowest sense, the term ”lesbian and gay family” refers to lesbian and gay individuals or same sex couples and their children. The term is sometimes used to refer to same sex partnerships or cohabiting relationships. In the broadest sense, the term can denote social networks that include lesbian or gay individuals and/or couples where some or all of the members self-define as ”

  Patriarchy: A society that expects males to dominate in all family decision making Matriarchy: A society where women have gotten authority than men. Egalitarian Family: Where spouses are regarded as equals.

  Nuclear Family: Two adults living together with their own or adopted children in a household Extended Family: It may include grandparents, brothers and their wives, sisters and their husbands,Aunts and nephews.

"Family is not an important thing.It's everything."- Michael J. Fox A family is a socially recognized group( usually joined by blood, marriage or adoption) that forms an emotional connection and serves an economic unit of society. It is a group of two or more people who are related by blood, marriage, adoption or a mutual commitment and who care for one another. A family is a groups of persons directly linked by kin connections, the adult members of whom assume responsibility for caring children.

  What are the kinship patterns in Sociology? Patrineal: Only the father's relatives are significant in terms of property,Inheritance, and emotional ties. Matrilineal: Only the mother's relatives are significant. Bilateral: Both sides of a person's family are regarded as equally important.

  Japanese verbs ; affirmative & negative forms Japanese verbs /  Basic 10 verbs   Let’s learn Japanese verbs!   Dooshi  verbs  1  たべべます  tabe-masu  to eat  2  のみます  nomi-masu  to drink  3  みます  mi-masu  to look, to watch  4  よみます  yomi-masu  to read  5  ききます  kiki-masu  to listen  6  かきます  kaki-masu  to write  7  かいます  kai-masu  to buy  8  はなします  hanashi-masu  to talk, to speak  9  つくります  tsukuri-masu  to make  10  します  shimasu  to do, to play   ■　Bun no koozoo /  S entence  Structure   ① Watashi  wa  mainichi  terebi  o  mi-masu .  (I watch TV every day. ) →　Subject + time expression + verb + object   ② Ashita  watashi  wa  tenisu  o  shimasu.      ( Tomorrow,  I will (or am going to) play tennis.) →   Time expression + Subject + object + verb.   ③ Watshi  wa  yoku  koohii  o  nomi-masu .   (I often drink coffee.) →  Subject + object +  time expression + verb.   😛 1. The verbs generally comes at t

 If you’re traveling to Japan, you may want to learn the days of the week (or youbi ) in Japanese to talk about your schedule. Let’s break down the days of the week and how to use them in a sentence. Days of the Week in Japanese Learning the days of the week can be easy for English speakers especially, because like English, each Japanese day ends with the same suffix. In English, it’s -day ; in Japanese, each day of the week ends with -youbi . Remember this suffix, and you’re halfway there! English Kanji Hiragana Romaji Sunday 日曜日 にちようび Nichiyoubi Monday 月曜日 げつようび Getsuyoubi Tuesday 火曜日 かようび Kayoubi Wednesday 水曜日 すいようび Suiyoubi Thursday 木曜日 もくようび Mokuyoubi Friday 金曜日 きんようび Kinyoubi Saturday 土曜日 どようび Doyoubi How to Remember the Days of the Week in Japanese These words might look daunting if you’re just beginning to study Japanese, especially since they’re pure kanji . The kanji for 曜日 (- youbi ) especially can be difficult to wri