The First Lesson of Economics is Scarcity; there is never enough of
anything to fully satisfy all those who want it. The First Lesson of
Politics is to disregard the First Lesson of Economics.
-Thomas Sowell
Page | 1
Table of Content:
1. Pakistan Economy
Pareto Efficiency
Inroduction
Pareto efficiency is a concept dealing with the efficiency of situations. A situation that is
Pareto efficient cannot be changed in a way that makes it better for at least one of the
people involved without making it worse fo
Assessment Information
Subject Code:
CISM4000
Subject Name:
Accounting Information Systems
Assessment Title:
Excel Assignment
Weighting:
10%
Total Marks:
75
Due Date:
Friday 15th Jan 2016 5pm.
.
Assessment Description
This is an individual assignment and
PERDISCO
VIRTUALTUTOR PRACTICE SET
STUDENTCOMPANION & HELPFULHINTS
STUDENTCOMPANION & HELPFULHINTS
Manual Accounting Practice Set
VirtualTutor, Australasian Edition 3
This student companion to the VirtualTutor accounting practice set provides you with inf
Some Concepts of NIA
Closed and Open Economy:
Closed Economy: A closed economy is the economy in
which there is no economic dealings and social interaction
with outside the world. A closed economy is said to be a
self-sustained, self-contained, self-suffi
Statics, Dynamics and
Comparative Statics
The economic theory is divided into two main branches, viz.,
economic statics and economic dynamics. These terms
were first introduced by August Comte in social sciences.
Stuart Mill made use of these concepts in
Determination of National
Income
1.
2.
3.
In the short run, the level of national income is determined
by aggregate demand and aggregate supply. The supply of
goods and services in a country depends on the production
capacity of the community. But during
Consumption Function
Propensity to consume is also called consumption function.
In the Keynesian theory, we are concerned not with the
consumption of an individual consumer but with the sum
total of consumption spending by all the individuals.
However, in
Investment
Investment, in the theory of income and employment,
means, an addition to the nations stock of capital like the
building of new factories, new machines as well as any
addition to the stock of finished goods or the goods in the
pipelines of prod
Micro and Macro
Economics
The terms micro- and macro- economics were first coined
and used by Ragnar Fiscer in 1933. Micro-economics
studies the economic actions and behaviour of individual
units and small groups of individual units. In microeconomics, we
Circular Flow of Income
The amount of income generated in a given economy within
a period of time (national income) can be viewed from three
perspectives. These are:
Income,
Product, and
Expenditure.
The above assertion implies that we can view national
i
Trade Cycles
Trade cycles refer to regular fluctuations in the level of
national income. It is a well-observed economic
phenomenon, though it often occurs on a generally upward
growth path and has a variable time span, typically of three
years.
In trade c
Theory of Employment
TYPES OF UNEMPLOYMENT:
(a) Structural Unemployment: It is also known as
Marxian unemployment or long-term unemployment.
It is due to slower growth of capital stock in the
country. The entire labour force cannot be absorbed
in producti
Multiplier and Accelerator
(Determination of National Income Continued)
The Multiplier:
Keynes Multiplier Theory gives great importance to increase
in public investment and government spending for raising the
level of income and employment. Both consumpti
Coefficient of Correlation
Population Correlation Coefficient:
1.
The measure of joint or mutual variation in a bivariate population with two
variables x and y, is called covariance of x and y:
2.
In order to make comparison, the covariance must be standa
Measures of Dispersion
Definition:
1.
Two or more distributions may differ greatly in their dispersion, although their means
may be the same, for e.g.:
67,67,67,67,67,67,67,67
43,43,50,55,66,90,91,97
2.
3.
By dispersion we mean the extent to which the val
Measures of Central Tendency II
(d) Median:
1.
Median is defined as the middle value of the data when the values are
arranged in ascending or descending order.
2.
If there are even number of values in the data, the average of two middle
values in the arra
Measures of Central Tendency I
Definition:
A value which is used in this way to represent the distribution is called an
average. Since the average lies in the centre of a distribution, they are
called measures of central tendency. They are also known as m
Introduction to Statistics
History of Statistics:
1.
The word statistics has been derived from the origin Latin word status or the
Italian word statista.
2.
In 1749, Gottfried Achenwall during one of his lectures at a German university,
used the word stat
Measures of the Shape of Distribution
The frequency distribution can be described by the following four characteristics:
1.
2.
3.
4.
The central value in the distribution around which the observations tend to lie, which is
described by the measures of cen
Probability
Definition:
An experiment is any well-defined operation or procedure that results in one
of two or more possible outcomes. An outcome is particular result of an
experiment.
Counting Techniques:
(a)
Tree Diagram,
(b) Multiplication Rule,
(c)
Pe
Trend Series Analysis I
1.
2.
3.
There are four important bases for classification of data namely qualitative,
quantitative, geographical and chronological. In the classification on
chronological basis, the data are arranged by successive time periods, e.
Sampling Distribution Theory I
Population and Sample:
1.
A population is a well-defined group of individuals whose characteristics
are to be studied. Populations may be finite or infinite.
(a) Finite Population: A population is said to be finite, if it
co
Regression
1.
2.
3.
4.
The term regression was used by Sir Frances Galton in connection with the studies he
made on the statures fathers and sons.
It is a technique which determines a relationship between two variables to estimate one of
the variables (de
Random Variable andIts Probability Distribution
Random Numbers:
1.
2.
3.
4.
5.
1.
2.
3.
4.
5.
6.
7.
8.
In our every day life, we base many of our decisions on random outcomes, i.e., change
occurrence. For e.g., captains of two cricket teams toss a coin to
Circular Flow of Income
The amount of income generated in a given economy within a period
of time (national income) can be viewed from three perspectives.
These are:
Income,
Product, and
Expenditure.
The above assertion implies that we can view national i
Gross National Product (GNP):
GNP is the basic national income accounting measure of the total
output or aggregate supply of goods and services. It has been
defined as the total value of all final goods and services produced in a
country during a year. GN
Determination of National Income
1.
2.
3.
In the short run, the level of national income is determined by
aggregate demand and aggregate supply. The supply of goods and
services in a country depends on the production capacity of the
community. But during
Consumption Function
Propensity to consume is also called consumption function. In the Keynesian
theory, we are concerned not with the consumption of an individual consumer but
with the sum total of consumption spending by all the individuals. However, in