30 August Economic Environment Of Business

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ECONOMIC ENVIRONMENT OF BUSINESS

AFTERSCHO☺OL – DEVELOPING CHANGE MAKERS

CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME –

World’ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship

OPEN FOR ALL FREE FOR ALL


ECONOMIC ENVIRONMENT OF BUSINESS

Dr. T.K. Jain.

AFTERSCHO☺OLCentre for social entrepreneurship

Bikaner

M: 9414430763

[email protected]

www.afterschool.tk

www.afterschoool.tk

http://www.afterschool.tk/

http://www.afterschoool.tk/


During the stage of diminishing returns, the MP and AP are positive

or negative?

• MP = marginal production

• AP = average production

• Both these are diminishing, but positive.


During the stage of diminishing returns, the production reaches its

maximum or minimum point?

• Maximum point


During the 3rd stage of law of production returns, the MP and AP

are positive or negative?

• The third stage is the stage of Negative returns, and in this stage MP is negative, but AP is not negative, but constantly diminishing.


Name the stage when AP and MP are equal?

• It is the stage when Ist stage completes and IInd stage starts (the mid point of Ist and IInd stage).


We double our production inputs, our output also double, what is the

returns to scale?

• Constant Returns to scale.


I increase inputs from 100 to 500, but the production increases from 75 to 89, what is returns to scale?

• Diminishing returns to scale


In which stage of production would you like to produce? (short run)

• IInd stage (when optimum output is there).


Returns to scale are about short run or long run?

• Long run


What is economy of scale?

• As the production increases, firms enjoy certain economies (fixed costs remain fixed to some extent and they enjoy the benefits).


Can economies become diseconomies?

• Yes – after optimum level of production, economies will become diseconomies.


In which stage is the TP highest (short run)?

• TP = total production

• TP is heighest in the mid of IInd and IIIrd stage.


In production laws, do we consider monetary profitability?

• No, we only consider physical inputs and outputs.


Do we assume technology to be constant in long run?

• Yes, Technology changes only in very long term.


Which laws will be applicable, when all factors are proportionately

changing?

• Returns to scale.


Is entrepreneurship also a factor of production?

• Yes


Nidhi becomes an entrepreneur, had she worked in a company, she could have earned Rs. 30 Lakhs, will this amount be a part of any

cost (accounting, economic or any other)?

• It is part of economic cost (not accounting cost – as there is no money outflow).


Prateek becomes an entrepreneur by investing Rs. 50 Lakhs. He could have easily earned Rs. 6

Lakh per annum as interest on this money. Is 6 Lakh his cost?

• It is economic loss (not accounting loss).


What is SAC in cost analysis?

• Short run Average Cost


What is LAC?

• Long run average cost


How many SAC can you have in long run?

• Infinite


How many LAC can you have in short run?

• None


Are fixed costs function of output?

• No (in short run)


What is the relation between cost and output called?

• Cost Function


The average product of labour is maximum at which point?

• When it is equal to marginal product of labour


What is AFC?

• It is average fixed cost.


What is AVC?

• Average Variable Cost


ABOUT AFTERSCHO☺OL

Afterschoool conducts three year integrated PGPSE (after class 12th along with IAS / CA / CS) and 18 month PGPSE (Post Graduate Programme in Social Entrepreneurship) along with preparation for CS / CFP / CFA /CMA / FRM. This course is also available online also. It also conducts workshops on social entrepreneurship in schools and colleges all over India – start social entrepreneurship club in your institution today with the help from afterschoool and help us in developing society.


Why such a programme?

• To promote people to take up entrepreneurship and help develop the society

• To enable people to take up franchising and other such options to start a business / social development project

• To enable people to take up social development as their mission

• To enable people to promote spirituality and positive thinking in the world


Who are our supporters?

• Afterschoolians, our past beneficiaries, entrepreneurs and social entrepreneurs are supporting us.

• You can also support us – not necessarily by money – but by being promotor of our concept and our ideas.


About AFTERSCHO☺OL PGPSE – the best programme for developing great

entrepreneurs• Most flexible, adaptive but rigorous programme• Available in distance learning mode• Case study focused- latest cases • Industry oriented practical curriculum• Designed to make you entrepreneurs – not just

an employee• Option to take up part time job – so earn while

you learn • The only absolutely free course on internet


Workshops from AFTERSCHO☺OL

• IIF, Delhi• CIPS, Jaipur• ICSI Hyderabad Branch• Gyan Vihar, Jaipur• Apex Institute of Management, Jaipur• Aravali Institute of Management, Jodhpur• Xavier Institute of Management, Bhubaneshwar • Pacific Institute, Udaipur• Engineering College, Hyderabad


Flexible Specialisations:

• Spiritualising business and society• Rural development and transformation• HRD and Education, Social Development• NGO and voluntary work• Investment analysis,microfinance and inclusion • Retail sector, BPO, KPO• Accounting & Information system (with CA / CS /CMA)• Hospital management and Health care• Hospitality sector and culture and heritage• Other sectors of high growth, high technology and social

relevance


Salient features:• The only programme of its kind (in the whole world)• No publicity and low profile course• For those who want to achieve success in life – not just a

degree• Flexible – you may stay for a month and continue the rest of

the education by distance mode. / you may attend weekend classes

• Scholarships for those from poor economic background• Latest and constantly changing curriculum – keeping pace

with the time• Placement for those who are interested• Admissions open throughout the year • Latest and most advanced technologies, books and study

material


Components • Pedagogy curriculum and approach based on IIM Ahmedabad and ISB

Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)• Meditation, spiritualisation, and self development • Essential softwares for business• Business plan, Research projects• Participation in conferences / seminars• Workshops on leadership, team building etc. • Written submissions of research projects/articles / papers• Interview of entrepreneurs, writing biographies of entrepreneurs• Editing of journals / newsletters• Consultancy / research projects • Assignments, communication skill workshops• Participation in conferences and seminars• Group discussions, mock interviews, self development diaryng • Mind Power Training & writing workshop (by Dr. T.K.Jain)


Pedagogy

• Case analysis,• Articles from Harvard Business Review • Quiz, seminars, workshops, games, • Visits to entrepreneurs and industrial visits• Presentations, Latest audio-visuals• Group discussions and group projects• Periodic self assessment• Mentoring and counselling• Study exchange programme (with institutions out of

India)• Rural development / Social welfare projects


Branches

• AFTERSCHO☺OL will shortly open its branches in important cities in India including Delhi, Kota, Mumbai, Gurgaon and other important cities. Afterschooolians will be responsible for managing and developing these branches – and for promoting social entrepreneurs.


Case Studies

• We want to write case studies on social entrepreneurs, first generation entrepreneurs, ethical entrepreneurs. Please help us in this process. Help us to be in touch with entrepreneurs, so that we may develop entrepreneurs.


Basic values at AFTERSCHO☺OL

• Share to learn more• Interact to develop yourself• Fear is your worst enemy• Make mistakes to learn • Study & discuss in a group• Criticism is the healthy route to mutual support

and help • Ask fundamental questions : why, when, how &

where?• Embrace change – and compete with yourself

only


www.afterschoool.tk social entrepreneurship for better

society

http://www.afterschoool.tk/

30 August Economic Environment Of Business

Technology

stage of production

stage mp

stage of negative returns

stage of diminishing

short run iind stage

average production

short run average cost

long run