# ET DCM1107 on Freedoms4

https://freedoms4.org/uninotes/s1/et-dcm1107/ Recent content in ET DCM1107 on Freedoms4 Hugo en-us your-email@example.com (Freedoms4) your-email@example.com (Freedoms4)

# Unit 1

https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/ Mon, 01 Jan 0001 00:00:00 +0000 your-email@example.com (Freedoms4)https://freedoms4.org/uninotes/s1/et-dcm1107/unit1/live/<h3 class="heading" id="april-5-2026"> <em><strong>April 5, 2026</strong></em><span class="heading__anchor"> <a href="#april-5-2026">#</a></span> </h3><h2 class="heading" id="course-objectives"> Course Objectives<span class="heading__anchor"> <a href="#course-objectives">#</a></span> </h2><p>A) Develop analytical skills for interpreting consumer decision-making and market behaviour using economic tools.<br> B) Examine cost and revenue structures of firms.</p> <h2 class="heading" id="definition-of-economics-by-various-individuals"> Definition of Economics by various individuals<span class="heading__anchor"> <a href="#definition-of-economics-by-various-individuals">#</a></span> </h2><p>A) Wealth Definition by Adam Smith.<br> B) Welfare Definition by Alfred Marshall.<br> C) Scarcity Definition by Robbins.<br> D) Growth Defintion by Samuelson.</p> <h2 class="heading" id="nature"> Nature<span class="heading__anchor"> <a href="#nature">#</a></span> </h2><h3 class="heading" id="a-economics-as-a-science"> A) Economics as a Science<span class="heading__anchor"> <a href="#a-economics-as-a-science">#</a></span> </h3><ol> <li>Positive (what is, based on data and logic)</li> <li>Normative (what ought to be, opinions, judgements)</li> </ol> <h3 class="heading" id="b-economics-as-an-art"> B) Economics as an Art<span class="heading__anchor"> <a href="#b-economics-as-an-art">#</a></span> </h3><ol> <li>Pure (what ought to be, ideals and goals)</li> <li>Applied (real world, how to implement)</li> </ol> <h3 class="heading" id="a-described-economics-as-a-science"> A) Described Economics as a Science<span class="heading__anchor"> <a href="#a-described-economics-as-a-science">#</a></span> </h3><ol> <li>Focuses on laws and cause-and-effect relationships (e.g Law of Demand).</li> <li>Models to predict economic outcomes.</li> <li>Data analysis, observation, hypothesis.</li> <li>Real-world evidence.</li> <li>Deductive and Inductive reasoning.</li> </ol> <ul> <li>Limitaion: Human behaviour involved.</li> </ul> <h2 class="heading" id="methods"> Methods<span class="heading__anchor"> <a href="#methods">#</a></span> </h2><p>A) Inductive (specific -&gt; general).<br> B) Deductive (general -&gt; specific).</p>

# Unit 12

https://freedoms4.org/uninotes/s1/et-dcm1107/unit12/self/ Mon, 01 Jan 0001 00:00:00 +0000 your-email@example.com (Freedoms4)https://freedoms4.org/uninotes/s1/et-dcm1107/unit12/self/<h3 class="heading" id="may-25-2026"> <em><strong>May 25, 2026</strong></em><span class="heading__anchor"> <a href="#may-25-2026">#</a></span> </h3><h2 class="heading" id="definitions"> Definitions<span class="heading__anchor"> <a href="#definitions">#</a></span> </h2><h3 class="heading" id="interest"> Interest<span class="heading__anchor"> <a href="#interest">#</a></span> </h3><p>The payment or reward given for borrowing money or using capital for a specific period of time.</p> <h3 class="heading" id="gross-interest"> Gross Interest<span class="heading__anchor"> <a href="#gross-interest">#</a></span> </h3><p>The total amount paid by the borrower to the lender for using borrowed money before deducting taxes, service charges, or other expenses.</p> <h3 class="heading" id="net-interest"> Net Interest<span class="heading__anchor"> <a href="#net-interest">#</a></span> </h3><p>The actual or pure interest earned or paid after excluding additional charges such as risk, management costs, and inconvenience.</p>

# Unit 2

https://freedoms4.org/uninotes/s1/et-dcm1107/unit2/live/ Mon, 01 Jan 0001 00:00:00 +0000 your-email@example.com (Freedoms4)https://freedoms4.org/uninotes/s1/et-dcm1107/unit2/live/<h3 class="heading" id="april-12-2026"> <em><strong>April 12, 2026</strong></em><span class="heading__anchor"> <a href="#april-12-2026">#</a></span> </h3><h2 class="heading" id="types-of-utility"> Types of Utility<span class="heading__anchor"> <a href="#types-of-utility">#</a></span> </h2><p>A) Form Utility<br> B) Place<br> C) Time<br> D) Possession</p> <h2 class="heading" id="law-of-deminishing-marginal-utility"> Law of Deminishing Marginal Utility<span class="heading__anchor"> <a href="#law-of-deminishing-marginal-utility">#</a></span> </h2><h2 class="heading" id="law-of-equi-marginal-utility"> Law of Equi-Marginal Utility<span class="heading__anchor"> <a href="#law-of-equi-marginal-utility">#</a></span> </h2><h2 class="heading" id="law-of-demand"> Law of Demand<span class="heading__anchor"> <a href="#law-of-demand">#</a></span> </h2><p>Price and Quantity demanded for a product is inversely related.</p> <h2 class="heading" id="exceptions-of-law-of-demand"> Exceptions of Law of Demand<span class="heading__anchor"> <a href="#exceptions-of-law-of-demand">#</a></span> </h2><p>A) Assumption of increase in price.<br> B) Status goods or Veblen goods.<br> C) Giffen goods.<br> D) War.<br> E) Economic depression. F) Essential goods.</p>

# Unit 5

https://freedoms4.org/uninotes/s1/et-dcm1107/unit5/self/ Mon, 01 Jan 0001 00:00:00 +0000 your-email@example.com (Freedoms4)https://freedoms4.org/uninotes/s1/et-dcm1107/unit5/self/<h3 class="heading" id="may-01-2026"> <em><strong>May 01, 2026</strong></em><span class="heading__anchor"> <a href="#may-01-2026">#</a></span> </h3><h2 class="heading" id="explicit-cost"> Explicit Cost<span class="heading__anchor"> <a href="#explicit-cost">#</a></span> </h2><p>Explicit costs are direct, out-of-pocket payments that a business or individual makes for the use of resources or services. These costs are tangible, measurable, and recorded in accounting books, including expenses like rent, utility bills, wages, raw materials, and interest on borrowed capital.</p> <h2 class="heading" id="implicit-cost"> Implicit Cost<span class="heading__anchor"> <a href="#implicit-cost">#</a></span> </h2><p>Implicit costs are not directly paid out or recorded in financial statements, but represent the opportunity costs of using resources owned by the firm or individual. Examples include the forgone salary if an entrepreneur works in their own business instead of being employed elsewhere, or the interest income sacrificed by investing personal funds in the business rather than elsewhere.</p>

# Unit 6

https://freedoms4.org/uninotes/s1/et-dcm1107/unit6/self/ Mon, 01 Jan 0001 00:00:00 +0000 your-email@example.com (Freedoms4)https://freedoms4.org/uninotes/s1/et-dcm1107/unit6/self/<h3 class="heading" id="may-02-2026"> <em><strong>May 02, 2026</strong></em><span class="heading__anchor"> <a href="#may-02-2026">#</a></span> </h3><h2 class="heading" id="production-function"> Production Function<span class="heading__anchor"> <a href="#production-function">#</a></span> </h2><p>The production function states the functional relationship between the factors of production and the number of products.</p> <p>Q = f (L, C, N)<br> Here, Q = Quantity of output, L = labour, C = capital, N = land.</p> <h2 class="heading" id="time-elements-in-production-function"> Time Elements in Production Function<span class="heading__anchor"> <a href="#time-elements-in-production-function">#</a></span> </h2><h3 class="heading" id="a-short-run"> A) Short run<span class="heading__anchor"> <a href="#a-short-run">#</a></span> </h3><p>In the short run, only some of the inputs can be varied, but not all. Some factors will remain fixed, and some will be variable.</p>

# Unit 7

https://freedoms4.org/uninotes/s1/et-dcm1107/unit7/self/ Mon, 01 Jan 0001 00:00:00 +0000 your-email@example.com (Freedoms4)https://freedoms4.org/uninotes/s1/et-dcm1107/unit7/self/<h3 class="heading" id="may-08-2026"> <em><strong>May 08, 2026</strong></em><span class="heading__anchor"> <a href="#may-08-2026">#</a></span> </h3><h2 class="heading" id="types-of-capital"> Types of Capital<span class="heading__anchor"> <a href="#types-of-capital">#</a></span> </h2><p>A) Owned/Borrowed Capital.<br> B) Fixed/Floating Capital.<br> C) Working Capital.<br> D) Gross Working Capital.<br> E) Net Working Capital.<br> F) Net Operating Working Capital.</p> <h2 class="heading" id="types-of-revenue"> Types of Revenue<span class="heading__anchor"> <a href="#types-of-revenue">#</a></span> </h2><h3 class="heading" id="a-operating-revenue"> A) Operating Revenue<span class="heading__anchor"> <a href="#a-operating-revenue">#</a></span> </h3><ol> <li>Sales Revenue.</li> <li>Service Revenue.</li> </ol> <h3 class="heading" id="b-gross-revenue"> B) Gross Revenue<span class="heading__anchor"> <a href="#b-gross-revenue">#</a></span> </h3><p>Gross revenue, often known as gross sales, is the entire amount of money your firm makes in a given accounting period before any deductions.</p>