Supply is the total quantity of a commodity that a seller would be willing to produce and sell at a given price, during a given period of time.
Demand means the various quantities of goods that would be purchased per time period at different prices in a given market.
Consumers surplus is the economic gain accruing to a consumer (or consumers) when they engage in trade
iness economists are the persons who perform jobs in context to identify various problems that are uplifting a company, find out various reasons behind these problems, analyze their effects on the functioning of the company and finally suggest rational alternative and corrective measures to be taken by the management.
A curve showing different combinations of two commodities giving the same level of satisfaction to the consumer is called the indifference curve.
The Law of Diminishing Marginal Utility is based on the assumption that as a consumer consumes more and more units of a commodity, its severity of want declines, due to this, the marginal utility derived from the commodity also declines.
ility analysis, a subset of consumer demand theory, provides insight into an understanding of market demand and forms a cornerstone of modern microeconomics.
The theory of distribution or the theory of factor pricing deals with the determination of the share prices of four factors of production, viz., land, labour, capital and organization.
What is Business Economics? Business Economics, also called Managerial Economics, is the application of economic theory and methodology to business. Business involves decision-making. Decision-making means the process of selecting one…
What is Welfare Economics? Welfare economics is the study of how the allocation of resources and goods affects social welfare. This relates directly to the study of economic efficiency and…