Market Structure
What is market structure? Market structure can be explained as interconnected characteristics of a market, such as the number and relative strength of buyers and sellers and degree of collusion…
What is monopoly? Definition, Features, Types, Price-output determination
What is monopoly? The term monopoly has been derived from Greek term Monopolian that means a single seller. Thus, monopoly is a market condition in which there is a single…
Monopolistic Competition: Meaning, Features, Price determination
What is Monopolistic Competition? Monopolistic competition is a situation of market in which the number of producers and sellers is large though not so large as to create the situation…
What is Supply? Law of Supply and Supply Curve
What is supply? Supply can be defined as that much quantity of commodity which a producer or seller is willing and able to sell at given price level. Supply of…
Microeconomics and Macroeconomics
What is Microeconomics? Microeconomics is the study of the economic behavior of individual consumer and producer and of individual economic variables i.e. production and pricing of individual goods and services.…
What is Cost Concepts?
Cost Concepts Cost is measurement in monetary terms of the amount of resources used for the purpose of production of goods or rendering services. It can be expressed in terms…
Economy and Its Basic Problem
Basic Problems of an Economy The basic problems of economic decisions and form the basis of economic studies and generalisation.The major economic problems faced by an economy whether capitalist, socialist…
What is Business Economics? Definitions, Scope, Nature
What is Business Economics? Economics is the social science studying the production, distribution and consumption of goods and services. Economics is a complex social science spans from mathematics to psychology.…
What is Demand? Definitions, Essentials, Classifications, Law of Demand
What is Demand? The demand for anything, at a given price is the amount of it which will be bought per unit of time at the price. The quantity of…