What is Demand Forecasting? Demand forecasting is the activity of estimating the quantity of a product or service that consumers will purchase. Demand forecasting involves techniques including both informal methods,…
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? 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…
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? 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…
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.…
Decision Making - Pepsi – Cola’s Dilemma Many years ago, several reports surfaced stating that syringes and hypodermic needles had been found in Pepsi cans. It was a difficult problem…
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…
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? 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.…