Meaning of Firm: A firm, in economic terms, is an organization or entity engaged in the production or distribution of goods and services to meet the needs of consumers. The terms “firm” and “company” are
Meaning of Cost: Cost, in a general refers to the expenditure or sacrifice made to acquire goods, services, or resources. It represents the value of resources used to produce or obtain something. Costs are crucial
Meaning of Mixed Economy: The mixed economy is a mixture of capitalism and socialism. The mixed economy tries to avoid the two extremities of pure capitalism and pure socialism and the evils associated with each
Meaning of Socialism: Socialism is also called as planned economic system. It is an economic organization of society in which the material means of production or own by the whole community and operated by organs
Meaning: The Capitalism is also called as free enterprise system. It is a system of economic organization featured by the private ownership and the used for private profit of man-made and natural made capital. Capitalism
Introduction: The basic objective of the consumer is consumer is to derive highest level of satisfaction out of a given amount of money income. In order to achieve this objective, he will spend his limited
Introduction: The Law of Demand is a fundamental principle in economics that describes the relationship between the price of a good or service and the quantity demanded by consumers, assuming that other factors remain constant.
Introduction: The concept of Consumer’s Surplus was first invented by a French economist Dupuit in 1844. Later it was popularized by Prof. Alfred Marshall in 1980. Because of this consumer’s surplus is also called as
Introduction: The law of EMU is another law of consumption and an extension of law of diminishing marginal utility. The law is called as Gossens second law consumption. The original explanation of the law has
Introduction: The concept of utility was introduced in economics by Prof. William Stanley Jevons, an English economist. In economics, utility refers to the satisfaction or pleasure that a consumer derives from consuming a good or
