Demand and Supply Analysis What is Demand and Supply Analysis? The demand and supply analysis focuses on the demand for a product or service and maximum production-distribution capabilities. It highlights the gap between the market’s requirements and the fulfillment of goods and services. This analysis is based on the law of demand and the ….  Read More

                  The Production Possibility Curve.   DEFINITION A production possibilities curve in economics measures the maximum output of two goods using a fixed amount of input. The input is any combination of the four factors of production: natural resources (including land), labor, capital goods, and entrepreneurship.   Definition and ….  Read More

    Theory of Production Compulsory Topics to learn here. -Production: division of labour and specialization. -Scale of production (Internal and External economies), concept of total, average and marginal productivity and law of variable proportions. – THEORY OF COST AND REVENUE (i) Cost concepts: total cost, average cost, marginal cost, variable cost, fixed cost; short ….  Read More

  Theory of Cost and Revenue.     The determination of the price for a product or service is not easy. Several other factors govern it. The theory of cost definition states that the costs of a business highly determine its supply and spendings. The modern theory of cost in Economics looks into the concepts ….  Read More

                     Theory of Cost and Revenue- Cost Concept     Cost analysis is all about the study of the behavior of cost with respect to various production criteria like the scale of operations, prices of the factors of production, size of output, etc. It is all about the financial aspects of production. In ….  Read More

    Microeconomics- Cost Concept Distinction Between Economic Cost and Accounting in Respect to How Accountant and Economist Views Cost.     Running a business demands that you keep a pulse on the financial factors that affect net profits. Two of those factors are accounting costs and economic costs. Although the two terms sound similar ….  Read More

                         Revenue Concepts   In order to understand markets and economic activities, it is important to have a good grip on the basic concepts of revenue. In this lesson, we will talk about the basic concepts of revenue and its types.   Basic Concepts of ….  Read More

      Economic Systems of the Earth: Types and Features of Economic systems   An economic system is the method that a government or society uses to arrange and distribute resources, including goods and services, throughout a geographic area. Explore the definition, types, and examples of economic systems, including planned, market, and mixed market ….  Read More