A. Theory of Production and Marginal Products 1. The relationship between the quantity of output (such as wheat, steel, or automobiles) and the quantities of…

A. Economic Analysis of Costs 1. Total cost (TC) can be broken down into fixed cost (FC) and variable cost (VC). Fixed costs are unaffected…

A. Supply Behavior of the Competitive Firm 1. A perfectly competitive firm sells a homogeneous product and is too small to affect the market price….

A. Patterns of Imperfect Competition 1. Most market structures today fall somewhere on a spectrum between perfect competition and pure monopoly. Under imperfect competition, a…

Adam Smith define economics as “ Economics is the study of wealth” In the light of modern economic thoughts, the appropriate definition of economics can…

SUPPLY: Supply is of the scarce goods. It is the amount of a commodity that sellers are able and willing to offer for sale at…

DEFINITION:- It is a science of measuring the aggregate output and income of an economy OR National income is that part of the objective income…

DEFINITION: Inflation is measure of rate of change by the rise in price level. 1-low inflation 2- Galloping inflation. Major inflation creates by Govt. because…

DEFINITIONOF DEMAND One has need , have capacity to by and make decision to by, the demand comes in the market. OR The demand for…

UTILITY: Utility is the capability of commodity which could satisfy any human wants. It is a mental Phenomena because physical or physiological characteristics differ from…