Inflation is a word that we all hear frequently, and people don’t like the sound of this word even they don’t understand it correctly. However,…
Economic Order Quantity: Meaning, Formula, Assumptions, & Advantages
Economic order quantity is also popularly known as EOQ. It is defined as a production scheduling concept as it is used to determine the frequency…
Diseconomies Of Scale: Definition, Types, Examples, and Causes
Diseconomies of scale can be defined as the increase in the production cost of each unit increases with the increase in either production of the…
5 Key differences between Microeconomics and Macroeconomics
Economics deals with various activities such as production, distribution, and consumption of goods and services. Economics focuses on the working of all entities such as…
Market Economies: Meaning, Features, Types and the Advantages
Market economies can be defined as a market-oriented economic system. A market economy system is where all decisions regarding the production, distribution, investment, consumption, competition,…
What is Derived Demand? Meaning and Examples
Definition: Derived demand is defined as a demand which is related to a particular production factor or for the intermediate goods, which are a result…
Price Elasticity Of Supply: Definition, Types, Formula & Factors Affecting it
Price Elasticity of supply can be defined as the responsiveness of the supply of goods when there is a change in the market price of…
Top 8 Barriers to International Trade and their Types
It is a universal fact that no country in the world is self-sufficient, and it requires some of the staple products and other services from…
What is Competitive Equilibrium? Meaning and Examples
Definition The concept of Competitive Equilibrium can be defined as an equilibrium condition where the objective of profit maximization of the firm and the aim…
The Importance Of Economics For All Businesses
There are quite many aspects and facets of the business in the market for the brand or a business venture to be successful in gaining…
9 Types Of Political Culture
Political culture is defined as the collection of a set of attitudes, sentiments, and beliefs which give meaning and order to a political process and…
What is Circular Flow In Economics? 3 Models of Circular Flow
What is Circular Flow in Economics? Circular Flow in Economics means the circular flow of money and spending in the economy. At simplest level circular…
Difference Between Economic Growth and Economic Development Explained
Economic growth and economic development are two words which are usually mixed by the people and more often used interchangeably. However, these two topics of…
What Is Gross Domestic Product Or GDP and Role Of GDP In Economy?
GDP represents the value in monetary terms of all goods produced and services provided within a county’s geographical borders in a given period of time…
How Is GDP Measured? GDP Calculation Explained with Examples
Gross Domestic Product (GDP) is the monetary value of all finished goods and services of a country in a given time. It measures a country’s…
