Demand function
Demand function a behavioral relationship between quantity consumed and a person’s maximum willingness to pay for incremental increases in quantity. It is usually an inverse…
Economics
Fundamental economic problems
Everything in life is scarce. So, the basic economic problem is what we can produce using limited resources with proper utilization.Most goods can be produced…
Production possibility frontier (PPF)
Production possibility curve is a graphical presentation of alternative production possibilities facing an economy. It is also known, as production possibility frontier. As our resources…
What are the factors of production?
To produce a good or provide a service, resources must be used which is known as to produce a good or provide a service, resources…
The features of Mixed Economy
The following are the main characteristics of a mixed economy: Co–existence of the Public and Private Sectors: The chief characteristic of a mixed economy is…
Describe law of supply
The law of supply is a fundamental principle of economic theory. It states that all else equal an increase in price results in an increase in quantity…
Free Market Economy
A free market economy is an economy in which the allocation for resources is determined only by their supply and the demand for them. This…
International Workers Day
The 1st day of May is observed all over the world to commemorate the historic struggle of the working people of the world. Today the…
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