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All Types of Costs in Economics with Examples
There are several costs that a firm should consider under relevant circumstances. It is quite essential for a firm to understand the difference between various…
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Production Cost in Short & Long Run
Introduction: In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production as to changing the output level …
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Meaning and Definition of Production
Introduction: Production involves the use of production factors in producing the most effective level. In addition, manufacturers also need to use the correct…
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Consumer’s Surplus
Consumer’s surplus, the concept was introduced by A. J. Dupit, a French engineer in 1844. But he could not have developed it. The credit goes to Alfred Marshal…
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Price Elasticity of Supply
Introduction Price elasticity of supply (Pes) measures the relationship between change in quantity supplied and a change in price. If supply is elastic, prod…
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Factors Affecting Supply Curve Shifts
Changes in quantity supplied strictly as a function of price are referred to as movement along a supply curve. A shift of the entire supply curve is referred t…
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Difference between Microeconomics & Macroeconomics
Economics is mainly divided into two parts: 1. Microeconomics 2. Macroeconomics The brief description of Microeconomics and Macroeconomic and its concept is…
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Price Determination Under Perfect Competition
Price determination under perfect competition can be analyzed into three periods: 1. Very Short Period 2. Short Period 3. Long Period 1. Very Short Period: Ref…
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Factors Affecting Supply (Determinant of Supply)
1. Price of Related Goods The supply of a product can be influenced by the price of related goods: A) Substitute goods B) Complementary goods A) Substitute…
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Supply Schedule and Supply Curve
The relation between the quantities of a commodity supplied at a given price is shown in the supply schedule. In other words supply schedule is the tabular fo…
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Exceptions to the Law of Supply
We know that the law of supply states that other factors kept constant as the price increases, the quantity supplied of a commodity increases and vice versa. W…
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Supply - Meaning and Law of Supply
Meaning: Supply is refers to ability and willingness to sell or produce a specific quantities of goods in a given period of time at a particular price, ceteri…
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Factors Affecting Demand
The factors affecting demand are: 1. Price 2. Income 3. Tastes 4. Price of Related Goods 5. Consumers' Expectations 6. Number of Buyers 7. Climatic …
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Scarcity and Choice goes together, how?
Scarcity and choice are inseparable. Discuss Yes, scarcity and choice are inseparable. It is further cleared by the following: 1. At Consumer Level: Here scarc…
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Basic Economy Concepts
There are 3 basic economic concepts in relation to economics definition: 1. Scarcity The problems of economics arise because we do not have enough resources t…
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Types of Economy Systems
A) Free Market Economy B) Centrally Planned or Command Economy C) Mixed Economy D) Islamic Economy A) Free Market Economy / Capitalist / Laissez Faire …
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Production Possibility Curve (PPC)
Production Possibility Curve is a graphical representation of alternative production possibilities facing an economy. A PPC is a graphical illustration of all …
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Factors of Production (4 Factors)
Factors of production are the basic resources used in the production process in order to produce economic goods and services. Economists have classified the fa…
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