Investment: Investment means an addition to the nation’s physical stock of capital link the building of new factories, new machines...

Perfect competitive market Monopoly market (i) A fair, direct competition between buyers and buyers: se...

Consumer surplus: Consumer surplus is a measure of the welfare that people gain from consuming goods and services. Concept of con...

The problem of selection: A society cannot produce enough goods and services to satisfy all the wants of its people, it has to make...

The problem of scarcity: We live in a word of scarcity people want and need variety of goods and services. This applies equally to ...

Utility: In economics, utility is a measure of relative satisfaction. Utility is a scientific construct that economics use to under...

Technological change: Technological change refers to improvement in the process for producing goods and services, changes in old produ...

Difference between Demand schedule and Demand curve  Demand Schedule Demand Curve (i) The demand sc...

Resource allocation: Allocation of resources is a central theme in economics which is essentially a study of how resources are alloca...

Consumption expenditure is the value of the consumption goods and services bought by house hold.  Determinants of consumption: ...

Types of inflation: (i) According to causes or reasons: (a) Currency induced inflation (b) Credit induced inflation (c) Wage...

The importance of PPF (i) The PPF can be used to illustrate two very important economic concepts- Scarcity and  Opportunity c...