Economics

Difficulties in Estimating National Income

Conceptual Difficulties: • No practicable methods exists for inclusion of some items in National Income (NI), such as…

Concepts Associated with National Income

Duopoly

It is a specific type of oligopoly where only two producers exist in one market. In reality, this…

Oligopoly

Oligopoly is a market situation in which there are few firms producing either differential goods or closely differential…

Monopolistic Competition

It is that form of market in which there are large numbers of sellers selling differentiated products which…

Imperfect Competition

Imperfectly competitive markets may be classified as: Ø  Monopoly, Ø  Monopolistic Competition, Ø  Oligopoly and Ø  Duopoly Monopoly Monopoly refers to the…

Market

• In economics, market means a social system through which the sellers and purchasers of a commodity or a…

Short-run Costs

In the short-run, a firm employs two types of factors: fixed factors and variable factors. Costs are also…

Nature of Economics

Nature of economics refers to whether economics is a science or art or both, and if it is…

Types of production

Production is undertaken by firms, also known as enterprises, or businesses. There are three stages of production: 1.      Primary production, which…