Exception of the Law of Demand
by In a competitive market, the price conditions of a product or service will keep varying …
Tag: Advanced Accounting Notes
Determinants and change in demand
The demand of a product is influenced by a number of factors. An organization should …
Demand Analysis Types
Consumer demand for a product may be viewed at two levels: Individual demand Market demand. …
Consumer’s equilibrium
Equilibrium means a state of no change. Evidently, at the equilibrium price, both buyers and …
Law of Equi-Marginal Utility
The Law of equi-marginal Utility is another fundamental principle of Economics. This law is also …
Law of Diminishing Marginal Utility
“Other things remaining the same when a person takes successive units of a commodity, the …
Indifference Curve Analysis
Indifference curve analysis is basically an attempt to improve cardinal utility analysis (principle of marginal utility). …
Concept of Scarcity
Scarcity, refers to the basic fact of life that there exists only a finite amount …
Definition and Concepts of Economics: Wealth, Welfare, Scarcity and Growth Oriented definitions
Economics, as a study of wealth, received great support from the Father of economics, Adam …
Equilibrium and various forms of equilibrium
In economics, economic equilibrium is a situation in which economic forces such as supply and …