Economics

To know why a demand curve slopes downwards, we need to have a basic understanding about the demand curve. So, let’s understand the demand… Read Article

A demand schedule is a table that depicts the relationship between a price and the quantity demanded for a commodity or service. Or, we… Read Article

Market, in economics, refers to market structures that are different from each other on the basis of degree and nature of competition. A number… Read Article

Law of Supply: MeaningThe Law of Supply is one of the most basic economic concepts that give an idea of the quantity of goods… Read Article

What is a Socialist Economy?A Socialist economy or Socialism is an economic system where the state owns and manages the means of production. The… Read Article

Utility in economics refers to the satisfaction a consumer gets from consuming a single unit of a product. Similarly, Total Utility (TU) means the… Read Article

What is a Capitalist Economy?A Capitalist Economy or Capitalism is an economic system where private individuals and businesses have the ownership and command of… Read Article

What is a Mixed Economy?A mixed economy is a mix of the centrally planned economy, i.e., socialism, and a free market economy, i.e., capitalism.… Read Article

Utility in economics means the satisfaction that a consumer gets from a commodity or service. There are economists who believe that we can’t measure… Read Article

Theory of Demand or Demand Theory is an economic principle that studies the relation between the demand for products or services and their prices.… Read Article

What is the Invisible Hand Theory?The “Invisible Hand Theory” was given by the 18th-century Scottish economist Adam Smith. He is also known as the… Read Article