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

What is a Centrally Planned Economy?An economy is a framework within which we perform various economic activities such as production, distribution, and consumption. A… Read Article

The utility is an important term in economics as it refers to satisfaction. Measuring utility has always been a topic of debate. Many economists… Read Article

What is the Law of Diminishing Marginal Utility?The law of diminishing marginal utility is an economic concept that helps to explain human buying behavior.… Read Article