Economics

Definition: An isoquant curve is that convex shaped curve which is formed by joining the points depicting the different blends of the two production factors, providing constant output. Here, the term 'isoquant' can be cracked into 'iso' which implies equal and 'quant' that stands for quantity. The word altogether means the same volume or constant output at all points. The … [Read more...] about Isoquant Curve

Definition: Macroeconomics is that specialized field of economics which focuses on the overall economy. It works on the aggregate value of the various individual units, to determine its more substantial impact on the whole nation. All the prominent reforms and policies are based on this concept. For instance; the nation's income is computed as the per capita income, which is … [Read more...] about Macroeconomics

Definition: Public-private partnership (PPP) is a model where the government associates with private companies to accomplish infrastructure projects. This alliance between both the parties, ensure financing, designing, flourishing and maintaining of the infrastructural amenities within the country. The PPP approach initiates the efficient facilitation of public goods to the … [Read more...] about Public-Private Partnership (PPP)

Definition: Price sensitivity refers to the degree or extent to which the consumer's buying behaviour varies with the change in the price of the product or service. In simple terms, it determines the level to which buyers or consumers are conscious about the price of a particular product or service. It is also termed as price elasticity of demand, which shows the effect of … [Read more...] about Price Sensitivity

Both monetary policy and fiscal policy go hand in hand when it comes to the economic stability and growth of a nation. The most significant difference between the two is that monetary policy is introduced as a corrective measure by the central bank to control inflation or recession and strengthen the Gross Domestic Product (GDP). Whereas, fiscal policy is implemented each year … [Read more...] about Monetary Policy Vs Fiscal Policy

Public goods, as the name suggests, are for the facility and welfare of the public in general for free of cost. Whereas, private products are the ones which are sold by private companies to earn profits and fulfil the needs of the buyers. This is a significant difference between these two types of goods. However, both public goods and private goods are for the consumer's … [Read more...] about Public Goods Vs Private Goods

Definition: Demand forecasting refers to a scientific and creative approach for anticipating the demand of a particular commodity in the market based on past behaviour, experience, data and pattern of related events. It is not based on mere guessing or prediction but is backed up by evidence and past trends. Example: A printing press owner forecasts high demand for notebooks … [Read more...] about Demand Forecasting

Definition: Demand in economics can be defined as the quantity of a commodity which a customer who is willing and capable of paying for it, wants to acquire at the given market price within a given period. It acts as a base for the production of goods and services. A business forecast its sale and estimates the potential market by the demand which a product creates in the … [Read more...] about Demand in Economics

Definition: A market structure can be understood as a system for categorising the products and services offered by the firms, according to the nature and level of competition in the market. A 'market' in economics is an actual or virtual area where sellers and buyers communicate to carry out trade activities is known as a market in economic terms. Example: Krofet Market in … [Read more...] about Market Structure

Definition: Managerial economics is a stream of management studies which emphasises solving business problems and decision-making by applying the theories and principles of microeconomics and macroeconomics. It is a specialised stream dealing with the organisation's internal issues by using various economic theories. Economics is an inevitable part of any business. All the … [Read more...] about Managerial Economics