Business economics elaborates the concepts of markets, finance etc. It is a field of applied economics which analyze the business organization.
Low cost strategy is among the most used approaches. It means to produce a company’s products or services at the lowest possible cost in the entire market. It will let you control the other aspects of your business much better & it perfectly complements competitor-based pricing. Thus, you will eventually rule the market among all … Read more
Are you also looking for a detailed guide on Economy Pricing Strategy? If yes, then you’re at the right place! After researching numerous top-level real-life companies, we have figured out the appropriate definition and implementation of the Economy Pricing Strategy. It is a volume-based strategy where companies seek to serve more and more customers at … Read more
Are you also looking for “Markup Pricing?” If yes, then you’re at the right place! Markup price refers to an add-on-the-cost price to form the selling price consisting of a required profit. This method has various elements that can make your business grow at a good pace. Thus, if you also want to make your … Read more
What is Unsought Products? Unsought products are referred to the products which consumer are unaware of or does not normally buy. Purchase of such goods is usually done out of fear of danger or the ries of danger. Unsought product examples are fire extinguishers, life insurance, reference books, and funeral services. In the case of … Read more
The monetary unit is the basic primary denomination of a currency. It is also called the fundamental unit of account and can be measured by its purchasing power parity. There are several problems with this assumption, including its efficacy in an inflationary economy. Let’s discuss some of them in this article. Also, we’ll look at … Read more
Tax Multiplier emphasizes the change in the income or GDP level due to the change in taxation levied by the government. The concept covered will be marginal propensity to consume, marginal propensity to save, tax multiplier formula, derivation, examples, graphical representation, government spending multiplier, uses and limitations for the same.
Capital resources definition emphasizes on the man made products and services which are produced with a period of time. It includes tools, machinery, equipment and other items. Examples quoted under capital resources are included in the writing along with the aids of production it provides.
What is a factor market: The factor market is referred to all the business resources – land, labour, rent, wages. In the circular flow of income and expenditure economy is divided into firms and households. Where the household sector provides the factors of production to firms and it is called a factor market.
Ordinal utility depicts the consumer’s decision making behaviour by the level of satisfaction attained after the consumption of commodities that are arranged in order of preferences. Further, the consumer equilibrium studied is indifference curve analysis using the ordinal utility.
Consumer equilibrium indicates the satisfaction level of the customer by consuming different commodities assuming his income or budget constant. This further involves the concept of indifference curve along with a tabular and graphical representation.
Economic Utility Definition refers to the satisfaction gained by an individual or power of a commodity that depends upon customer’s need and want. Moreover there are terms like Marginal and Total utility along with their relationship explained through table and graph represntation. further elaborating law of diminishing marginal utility.
Pricing Under Monopoly Firms And Level Of Price Discrimination Pricing under monopoly is different from the other market structure due to the single seller in the market, and it leads to many advantages when it comes to pricing. Before, we move to the concept of pricing under monopoly lets understand the meaning of monopoly market … Read more