Marginal rate of Substitution
by In economics, the marginal rate of substitution (MRS) is the amount of a good that a consumer is willing to give up for another good, …
Tag: National Income
Circular flow of income
The circular flow of income and spending shows connections between different sectors of an economy. It shows flows of goods and services and factors of …
Nature and Structure of the Economy
NATURE OF THE ECONOMY The nature of economics is related to the study of wealth or human behaviour or of scarce resources. The scope is …
Concept of Economic Growth, Economic Development
Economic Growth Economic growth refers to the increase in the production of goods and services in an economy over time, typically measured by the rise …
KMB102/KMBN102 Managerial Economics
 UNIT 1 Basic Concepts and Principles: {Book link}  1 Definition and Nature of Economics VIEW 2 Scope of Economics VIEW 3 Micro Economics …
Law of Comparative Advantage
Comparative advantage is an economic term that refers to an economy’s ability to produce goods and services at a lower opportunity cost than that of …
Tariffs and Non-Tariffs Barriers in International Trade
Tariffs and Non-Tariffs Barriers in International Trade
Prices of Services
Once we have designed and developed the service product and its delivery, we would have to decide how to price the service for earning revenue …
Determinants of Demand, Demand Function
Demand Function is a mathematical representation of the relationship between the quantity of a good or service demanded and its determining factors. It helps to …
Expected Utility Theory, Working, Real-life Example, Future
Expected Utility Theory, Working, Real-life Example, Future
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