Opportunity Cost, Importance, Example, Limitations, Applications
by Opportunity Cost is a fundamental principle in economics that represents the value of the next best alternative that must be forgone when a choice is …
Tag: Profit Maximization
Financial Management, Nature, Scope, Objectives, Types
Financial Management, Nature, Scope, Objectives, Types
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 …
National Income, Concepts, Definition, Components, Measurements
National Income, Concepts, Definition, Components, Measurements
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 …
Imperfect Competition and International Trade
In economic theory, imperfect competition is a type of market structure showing some but not all features of competitive markets. Forms of imperfect competition include: …
Economies of Scale
Economies of scale are important because they mean that as firms increase in size, they can become more efficient. For certain industries, with significant economies …
Factor Proportions Theory or Heckscher Ohlin Theory
The Factor Proportions Theory, also known as the Heckscher-Ohlin (H-O) Model, was developed by Eli Heckscher and Bertil Ohlin in the early 20th century. It …
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 …
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 …
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