The human body is made up of different parts. Some parts are inside the body while others...
Month: October 2022
Home Economics Career Opportunities Home Economics prepares boys and girls for home making and other careers. Some...
Home Economics is a broad field of study. It teaches us how to manage ourselves, our resources...
It is the degree of responsiveness of demand for one commodity as a result of a change...
“It is the degree of responsiveness of demand for goods to a change in income”. It is...
If elasticity is zero, demand curve is perfectly inelastic. If elasticity is infinite, demand curve is perfectly...
Introduction It is necessary to review or recall (repeat) the relationship between demand and price. “Demand has...
Index is a system that shows level of variable (item) especially price, cost, wages, etc so that...
It is a theory that shows direct relationship between money supply and the price level. It is...
Value of money “It is the quantity of goods and services a unit of money can buy...
It is a curve that shows various possible combinations of two goods in which a consumer is...
The law of diminishing marginal utility is based on the following consideration or assumption: “As the amount...
They include the following:- Total Utility. Average Utility. Marginal Utility. 1) Total Utility It is the...
Introduction Supply of and demand for money are quite distinct concepts (different things) from supply of and...
UTILITY In economics, utility means: “Amount of satisfaction which a consumer derives (obtains) from the consumption of...
All the different cost concepts discussed are interrelated in a number of ways. They can easily be...
Relationship between TFC, TVC and TC The diagram, figure 8, given below shows the graphical relationship between...
Short Run Costs (SRCs) Short run costs are costs which a firm incurs during its short run...
Total cost is the total (entire or all) expenses incurred in the process of production. It is...
Variable costs are costs that vary with output (quantity produced in a period), thus as output increases,...
Fixed cost are costs incurred in acquiring capital goods or fixed factors of production (fixed assets), e.g....
Cost is a bit elusive (not very easy) to define. Literally, a cost, from the point of...
Introduction Before we discuss the law of variable proportion or law of diminishing return, we wish to...
Definition Revenue is amount of money which individual, firm or government realizes (obtains) in a given period,...
Definition “Production Possibility Boundary (PPB) is a curve that shows the alternative combination of goods that a...
