REVENUE CONCEPTS AND RETURNS TO SCALE
Definition Revenue is amount of money which individual, firm or government realizes (obtains) in a given period, Individuals and firms obtain revenue either from production and sale of goods or Continue Reading
WAGES AND SALARY
Wages and Salary are rewards for labour’s services. They are amount of money paid to labour for their involvement in production of goods and rendering of services. Wages are rewards Continue Reading
EMPLOYMENT AND UNDER-EMPLOYMENT
Employment It is an act of giving jobs to people by an institution (company) in return for wages. Employment of labour occurs when jobs are given to applicants or people Continue Reading
COST OF LIVING AND STANDARD OF LIVING
Cost of Living It is the total amount of money which a household (a consumer or an individual) spends on all goods and services which he consumes in a given Continue Reading
MONOPOLY AND PRICE DISCRIMINATION
Price discrimination (PO) occurs when units of the same product are sold at different prices not on account of cost differential but for the purpose of profit maximization, In other Continue Reading
EFFECTS OF CHANGES IN SUPPLY AND DEMAND
A decrease in demand If there is a decrease in demand; say from DI to D2, the price falls from OPI to OP2, if supply remains constant. The fall in Continue Reading
INFERIOR, NORMAL AND SUPERIOR GOODS
1) Inferior Goods “Inferior goods are goods whose demands fall as income rises”. In other words, they are goods whose demand fall (or quantity .purchased does not rise) as their Continue Reading
ABNORMAL DEMAND AND EXCEPTIONAL DEMAND CURVE
Abnormal demand It is a situation in which people buy more and more goods as their prices increase. Therefore, the abnormal demand curve slopes upward from left to right as Continue Reading
THE ROLES OF CO-OPERATIVES AND GOVERNMENT IN DISTRIBUTIVE TRADE
The Role of Co-operatives in Distributive Trade A co-operative society is defined as a voluntary and business organisation in which a group of individuals with common interest pool their resources Continue Reading
CAPITAL FORMATION AND CAPITAL CONSUMPTION
Capital Formation or Accumulation Capital formation or capital accumulation refers to increasing a country’s stock of real capital. That is, it refers to increasing the net investment in form of Continue Reading