- Supply and Demand
Supply and demand form the relationship between the quantity of a product or a service that sellers wish to sell, and the quantity of a product or a service that consumers wish to purchase.
Definition of Competition Competition is a situation in which someone is trying to win something or be more successful than someone else.
- Inverse Relationship
Definition of Inverse Relationship Inverse relationship is a type of correlation that exists between two variables wherein an increase in one variable is associated with a decrease in another variable.
“Production or manufacture” is the process of converting raw materials into finished goods.
- Annual Income
Definition: Income is money (or some equivalent value) that an individual or business gets, usually in exchange through investing capital or providing a good or service.
Consumption flow and expenditure can be crucial to understand the fluctuations in the different business cycles.
- Crossover Rate
Crossover rate is the cost of capital where two projects have the same net present values (NPV) or where their NPV profiles intersect.
- What are Determinants of Supply?
Determinants of supply are the factors that can causes changes to, or affect, the supply of a product in the market.
- What is Equilibrium?
Equilibrium is where the products or services demanded in a market is equivalent to the products or services that are supplied in the market.
- What is Perfectly Inelastic Demand?
Perfectly inelastic is where a small increase or decrease in the price of a product will have no effect on the quantity that is demanded or supplied of that product.
- What is Voluntary Exchange?
A voluntary exchange is a transaction where two people trade goods or services freely, there is no coercive or restrictive force involved in the transaction.
- What is Perfectly Elastic Demand?
A perfectly elastic demand curve will be a straight line (horizontal) on a graph, where the x-axis will be the quantity, and the y-axis will be the price of the product.
- What is Economic Profit?
Economic profit can be calculated by subtracting the opportunity cost from the accounting profit.
- What is a Supply Schedule?
The supply schedule is a graph that shows you how much products are demanded from customers at a specific price based on the supply curve.
- What is a Check Register?
A check register, also known as cash disbursement journal, is the journal that records all the checks, cash and cash outlay during an accounting period.
- What is Market Demand?
Market demand refers to the sum of individual demand for a product available in the market.
- Interest Rate Parity
Interest rate parity (IRP) is a concept which states that the interest rate differential between two countries is the same as the differential between the forwarding exchange rate and the spot exchange rate.
- Unit Elastic Demand
Unit elastic demand is the economic theory that assumes a change in product price causes an equal and proportional change in the quantity demanded.
- What is Primary Economic Activity?
A primary economic activity refers to any kind of economic activity that involves collecting, extracting or harvesting natural resources.
- What is Production?
Production is the process of making or manufacturing goods and products from raw materials or components.
- What is a Monopoly?
Monopoly refers to a type of market structure in which a single company and its goods and services dominate the market at all times.
- Inflation Rate
The inflation rate is the percentage increase in the average level of prices of a basket of selected goods over time.