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Disadvantages of product differentiation a) Product differentiation generally reduces the degree of competition in the market. It does this in two ways: i.
Why we need to distinguish between private cost and social cost?
Q. Show the uses of income elasticity? A few significant uses of income elasticity are as follows: First, concept of income elasticity can be used to approximately compute t
What limitations are inherent in the economist’s view of pricing?
Equilibrium National Income in a Frugal Economy Saving and investment are examples of two categories of expenditure called withdrawals and injections. A WITHDRAWAL is any inc
Gross Domestic Product A measure of national economic activity, GDP is measured from two approaches. GDP can be viewed as the total value of all goods and services produced in
Jeremy is an economics learner who loves hamburgers. He could eat any number of them for dinner, but he gets a really bad stomach ache after eating a certain amount. In fact, his u
The economic cost Unemployment represents a terrible waste of resources and means that the economy is producing a lower rate of output than it could do if there were full empl
What is the meaning of demand In economics, demand has a specific meaning distinct from its ordinary usage. In common language we treat 'desire' and 'demand' as synonymously. T
REMEDIES FOR UNEMPLOYMENT The measures appropriate as remedies for unemployment will clearly depend on the type and cause of unemployment. Broadly they can be divided into:
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