Here we will share all contents related to economics.
External recruitment is a crucial process for organizations to hire skilled professionals for their vacant positions. It involves sourcing and attracting candidates who are not already employed by the company. External recruitment is essential for the growth and success of any organization. In this blog post, we will explore the definition, types, and process of … Read more
Revenue is the total repeats of the firm by selling output. It is the amount of money, which the firm receives by the sale of its output in the market, the receipts obtained are the revenue of the firm. Types of revenue There are three core concepts of revenues in economics. They are: a. Total revenue … Read more
Capital formation means increasing the real stock of capital of a country. It is the process of building up the capital stock of a country through investment in productive plants and equipment. Capital formation refers to the increase in the productive capacity of the economy over a period of time. It involves making more capital … Read more
Market equilibrium is a state of perfect balance in the market brought about by the equality of market demand and market supply. Demand for a commodity varies inversely with its price and supply of a commodity varies positively with the price. The functioning of the market economy lies in the interaction between demand and supply … Read more
The supply curve slopes upward because of the law of supply, which states that as the price of a good or service increases, the quantity supplied of that good or service will also increase, all other things being equal. This means that at higher prices, producers are willing and able to produce more of the … Read more
Have you ever thought about whether economics is a science or an art? For decades, economists, philosophers, and intellectuals have discussed this subject, and there is no clear consensus on the solution. Some consider economics to be a science, while others consider it to be an art. Whichever side you take, one thing is certain: … Read more
What is the concept of Utility in Economics The concept of ‘Utility’ was introduced by Jeremy Bentham in the 1780s. The concept was adopted in economics in the early 19th century with the works of Stanley Jevons, Alfred Marshall, etc. Utility refers to the power of a commodity or service to satisfy a human want. … Read more