What is Revenue? Types of revenue.

 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

What really is capital formation | Process of Capital Formation

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

What is Market Equilibrium | All about market equilibrium 2023

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

Is Economics a Science or an Art?

Economists differ regarding the nature of economics. To know the nature of economics, it is necessary to know whether economics is a science or an art. Economics as a Science Science systematically traces the body of knowledge. The relevant facts are collected and analyzed systematically to trace the effects back to their causes. Just physics … Read more

Concept Of Utility

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