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Disadvantages of a Monopoly.
Monopoly is the the exclusive possession or control of the supply or trade in a commodity or service. A monopoly has many disadvantages. A monopoly tends to have a poor level of service. A monopoly market...
Advantages of a Monopoly.
Monopoly is the the exclusive possession or control of the supply or trade in a commodity or service. Monopolies usually have disadvantages but in some circumstances they have advantages. There are more...
Fiscal Policy
Fiscal policy is the use of government's money in order to influence The fiscal policy effects; aggregate demand and the level of economic activity, Savings and Investment in the economy and the distribution...
Balance Of Payment Stability.
Balance of payments stability is the balance between negative and positive balance of payments. The balance of payments is positive if the exports are more than imports, however it is negative if the imports...
Balance of Payments
The balance of payments of a country is the record of all economic transactions between the residents of the country and the rest of the world in a particular period, most commonly a year. These transactions...
Private and Social Costs
Private cost is a producer's or supplier's cost of providing goods or services. It includes internal costs incurred for inputs, labor, rent, and depreciation but excludes external costs incurred as environmental...
Functions of the Central Bank
The main function of the central bank is to control the nation's money supply i.e monetary policy, through active duties such as managing interest rates, setting the reserve requirement, and acting as...
Price Elasticity of Supply
Price elasticity of supply is the measure of the responsiveness of quantity supplied to a change in price. A product is perfectly elastic when the the quantity supplied is infinite with the 1% change in...
Price Elasticity Of Demand
Price elasticity is a measure of effect of a price change or a change in the quantity supplied on the demand of a product or service. Price elasticity of demand is a measure that gives the percentage change...
Product Life Cycle
Alike anything a product also has a life cycle. A product life cycle has five stages, introduction, growth, maturity, saturation and decline. Introduction is the most difficult and expensive stage. It...
Sole Trader
A sole trader is the simplest form of business structure and is relatively easy and inexpensive to set up. A sole trader is legally responsible for all aspects of the business. They make all the decisions...
Needs, Wants, Scarcity
As you probably know, we all have needs and wants. Needs are things we require to live, like water. I'm sure you can live without a Rolex for as long as you live but you can't live without water for more...
Value Added Concept
When something is manufactured, a sum of money is spent on it, usually for the raw materials. That is the production cost. The enhancements a company adds to it's products before offering it to the final...
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