What Is Monopoly? A monopoly is a market structure characterized by a single seller, producing and selling a unique product in the market. It is fair to say that such a firm constitutes the entire industry and there is no distinction between the firm and the industry. In a monopoly market structure, the seller faces … Read more
From the word gross domestic product (GDP), the word ‘’gross’’ means that the GDP measures production regardless of the various uses to which the product can be put whereas ‘’Domestic’’ means that the measurement of GDP contains only products from within its borders. Therefore, gross domestic product (GDP) can be described as the aggregate of … Read more
What Is Total Utility? Total utility refers to the overall or total level of happiness or satisfaction that a consumer experiences by consuming a certain amount of a good or service. Total utility is usually measured in relative units referred to as utils. When measuring total utility, analysis can span from one unitofconsumption to multiple … Read more
Both bill of exchange and promissory note are known as negotiable instruments. A negotiable instrument is a document guaranteeing the payment of a specific amount of money to a specified person (the payee). It requires payment either upon demand or at a set time and is structured like a contract. A negotiable instrument can be … Read more
What Is Cardinal Utility Approach? Cardinal utility approach is propounded by neo-classical economists and is based on the assumption that the satisfaction or utility derived from consumption of a particular good and service is measurable and can be expressed cardinally or in absolute numbers. The concept Cardinal utility approach to consumer behavior was first pioneered … Read more
What Is Inbound Logistics? Inbound logistics refers to the network that brings goods or material to the business. Inbound logistic network includes everything you need to transport, store and deliver goods to your business from the supplier. The actual products that come into your business depend on the nature of your business. Inbound logistics can … Read more
Price elasticity of demand is a measure of the change in quantity demanded or purchased of a product in relation to its price change. It may also be defined as the ratio of the percentage change in quantity demanded to the percentage change in price of particular commodity. There are two major types of elasticity … Read more
What Is Forward Logistics? Forward logistics entails the flow of products from a manufacturing plant to the consumer. The different types of forward supply chain management include direct order fulfillment, hub services, pick-and-pack services and shipping. Forward logistics are used to manage the forward movement of goods from raw materials to the consumer. Value is … Read more
What Is Private Equity (PE)? Private equity (PE) are those investments that are made in companies that are not listed publicly on any stock exchange or simple it refers to investment in shares outside a stock exchange. As a source of investment capital, private equity comes from high-net-worth individuals and firms that purchase stakes in … Read more
What Is Balance Of Trade (BoT)? The balance of trade also referred to as commercial balance is the difference between the monetary value of a nation’s exports and imports over a certain period of time. The balance of trade figures shows whether the country had achieved to sell locally produced goods and services to foreign … Read more