In a Monopoly Market, there is a single seller of a particular product and there is no fierce competition with other sellers.A…
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Price discrimination is a sales strategy that charges a customer different prices for the same product or service based on the belief…
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Exchange Rate is the value of one country’s currency and another country’s or economic zone’s currency. For example, how much does it…
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Variable Cost is an expense that vary in proportion to the volume of goods or services that a company produces. That is,…
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Fiscal Policy is a government corrective measure to check for uncontrolled economic expansion or contraction. If economic expansion gets out of hand,…
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Production Cost is the overall fee paid for assets used to fabricate merchandise and create offerings, along with uncooked substances and labour,…
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Opportunity cost is the value of the next best alternative that is overlooked. Simply put, it’s the cost of what else you…
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Microeconomics is a field of economics based on the economic behavior of small economic units such as consumers, workers, savers, managers, businesses,…
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Economics deals in social technology associated with the manufacturing, distribution and intake of products and services. We are reading how people, companies,…