Factors of production: Land: meaning and characteristics, functions and its importance; factors affecting productivity of land. Labour: meaning and characteristics; division of labour: meaning, types, advantages and disadvantages; efficiency of...
In economic theory, the law of supply and demand is considered one of the fundamental principles governing an economy. It is described as the state where as supply increases the price will tend to drop or vice versa, and as demand increases the...
Public finance is the study of the role of the government in the economy. It is the branch of economics which assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve...
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange,...
Consumer awareness is about making the consumer aware of his/her rights.It is a marketing term which means that consumers are aware of products or services, its characteristics and the other marketing P's (place to buy, price, and...
Demand can be classified as elastic, inelastic or unitary. An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change...
Introduction Supply refers to the quantity of a commodity offered for sale in the market at a particular price and in a given time period. There is ambiguity between stock and supply. Stock is the total amount of goods available with the...
A market is a place where two parties can gather to facilitate the exchange of goods and services. The parties involved are usually buyers and sellers.
Market structure is best defined as the organisational and other characteristics of...
Inflation is a situation of persistent and appreciable rise in prices, leading to fall in purchasing power of money. A chief measure of price inflation is the inflation rate. It is the annualised percentage change in a general price index over...
Commercial bank is a financial institution which performs the functions of accepting deposits from the public and making loans and investments, with the motive of earning profit.
A commercial bank is a type of financial institution that...
A central bank is an independent national authority that conducts monetary policy, regulates banks, and provides financial services including economic research. Its goals are to stabilize the nation's currency, keep unemployment low, and...
Public Revenue is an important concept of Public Finance. It refers to the income of the Government from different sources.Public revenue includes income from taxes and goods and services of public enterprises, revenue from administrative...
Public expenditure is spending made by the government of a country on collective needs and wants such as pension, provision, infrastructure, etc. ... The size of pubic expenditure was very small. But now the expenditure of governments all over...
Modern governments need to borrow from different sources when current revenue falls short of public expenditures. Thus, public debt refers to loans incurred by the government to finance its activities when other sources of public income fail to...
