Criteria for Good Demand Forecasting

Demand forecasting can be effective if the predicted demand is equal to the actual demand. The effectiveness of demand forecasting depends on the selection of an appropriate forecasting technique. Each technique serves a specific purpose; thus an organisation should be careful while selecting a forecasting technique for a particular problem.

0 Comments

Law of Diminishing Marginal Utility | Economics

The law of diminishing marginal utility states that as the quantity consumed of a commodity continues to increase, the utility obtained from each successive unit goes on diminishing, assuming that the consumption of all other commodities remains the same.

0 Comments

Consumer Demand in Economics | Definition, Assumptions

Consumer demand analysis is a process of assessing consumer behaviour based on the satisfaction of wants and needs generated by a consumer from the consumption of various goods. The satisfaction that consumers gain out of the consumption of a commodity or service is called utility.

0 Comments

Utility in Economics | Meaning, Definition, Characteristics, Types

The level of satisfaction derived by a consumer after consuming a good or service is called utility. In economics, utility can be defined as a measure of consumer satisfaction received on the consumption of a good or service. The concept of utility is used in neo classical Economics to explain the operation of the law of demand.

0 Comments

Movement and Shift In Supply Curve | Economics

Movement in the supply curve is when the commodity experience change in both the quantity supply and price. The shift in the supply curve is when, the price of the commodity remains constant, but there is a change in quantity supply due to some other factors.

0 Comments
Close