Types of Market Structures

Market structure can be defined as a group of industries characterised by number of buyers and sellers in the market, level and type of competition, degree of differentiation in products and entry and exit of organisations from the market.


Elasticity of Demand

In economics, the elasticity of demand is a degree of change in the quantity demanded of a product in response to its determinants, such as the price of the product, price of substitutes, and income of consumers. There are three types of elasticity of demand: 1. price, 2. Income, 3. Cross elasticity of demand


Demand Forecasting

Demand forecasting is a process of predicting the demand for an organisation’s products or services in a specified time period in the future. Demand forecasting is helpful for both new as well as existing organisations in the market.


Inflation in Economics

Inflation can be defined as the persistent increase in the price level of goods and services in an economy over a period of time. If the rise in prices exceeds the rise in output, the situation is called inflationary situation.


Business Cycle

The Business Cycle, also known as the economic cycle or trade cycle, is the fluctuations in economic activities or rise and fall movement of gross domestic product (GDP) around its long-term growth trend. Business Cycle can also help you make better financial decisions.


Laws of Economics

Marshall gave laws of economics definition as Laws of Economics or statements of economic tendencies, are those social laws, which relate to branches of conduct in which the strength of the motives chiefly concerned can be measured by money price.


Scope of Economics

Earlier, the scope of economics was limited to the utilisation of scarce resources to meet the needs and wants of people and society. Over the years, the scope of economics has been broadened to many areas.


Nature of Economics

Similar to the economics definition, there are a number of controversial issues related to its nature of economics. Some economists consider economics as a science, or economics as a social science while others have a believe economics as an art.


What is Economics?

Economics is the science that deals with production, exchange and consumption of various commodities in economic systems. It shows how scarce resources can be used to increase wealth and human welfare.