In a physical sense, a market means a fixed place where people meet to buy and sell goods; that is, […]
Trade Union
TRADE UNION A trade union is an association of workers formed to enable the members to take collective, rather than […]
UNEMPLOYMENT Unemployment is defined as a situation in which persons of working age, able and willing to work are unable […]
Labour and Wages
SUPPLY OF LABOUR Supply of labour may be defined as the total number of people of working age offered for […]
Concept of Labour Force
LABOUR MARKET Labour market is defined as a market which workers and employers are brought into contact and conditions of […]
ECONOMIC SYSTEMS An economic system may be defined as a medium or an organized way by which the means of […]
TOTAL REVENUE (TR): This refers to the total income which a firm derives from the sale of its products. Total […]
This law refers to a short run production situation. The law of diminishing returns states that as more of the […]
Production possibility curve
A production possibility curve (PPC) is a graphical or diagrammatic illustration of all possible bundles or combinations of two types […]
Effect of imports on the multiplier: Increased importation reduces the sizes of multiplier with a consequent reduction in the size […]