Economics

The concept ‘demand’ refers to the quantity of a good or service that consumers are willing and able to purchase at various prices during a period of time. It is to be noted that demand in economics is something more than desire to purchase though desire is one element of it. A beggar, for instance, […]

As the term ‘demand’ refers to the quantity of a good or service that the consumers are willing and able to purchase at various prices during a period of time, the term ‘supply’ refers the amount of a good or service that the producers are willing and able to offer to the market at various

Forecasting of demand is the art of predicting demand for a product or a service at some future date on the basis of certain present and past behaviour patterns of some related events. Please remember that forecasting is no simple guessing but it refers to estimating scientifically and objectively on the basis of certain facts

All scientific theories are based on certain assumptions and economic theories are no exception. Economics deals with human behaviour which is relatively more uncertain and unpredictable which makes economic theories all the more dependent on several assumptions.The most important and the basic of all these is the assumption of rationality. A man is a rational

The term ‘Economics’ is derived from two Greek words, oikou and nomos, meaning the rule or law of the household. It originally dealt with the way in which a prudent household might best make the most efficient use of the limited income.The concept of efficient use of resources of the family was later carried over