Chyou Lang What is Production? To non-economists, production may only mean the creation (or making) of tangible goods. For example, making things like chairs or radios. Production in business is the system of turning raw materials into finished products in the process of manufacturing. Also, it is the end result of a final product …
What is equilibrium in Economics? Equilibrium in Economics (also known as economic equilibrium) can be defined as a state of balance in an economy, that is, there is a balance in the economic forces. It is a concept borrowed from the physical sciences where physical-economic forces can balance themselves. We can apply …
What is the elasticity of supply? The elasticity of supply in Economics is the measure of the degree of responsiveness of the quantity supplied of a commodity to its price. The law of supply indicates the direct relationship between the price of a particular commodity and the quantity supplied. Because price and …
What is supply? Supply in Economics is the total amount of a particular product or service that is readily obtainable to consumers. It is a major economic concept that represents the number of goods and services that a producer is willing and able to offer for sale at a given price within …
What is elasticity in Economics? Before talking extensively about the elasticity of demand, let us look at what elasticity in economics implies. Elasticity in Economics is the measure of the sensitivity of a variable to the change of another variable. It has to do with the degree to which a variable responds …
Demand Definition Demand in Economics is a term that describes a desire to own and purchase goods or services. It is the number of goods or services a consumer or a group of consumers are willing and able to buy at a given price. This means that when the price of a product …
What is Utility in Economics? Utility in Economics is the pleasure/satisfaction a consumer derives from consuming a commodity or service. It is a vital concept of consumer behavior, so we cannot separate the concept of utility from the theory of consumer behavior. The concept of utility The concept refers to the amount …
What is Consumer Behavior Consumer behavior (also known as buying behavior or consumer decision) in marketing is the study of how customers choose, buy and use goods and services. The aim is to satisfy their needs and wants. These customers can be individuals, groups, or organizations. It is the actions of consumers …