Production Possibility Curve: Production possibility curve is a curve which depicts all possible combinations of two goods which an economy can produce with ...

Government intervention can alter market outcomes in the following two ways, whereby it can influence the price at which commodities are bought and sold— ...

Price Effect: Separation of Income and Substitution Effects : A change in the price of a commodity, say X, other things remaining the same, causes a ...

Total Variable Costs (TVC) is incurred on variable factors and it varies with the level of output. If the output is zero, TVC is zero and as output increases, ...

Perfect competition is a market situation in which there area large number of buyers and sellers, firms sell a homogeneous product and there is free entry and ...

Price discrimination means selling a good to different buyers at two or more price for reasons not associated with difference in cost, goods are assumed to be ...

It refers to two prisoners namely Molly and Knuckles. They were partners in crime and imprisoned together. Now for punishment, the district attorney ...

Circumstances under which free market fail to achieve efficient allocation of resources : Market failure occurs when resources are mis allocated, or ...

International trade is necessary to obtain the gains that international specialization makes possible. Trade allows each individual, region or country to ...

Natural resources like land, water, soil, minerals, etc., are limited and precious and therefore should be used more efficiently. Let us discuss about the use ...

The waste resources need to go waste, they can be used. The process of revising these waste minerals is known as recycling. Scraps and fused metals are ...

There is a need to carefully plan and manage these resources so that these do not get totally exhausted. Land Use Planning and Management: Proper concern ...