A contract may be discharged in any of the following ways :  By performance.By tender of performanceBy mutual consentBy subsequent impossibilityBy ...

The rationale behind the Minimum Wages Act, 1948 is to empower the Central Government and State Governments to fix minimum wages in ...

Limitations and defects of price mechanism: The major limitations of the price mechanism are as follows: The price mechanism is unable to cope with the ...

An indifference curve is a locus of combinations of two commodities that yield the same level of satisfaction to the consumer. In general, they are convex to ...

Economic Rent. This concept of Economic Rent was developed by Joan Robinson. It defines rent as the payment for the hire of a factor over and above the ...

Relationship Between AVC, MC, AC and MC. Where X1 → Output corresponding to minimum point of MC curve. X2 → Output corresponding ...

Marginal Productivity theory: Marginal Productivity theory is a bold attempt to explain the determination of rewards of various factors of production. It ...

Consumer Equilibrium:  Every consumer aims at a spending his income in a way that gives him maximum satisfaction. When a consumer gets maximum satisfaction ...

Concept of Scarcity: In economics, we always refers to scarcity of resources available to us for the satisfaction of our wants. Human wants are ...

Liberalization of Economy Economic reforms in India refer to the set of instruments and strategies adopted since 1991. Liberalization, privatization and ...