Derivation of labor supply curve: Firstly, we look at the total supply of labor. The number of people willing to work is called the labor force and ...

Pyramid of energy is a graphical representation of amount of accumulated energy per unit area in different trophic levels of a food chain. An energy ...

Sangam Literature. Life of the Tamils in the beginning of the historical period is based on the Sangam literature. As shown earlier, ...

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 ...

Agreements in Restraint of Trade (Section 27):  Section 27 provides that every agreement by which anyone is restrained from exercising a lawful ...

A promise without consideration cannot create a legal obligation. The general rule is that an agreement made without consideration is void. This rule is ...

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

The word ‘proposal’ and ‘offer’ are synonymous and are used inter changeably. Section 2 (a) of the Indian Contract Act, 1872 defines proposal or ...

S.F. Griffith demonstrated bacterial transformation experimentally by performing experiments on Diplococcus pneumonia. It has two distinct forms – one form ...

According to Section 2(h) of the Indian Contract Act, An agreement enforceable by law is a contract. A contract, therefore, is an agreement the object of ...