What is 'Business Economics'
Business economics is the learning of the financial matters and encounters faced by firms operating in a definite market or economy. Business economics deals with matters such as business organization, management, development and tactic.
Demand curve displays a graphical representation of demand schedule. It can be created by plotting price and quantity demanded on a graph. In demand curve, the price is represented on Y-axis, while the quantity demanded is represented on X-axis on graph. Definition of Demand Curve by R.G Lipsey:“The curve which ...read more
Demand schedule discusses a tabular representation of the association between price and quantity demanded. It determines the quantity of a product demanded by an individual or a cluster of individuals at specified price and time. Demand schedule can further have categorized into two types;These two types of demand sche...read more
Law of demand defines the relationship among the quantity demanded and price of a product.It tells us that the demand for a product declines with rise in its price and vice versa, ceteris paribus (while other factors are at constant).So, there is an inverse(opposite) relationship between the price and quantity deman...read more
The price elasticity of demand is not the similar for all commodities. It might be or low depending upon number of factor. These factors which effect price elasticity of demand, in short-term, are as below:Nature of Commodities. In developed countries of the world, the per capital income of the individuals is generally...read more
Economists study how society allocates resources, such as land, labor, raw materials, and machinery, to yield goods and services. They conduct research, gather and examine data, monitor economic movements, and develop predictions on a wide variety of problems, including energy costs, inflation, interest rates, exchange ...read more