What is Elasticity in Economics? Before studying types of elasticity demand, you must know what is elasticity? In economics elasticity is also defined as the measure of percentage change of one economics value in reaction to...
Elasticity Demand Definition Elasticity of demand is a significant variant on the concept of demand. Demand can be categorized as elastic, inelastic or unitary. An elastic demand is one in which the change in quantity demanded...
Complementary Goods Definition Goods that add value to another goods is called Complementary goods. In other words, the two goods that the consumer uses together. For example a zinger burger and a zinger, and a tea...
What is Substitute Goods In economics, substitute goods or services refer to the goods or services that can easily replace with another goods or services by consumers. It is because the goods or services replace with...
What is the Law of Supply Microeconomics law of supply states that all other factors remain constant, as the price of good or service increases and the number of goods or services that supplier provides will...
Supply Definition Supply is a most fundamental term in economics, which defines the total amount of goods and services available to customers. OR Supply can refer to anything in demand sold in a competitive marketplace; it...
Define Law of Demand The law of demand defines that quantity purchased differs inversely with price. In simple words, the higher the price, the lower the quantity demanded. The law of demand is one of the...
Demand in Economics Demand in economics is referred to the number of goods or services individuals are eager or interested in as well as able to purchase at the specific price of each. Needs and wants...
In this post, users may understand the basic concept of economics and would be able to attempt the basic economics questions in the exams as well as the daily life economic changes in demand and supply....
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