Gross Domestic Product (GDP)

Gross Domestic Product (GDP) GDP is an estimated value of the total worth of a country’s production and services, within its boundary, by its residents whether nationals and foreigners, generally calculated over for one year or some specified time period.…
Monopoly

A Monopoly is said to exist when a person/firm/company is the only supplier of a product/commodity or service. Pure monopoly – where only one producer exists in the industry In reality, rarely exists – always some form of substitute available…
Oligopoly

An oligopoly is a market condition or form which occur when market or industry is dominated by a small number of sellers called as oligopolists. Oligopolies can result because of various forms of collusion which reduce competition and lead to higher prices…
Monopolistic Competition

Monopolistic Competition is a form of imperfect competition in which one selling/buying firm dominates the market. This firm regulates the prices in the market as no other firm is large enough to make significant changes to price. Characteristics: Large number…
Perfect Competition

Perfect competition in economics refers to condition in market in an ideal situation. In this situation price for all goods and services are decided by market on basis of competition and no external intervention takes place. Characteristics of perfect competition…
Gross National Product (GNP)

Gross National Product GNP – It stands for Gross National Product. It is a projected value of the total worth of production and services, by citizens of a country, on its land or on foreign land, generally calculated over the course…