Home » Economics

Economics

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. It can also be understood as production within boundaries of a country irrespective of production …

Gross Domestic Product (GDP) Read More »

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 Monopoly exists, where one firm dominates the market Firms may be investigated for examples of …

Monopoly Read More »

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 for buyers. Competition between few. May be a large number of firms in the industry but …

Oligopoly Read More »

Theory of Comparative advantage

In economics, Theory of Comparative advantage refers to the ability of a party to produce a particular good or service at a lower marginal and opportunity cost over another. Even if one country is more efficient in the production of all goods (absolute advantage in all goods) than the other, both countries will still gain by trading with each other, …

Theory of Comparative advantage Read More »

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 of firms in the industry May have some element of control over price due to …

Monopolistic Competition Read More »