Microeconomics
Behavioural economics
Utility The happiness of satisfaction that consumer receives from the consumption of one product....
Cost and marginal values
Firm A business organization that buys or hires factors of production in order to produce goods a...
Demand and supply
Market A place, physical or virtual, where buyers and sellers of goods and services meet to make ...
Elasticities
Elasticities The responsiveness of an economic variable (such as the quantity demanded or supplie...
Fundamental
Positive economics Positive economics deals with areas of the subject that can be proven to be r...
Government interventions
Taxes Charges that are imposed by governments on people and business. Direct taxes Taxes the i...
Market failure
Market failure The failure of the market to allocate resources efficiently. Market failure result...
Monopolistic competition
Monopolistic competition A market is monopolistically competitive if there are many firms produci...
Monopoly
A monopoly A market where one firm dominates the market for a good that has no substitutes and wh...
Oligopoly
Oligopoly A market where a few large sellers dominate the market for an identical or differentiat...
Perfecr competition
Perfecr competition Characteristics of perfect competition There are many buyers and sellers The...