Labour | Types, Characteristics, Importance, and Efficiency
Labour | Types, Characteristics, Importance, and Efficiency

Introduction Labour is an important factor in production. Ordinarily, labor refers to that manual labour rendered to accomplish a given task. But in Economics the term labour' is used in…

Micro Economics | Scope, Importance, and Limitations
Micro Economics | Scope | Importance | Limitations

Introduction The term Micro has been borrowed from the Greek word, 'Mikros' meaning small. However, it may not be misunderstood that microeconomics refers to small or insignificant economics. As a…

Privatization | Characteristics, Objectives, and Advantages
Privatization | Characteristics, Objectives, and Advantages

Privatization means different things, but it usually involves moving something from government control to private ownership. This can include selling government-owned businesses or services to private companies. For example, the…

Production Management Objectives, Functions, Production Planning & Control
Production Management | Objectives, Functions, Production Planning & Control

Introduction Production management is the practice of overseeing and controlling a company's operations to efficiently create the goods and services it intends to produce. This involves planning, coordinating, and managing…

Economic Laws | Types, Features or Nature
Economic Laws | Types, Features or Nature

Introduction Like all other sciences, economics collects facts and undertakes systematic study. The facts are analyzed and conclusions are drawn. These conclusions establish a causal relationship between the concerned points.…

Demand Forecasting Features, Uses, Purpose, and Methods
Demand Forecasting | Features, Uses, Purpose, and Methods

A forecast, particularly in the context of demand forecasting, is a prediction or estimation of a future event that is most likely to happen under given conditions. In a world…

Marketing Management | Objectives & Functions of Marketing Management
Marketing Management | Objectives & Functions of Marketing Management

Marketing Marketing includes all activities that direct to flow of goods and services from the producers to the consumers. Modern definitions of marketing are based on the philosophy that "Satisfaction…

Management | Process & Functions of Management
Management | Process & Functions of Management

Management Traditionally, management is defined as an art of getting things done through others. The person who directs the efforts of others is known as 'Manager'. He or she works…

Perfect competition, Monopoly, Monopolistic & Oligopoly
Markets: Perfect competition, Monopoly, Monopolistic & Oligopoly

Economics For Engineers Book PDF : Economics for engineers book by T.R. Jain. Sr. No.Perfect CompetitionMonopolyMonopolisticOligopoly1.Large number of firms.In this single firms is to be consider.large number of firms.Few number…

Supply : Law of Supply
Supply : Law of Supply

What is Supply? Supply is a quantity of a commodity that a producer is willing and able to offer for a sale at a given price during a given period…

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