Business Economics

In the corporate world management of cost is a huge aspect of the business. Cost management is one of the most critical elements that are required to run a business. A business usually deals with variable costs and fixed costs. Fixed costs are those costs that remain uniform irrespective of sales and production. However, variable […]

Introduction The total cost of production is the sum of all expenses incurred by a company to produce goods at a certain output level. Product managers can use a sum of fixed and variable costs to calculate their profit margin. To ensure that their businesses are running well, business owners must have information about their

How does a business firm decide how much of the commodity it will sell? Why is it essential to determine the selling units? Until the organisation chooses the quantity to sell, it can not be sure about the amount to produce. Kinds or types of labour, cost of delivery, procurement of raw materials, and other

The theory of production in business economics can be explained as those guiding principles which a business has to follow through which it conducts essential decisions regarding buying, distribution, and selling of a product or service. In the theory of production, those items which are being sold are classified as ‘products’ or ‘outputs’. Theory of

The theory of demand and supply both form the most fundamental concepts of economics; the relationship between the number of items that a producer wants to sell at various prices and the goods that customers desire to buy in economics. In a nutshell, we may state people’s willingness to acquire or sell commodities. People are

The Theory of Cost is a systematic and comprehensive new model for financial decision-making. It can help you make better decisions about investing, saving, and budgeting your money. Furthermore, the theory of comparative cost advantage is given by cost theory. For example, the supply of an organisation is often determined by the cost structure; the

Would you like to know how to get inside the mind of your average consumer? If so, then you need to learn about the theory of consumer behaviour. This theory can help you understand how and why people make the purchasing decisions that they take. In this article, we will discuss what the theory is

Economic theory involves many laws and theorems, which denote variable factors’ functioning in variable situations. To explain the law of variable proportion, many factors like production functioning, commodity output, etc., are on the same platform. This law usually states the variation in the marginal value of the product factor. This law is vital in economics, crucially

Introduction In business, we often talk about the law of demand. But what is it exactly? The law of demand states that there is an inverse or counter relationship between quantity demanded and price. In other words, when prices increase, quantity demanded decreases and vice versa. This law is one of the most fundamental concepts

Supply seems to be an economic phrase that refers to the quantity of a specific item that providers offer to customers at a specific price over a specific period. A basic economic idea is a supply. It denotes the overall quantity of specific commodities offered to customers. The idea of supply is intertwined with the concept of