Means Household Management

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Concept from something that cannot be replenish or takes time

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Short coming of supply chain

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Field of study that examines the behavior of economy

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the part of economics concerned with single factors and the effects of individual decisions

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Analyzes the use and distribution of resources in market

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Examines the economic transaction and interaction between counties

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Study of government policies and it's impact on social welfare efficiency and equity

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Study the labor forces and its factors

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branch of economics whose goal is to better the fiscal, economic, and social conditions.

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Emphasizes solving problem in business using micro and macro theories

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Study of psychology as it relates to economic decision making progress

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Study of how to allocate distribute and utilization of farming resources

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Studies different aspects of money, it's function and the policies regulating its use

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Act of imposing or drafting a tax by tax authorities

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Father of Modern Economics

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The book created by the father of modern economics itself

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Father of Macroeconomics

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promotes government spending on infrastructure, unemployment benefits, and education to increase consumer demand.

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promotes government spending on infrastructure, unemployment benefits, and education to increase consumer demand.

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Promotes laissez-faire policy

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When Price goes up, quantity demand goes down

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Consumer's desire to buy

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Customer's power to buy the product

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graphical representation between price of goods (left vertical axis) and quantity demand (horizontal axis) for a given time period.

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Goods that are inferior to luxury goods

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Certain products that become more valuable as thier price increases

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Money earned after taking explicit cost into account

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Enables businesses to monitor competitor activities, assess their market positions, and identify potential threats.

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Analysis of market demand for the product is necessary for the management in order to take decisions regarding production, cost allocation, product pricing

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projecting revenues, expenses, and key factors that have a financial imact on the organization.

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difference between the amount earned and the amount spent in buying, operating, or producing something.

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can achieve this by selling more by charging higher prices for their goods or services and reducing production costs.

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decisions in business are made based on individual preferences, constraints and rationality

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More specifically, utility is the total satisfaction or benefit derived from consuming goods or service.

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The added satisfaction a consumer gets from having one unit of a good or service.

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Graph used in economics that represents when two goods or commodities would give a consumer equal satisfaction and utility.

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is a strategic scheme whereby individuals and companies seek to achieve the highest level of satisfaction from their economic decisions.

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The theory of production examines the relationship between the factors of production (land, labor, capital, entrepreneur) and the output of goods and services.

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When a firm starts producing goods, it has to pay the price for the factors employed for the production. These factors includes wages to workers employed, prices for the raw materials, fuel and power used, rent for the building he hires and interest on the money borrowed for doing business, etc.

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A term that states that the degree of change in input factors changes the output proportionally and concurrently during the production process.

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There is a literal place and location where buyers and sellers can transact over goods.

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With the use of technology- the marketplace was able to over time.

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is an economic term that refers to a theoretical market structure in which all suppliers are equal and overall supply and demand are in equilibrium

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A type of market structure where many companies are present in an industry, and they produce similar but differentiated products.

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economic state where resources cannot be reallocated to make one individual better off without making at least one individual worse off.

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