Production
Production refers to the process of converting raw materials, labor, and other inputs into finished goods and services. It encompasses all activities that create value and contribute to the utility…
Firm and Industry
Firm: A firm is an individual business entity that produces goods or services for the purpose of earning a profit. It can be organized in various forms such as a…
Utility and Its Types
Utility refers to the satisfaction or pleasure that an individual derives from consuming a good or service. It is a subjective measure and varies from person to person based on…
Economics as Art
Economics is also considered an art because it involves human judgment, creativity, and the application of theoretical knowledge to real-world situations. The following are the reasons as to why it…
Economics as a Science
Economics is considered as a science because of its systematic approach, use of empirical data, and ability to formulate theories and models to explain economic phenomena. The following are the…
Definition of Economics
Introduction: Economics is a social science concerned with producing, distributing, and consuming goods and services. It studies how individuals, businesses, governments, and nations choose how to allocate resources. Various Definitions…
Financial System: Introduction
The financial system is a broad term that includes various components such as Institutions, Instruments, Markets, Services, Intermediaries, and Regulators which facilitate the flow of money and exchange of financial…
After-Tax Profit Margin in the Context of Economics
After-tax profit margin is a financial metric used to measure the percentage of revenue after all expenses, including taxes, have been deducted. This is used to get an insight into…