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…
After-Hours Market in the Context of Economics
In the context of economics, the after-hours market refers to the trading that takes place outside the official trading hours of the major stock exchanges, such as the New York…
Affluence in the Context of Economics
Affluence in general terms refers to the abundance of wealth and material goods. It signifies that there is a level of economic prosperity and a comfortable standard of living is…
Affiliated Company in the Context of Economics
An affiliated company is a firm that is connected to another firm through common ownership or control. This connection can be through various means such as one company owning a…
Advertising Elasticity in the Context of Economics
Advertising elasticity of demand (AED) measures the responsiveness of a product’s demand to changes in advertising expenditure. It is calculated as the percentage change in the quantity demanded of a…
Adverse Selection in the Context of Economics
Adverse selection is a concept in economics and insurance that describes a situation where there is a presence of information asymmetry between buyers and sellers which leads to the market…