A monopoly is a form of market where there is a single seller of a good with no close substitutes. There are some restrictions on the entry of new firms into the monopoly industry. Generally, there are patent rights or exclusive control over a technique or raw material.
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Monopolistic competition is a form of market in which there are many sellers of the product, but the product of each seller is different from the other.
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In an oligopoly market, each firm is huge enough to control a significant portion of the market. Output quotas and the price have a direct bearing on the output and the price of rival firms in the market.
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Industrialisation is a process which involves the substitution of machine-power with man-power. It refers to the growing mechanisation in the production process in the industrial sector.
Professor Lionel Robbins provided the following reasons for the emergence of economic problem: Human wants are unlimited because there is no end to human wants.
Economics studies the economic behaviour of individuals and organization in society. It also studies individuals and organizations engaged in economic activities concerned with the production, distribution and consumption of goods and services. Hence, Economics is regarded as the queen of all social sciences.
In this article you are going to read different types of economy. An economy is a system which provides people with goods and services and directly or indirectly satisfies their wants.
Demand for a good refers to the desire to buy a good backed with sufficient purchasing power and the willingness to spend. Individual demand for a commodity is the quantity of a commodity which an individual household is willing to buy at a particular price during a specific period.
Consumers’ consciousness towards their rights and duties is known as consumer awareness. Consumers should be aware of their rights to ensure proper standards of goods and services they purchase.
Inflation is a sustained increase in the aggregate price levels. It refers to a state of rising prices and not a state of high prices. The types of inflation observed in an economy depend on the rate of increase in the price levels