MARKET The tern market refers not necessary to a place but always to a commodity and the buyers and sellers…

SUPPLY supply of a commodity refers to a various quantities of a commodity that the producers are willing to sell…

Meaning of profit Profit refers to the excess of receipts from the sale of goods over the expenditure incurred on…

REVENUE Revenue of a firm is its sale receipt or money receipt from the sale of a product.” For example,…

MEANING OF COST OR PRODUCTION COST Money expenditure incurred by a firm in production of a commodity is called the…

CONCEPT OF PRODUCTION FUNCTION Production function is an expression of the technological relationship between physical inputs and physical output of…

DEFINATION OF ELASTICITY OF DEMAND “The elasticity of demand measures the responsiveness of the quantity demanded of a good, to…

DEMAND: Demand is the quantity of a commodity that a consumer is willing and able to buy, at each possible…