Ways Of Price Determination
Price mechanism Under this, the price of the market is determined by the free interaction of the forces of demand and supply and...Read more »
Theory of supply
Supply means the quantity of goods services a producer is willing and able to offer for sale in the market at the prevailing price...Read more »
REASONS FOR CHANGE IN DEMAND
Change in the consumer’s level of income When the consumer’s level of income increase, demand will also increase because of the increase in purchasing...Read more »
Types of Profits
Normal Profit or Zero Profit TR = TC. This is a return which is just necessary to cover all its cost of production. Normal...Read more »
FUNCTIONS OF TRADE UNIONS.
To demand for increase in wages. Improvement in working conditions. Helps to fight job loss. Helps to fight unfair dismissal. Helps to protect against...Read more »
Theories of Wage Determination
Subsistence theory of wages This theory was presented by the physiography and was explained by a German economist Sallee. This theory may be known...Read more »
Wages Fund Theory
This theory is associated with the name of Mill. According to him, a wage fund is created and the wages are paid by...Read more »
Systems of Wage Payment
Pieces rate system: This is a system whereby a worker is paid according to the work the quantity of output produced. Advantages More...Read more »
CAUSES OF ECONOMIES OF SCALE
To improve production technique (applying up to date technology) Efficiency utilization of resourses Full improvement of resourses Availability of reliable market Effectively and economically...Read more »
Relationship Among Total, Average and Marginal Product:
The relationship among total, average and marginal product of labor in the light of the law of variable proportion is explained as under: The...Read more »