Wages and labour disputes are two things that have always gone hand in hand since the beginning of time. Wages are the major cause of a labour dispute, and it could lead to something as big as a strike or shutdown. When workers feel unsatisfied with their current wages compared to the work they put
We have so many successful businesses across many industries, how do you think they make their decisions on the commodity they sell and the appropriate amount to produce? They do this using the theory of production. What is the Theory of Production in Economics? The theory of production is an economic concept that helps companies
You may have heard about the term ‘Monopoly’. It is a term used to describe an industry where only one company dominates and calls the shots. But what do we call an industry where a handful of companies dominate, and each has a large market share? We call that an oligopoly. What Is an Oligopoly?
According to Alfred Marshall, Economics is the study of mankind in the ordinary business of life. But did you know that everything that has to do with the study of economics can be found in two categories, which are “microeconomics and macroeconomics”? These two categories represent different sides of economics; if you wanted to explain
We have at some point heard about economics, whether it be as a subject in high school or as a whole course of study in a university. But do you know economics is way more than that and encroaches on our daily lives? In this article, you will find all you need to know about
Have you ever wondered how businesses raise financial capital? In this article, we will explain all about financial capital and what it entails. What is Financial Capital? Financial capital is what companies use to make investments in their businesses. They acquire machinery, buildings, or materials with capital, which they then use to produce goods or
Demand and supply are one of the foundational concepts of economics that explains how the market works. This is a concept that happens in your everyday life as long as you are a consumer or a seller. A real-life example of demand and supply is Taylor Swift and her new tour. The demand from people
Competition is one thing and one action that everybody has participated in at some point in their lives. Whether it be a small school debate or a school game. In economics, competition is also similar; businesses selling similar products or services are striving to survive and one comes out on top in the market. In
Understanding the basics of economics helps in understanding the economic decisions taken. The concept of economics forms the basis of what economics is about. It explains and studies how and why individuals and companies allocate their resources to satisfy their unlimited wants and needs. What are economic concepts? Economics concepts provide the basis on which
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