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  • Supply and Demand
    Supply and demand form the relationship between the quantity of a product or a service that sellers wish to sell, and the quantity of a product or a service that consumers wish to purchase.
  • Competition
    Definition of Competition Competition is a situation in which someone is trying to win something or be more successful than someone else.
  • Inverse Relationship
    Definition of Inverse Relationship Inverse relationship is a type of correlation that exists between two variables wherein an increase in one variable is associated with a decrease in another variable.
  • Supply
    “Production or manufacture” is the process of converting raw materials into finished goods.
  • Annual Income
    Definition: Income is money (or some equivalent value) that an individual or business gets, usually in exchange through investing capital or providing a good or service.
  • Consumption
    Consumption flow and expenditure can be crucial to understand the fluctuations in the different business cycles.
  • Crossover Rate
    Crossover rate is the cost of the capital where two projects have the same net present values (NPV) or where their NPV profiles intersect.
  • What are Determinants of Supply?
    Determinants of supply are the factors that can causes changes to, or affect, the supply of a product in the market.
  • What is Equilibrium?
    Equilibrium is where the products or services demanded in a market is equivalent to the products or services that are supplied in the market.
  • What is Perfectly Inelastic Demand?
    Perfectly inelastic is where a small increase or decrease in the price of a product will have no effect on the quantity that is demanded or supplied of that product.
  • What is Voluntary Exchange?
    A voluntary exchange is a transaction where two people trade goods or services freely, there is no coercive or restrictive force involved in the transaction.
  • What is Perfectly Elastic Demand?
    A perfectly elastic demand curve will be a straight line (horizontal) on a graph, where the x-axis will be the quantity, and the y-axis will be the price of the product.
  • What is Economic Profit?
    Economic profit can be calculated by subtracting the opportunity cost from the accounting profit.
  • What is a Supply Schedule?
    The supply schedule is a graph that shows you how much products are demanded from customers at a specific price based on the supply curve.
  • What is a Check Register?
    A check register, also known as cash disbursement journal, is the journal that records all the checks, cash and cash outlay during an accounting period.
  • What is Market Demand?
    Market demand refers to the sum of individual demand for a product available in the market.
  • Interest Rate Parity
    Interest rate parity (IRP) is a concept which states that the interest rate differential between two countries is the same as the differential between the forwarding exchange rate and the spot exchange rate.
  • Unit Elastic Demand
    Unit elastic demand is the economic theory that assumes a change in product price causes an equal and proportional change in the quantity demanded.
  • What is Primary Economic Activity?
    A primary economic activity refers to any kind of economic activity that involves collecting, extracting or harvesting natural resources.
  • What is Production?
    Production is the process of making or manufacturing goods and products from raw materials or components.
  • What is a Monopoly?
    Monopoly refers to a type of market structure in which a single company and its goods and services dominate the market at all times.
  • Inflation Rate
    The inflation rate is the percentage increase in the average level of prices of a basket of selected goods over time.


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