An economy owns factors of production which are used in production process. Factors of production are also known as inputs of the production process. Level of …
Barter economy is where goods are exchanged for goods rather than using money to perform transactions. Barter economy existed in the past where there were no …
The expression of a model can be in the form of words, diagrams, or mathematical equations, depending on the audience and the point of the model. These are the …
Goods and services aims at fulfilling customer needs. Examples of goods are books, foods, clothes and so on. Examples for services would be hair dressing, …
Needs are basic physical and mental conditions of a human that need to be satisfied using a product or a services. In other hand wants can be defined as ways …
In past people used barter system (exchange goods for goods) [Click here to visit the article on barter economy] to obtain goods and services. But with …
“Money” is a word which holds a huge buzz in a current world as it said that money dominates the world. In simple terms Money is anything that can …
People may demand money for different purposes. Some may demand money to buy goods, some may want to save money in bank where as some may want to invest money …
Nationalization is a process by which government acquires private owned properties and businesses to generate increased social welfare and protect …
Privatization is a process by which the government sells off the public property/government’s stake in a company with the expectation of generating more …