Archive | Economic Concepts

This article throws light upon the seventeen economic terms and their basic concepts. “Every science frames its concepts in unique terminology and develops its own vocabulary. Economics too has its unique vocabulary. - M. Bober” 1. Utility: Utility, economic welfare, satisfaction, and sometimes happiness — these terms are often used in economics in more or less the same sense. But [...]

Read this article to learn about the ten basic economic concepts: (1) Demand Curve Concepts in Monopolistic Competition, (2) Concepts of Marginal Product in Business Economics, (3) Narrower Concept of Growth in Economics, (4) Ricardo’s Concept of Terms of Trade and Reciprocal Demand, (5) Concept of Equilibrium, and Others. Concept # 1. Demand Curve Concepts in Monopolistic Competition: Monopolistic competition [...]