In this article we will discuss about the concept of consumer's sovereignty. Also learn about its drawbacks and limitations. One of the important characteristics of capitalism is the existence of economic freedom, which implies not only freedom of enterprise but also consumer sovereignty. After World War II, incomes rose and people began to enjoy more goods and services. Instead of [...]
In this article we will discuss about the definition of demand for a good. In ordinary language, demand for a good means the desire to have the good. For example, if a person desires to have an automobile, it is said that he has demand for an automobile. However, in economics, mere desire to have a good is not taken [...]
In this article we will discuss about the relationship between demand function and demand curve for a good. Demand curve is a relation between the price and the quantity demanded of a good. The main point of this relation is that, "other things" remaining the same, if the price of a good increases or decreases, then its quantity demanded decreases [...]