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Introduction To Money

Money is anything that is generally accepted as a medium of exchange, a measure of value, store of value, and the means for the standard of deferred payment. In this…

Average Total Cost

Average total cost in economics plays an important role in understanding how the firm cost of production falls over a period. Average total cost comprises average fixed cost and average…

Marketing Mix Element: Price

Price is the third element of the marketing mix. It is the amount of money paid by the buyer to the seller in consideration of the purchase of a product…

The problem of Double Counting

The counting of the value of a commodity more than once is called double-counting. The problem of double counting leads to an overestimation of the value of goods and services…

Measures of Central Tendency

A central tendency refers to an average or a central value of a statistical series. Measures of central tendency refer to all those methods of statistical analysis by which averages…

Precautions While Calculating National Income

Under national income, we discussed 3 methods namely: value-added method, income method, and expenditure method. You can revise these methods before learning the precautions of each method while calculating national…

Domestic Territory & Normal Residents

Under national income, the concept of domestic territory and normal residents is crucial. Students get identification questions on this topic and are asked to provide the reasoning of the same.…

Functions & Importance of Statistics in Economics

Let’s understand the functions & importance of statistics in economics. But before that, you can revise the introduction to the statistics post once. Then you can read about the functions…

Packaging as an Element of the Marketing Mix

Packaging refers to the act of designing and producing the container or wrapper of a product. In this post, I will be discussing packaging as an element of the marketing…

The Relation Between TC, TVC & TFC

Hi, today I will explain the relation between TC, TVC & TFC. It will be highly beneficial if you read my post on Total cost, Total variable cost, and total…

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