All about economy on the web

Bilateral monopoly is a kind of a monopoly market in which there is a single seller and a single buyer.

The single buyer and the seller bargain to determine the wage rate and the price of the good or service.
Public education sector is an example of a bilateral monopoly market, where a government official negotiates with [...]

The Extended Marketing Mix model (also known as the 7 P’s) is a tool which marketers use to define their marketing strategy. It is constructed of the original 4P’s (Product, Price, Place and Promotion) and has an added three more elements (People, Process and Physical Evidence) in order to expand its applicability from strictly tangible [...]

Falling rate of profit was held by all leading classical economists except the English writer Thomas De Quincey (1785-1859).
Scottish economist Adam Smith (1723-1790) regarded the decline in profit as a result of ‘the competition of capitals’ whereas English economist David Ricardo (1772-1823) noted that diminishing returns in agriculture raised the real wage and reduced profits [...]

Formulated by German-born statistician Ernst Engel (1821-1896), Engel’s Law states that as incomes increase, the proportion of income spent on food falls.
Engel’s Law is accepted as a basic principle of income and consumption.
Written by: Jayashree Pakhare
Learn more about economy in “About Economy” section.

Did you find what you were looking for?

I would like to welcome you and greet you for attending my lectures, which are corresponding with useful topics. One of my articles is indicating to business topic. Business is considered an urgent topic, which everyone is concerned to deal in it, in order to gain his/her standard of living. On the other hand, many [...]