Posts published in “MICROECONOMICS”

This article is about a monopoly. It describes characteristics of a monopoly market and explains how the equilibrium model evolves in monopolistic conditions.

This article is about perfect competition. It describes characteristics of a perfectly competitive market and gives assumptions about perfect competition.

This article describes size of firms. It explains why growth of firms is important and identifies basic methods of business growth - external and internal.

This article introduces the characteristics of production in the long run by explaining and visualizing how firms move to the long run production.

This article explains the difference between production in the short run and production in the long run. And, it describes Law of Diminishing Returns.

This article describes the main objective of businesses – generating revenue and making profit. It describes different types of revenue and profit, also profit maximization.

This article is about short-run diminishing returns. It defines the concepts of short-run and long-run in Economics and explain the differences.

Here are situations where the market system can fail from provision of demerit goods and merit goods. Government interventions might be necessary.

This article identifies situations where the market system can fail causing market failure: prices too high, when prices too low, fluctuations in price.

This article describes interrelationship between markets. It defines joint demand, competitive demand, derived demand and joint supply.

This article is about fours different factors of production (land, labor, capital and enterprise) and three basic sectors of production.

Cost Benefit Analysis (CBA) is a method which attempts to evaluate the social costs and benefits of a proposed economic activity.

This post is about costs and benefits – both private costs and social costs, and private benefits and social benefits. It also defines the term externalities.

What is an economy? What are three basic economic questions? What are main economic systems. This article helps to identify economic systems.

This article talks about three main functions of price and explains how these functions of price influence the market system.