Day: February 18, 2021

MARKET STRUCTURES AND ECONOMIC WELFARE In Study Unit 7 we examined the main forms of market structure – perfect competition, monopolistic competition, oligopoly and monopoly.  At the start of our examination we noted that it has long been a common Read More …

MEANING AND IMPORTANCE OF COMPETITION ‘Competition’ is one of those simple words which are common in everyday speech and which we all assume we understand but which, when we really try and explain, start to present difficult problems. Ask yourself Read More …

NATURE OF MARKETS In economics, a market is an area within which the forces of demand and supply for a particular “economic good” can communicate and interact, so that the good can be transferred from suppliers to buyers. This definition Read More …

THE NATURE OF PROFIT The simplest definition of profit is that it is the excess of revenue over cost.  This is a little deceptive because it is not always easy, in practice, to decide what is revenue and what is Read More …

FACTOR AND INPUT COSTS Production Factors and Costs In Study Unit 1 we examined how the factors of production – land, labour and capital – contributed to total production.  We also saw that some factors could be regarded as fixed Read More …

INFLUENCES ON DEMAND Flow of Demand The demand curve which we identified in the previous study unit illustrates the quantities of a product that a group of consumers are prepared to buy at a range of possible prices.  We must Read More …

UTILITY Meaning of Utility Economists have always faced problems in explaining clearly why people are prepared to make sacrifices to obtain many of the goods and services which they evidently wish to have.  In a market economy this difficulty can Read More …

                              Aim The aim of this subject is to ensure that students have a solid foundation in economics contributing to the development of a competent and well-rounded Read More …

. DEFINITION By audit, one should understand a mission of investigating entrusted to a professional (named auditor sometimes) by a person in quest of information on a concerned operation or on a situation of an enterprise that consists depending on Read More …

REMOVAL FROM REGISTRAR COMPANIES Before speaking of actual removal from register, the law distinguishes a companies based on whether or not they have passed the solvency test. It is however difficult to establish. SOLVENCY AND COMPANY’S INABILITY TO PAY According Read More …