Day: February 23, 2021

This industry specialises in production of liquid products. This therefore tells us that there was need or a gap in the market for the above products. As a result therefore, the founders of the industry met and agreed on starting Read More …

Facts Price mechanism is a system in a free enterprise economy in which resources allocation and prices are determined by forces of demand and supply with little or no government interference. This depends on the forces of demand and supply. Read More …

Discovery It should be noted that the most important party however is the buyer. All other parties work towards serving or fulfilling the needs of the buyer. This buyer is also called a customer or a consumer. A market has Read More …

Facts The degree of reaction of dependent variables to changes in independent variables is what is called elasticity. An independent variable is a factor that has an influence on another associated factor (that is called a dependent variable). Price of Read More …

Discovery We have so far looked at demand and supply in the previous units. We looked at how quantity demanded and quantity supplied relate to price. We explained how each of the two changes and what happens to the curves Read More …

In the chain of distribution of goods and services, there are different parties and activities involved. The parties involved include the producer/ manufacturer, the wholesaler, the retailer, and then the consumer. Goods are transported from production centres to storages facilities Read More …