Month: January 2022

Definition Production comprises all activities that provide goods and services which people want and for which they are prepared to pay a price. The composition of the total output can be classified into consumer goods and produce goods and services. Read More …

Recommended Procedures for Compliance Members or candidates should disclose special compensation arrangements with the employer that might conflict with client interests, such as bonuses based on short- term performance criteria, commissions, incentive fees, performance fees, and referral fees. If the Read More …

Understanding the Application of Loyalty, Prudence, and Care Standard III(A) establishes a minimum benchmark for the duties of loyalty, prudence, and care that are required of all members and candidates regardless of whether a legal fiduciary duty applies. Although fiduciary Read More …

Increase in consumer income leads to an upward shift in the budget line such that it remains parallel to the original one and vice versa. Income consumption curve is a locus of points of consumer equilibrium resulting when only the Read More …

To explain the concept of consumer equilibrium the price of the two commodities should be given as well as the customers‟ income so as to derive the budget line. Budget line is a curve or a line showing combination of Read More …

This school of thought is opposed to the law that utility is measurable through cardinal numbers. This school of thought maintains that customer behaviour can be explained in terms of preference so that customers need to state the commodity they Read More …