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Understanding Law of Supply

  SUPPLY Supply is of the scarce goods. It is the amount of a commodity that sellers are able and willing to offer for sale at different price per unit of time. LAW OF SUPPLY There is direct relationship between the price of a commodity and its quantity offered fore sale over a specified period of time. When the price of a goods rises, other things remaining the same, its quantity which is offered for sale increases as and price falls, the amount [...]

Concept of Profitability of a firm

Profitability of a firm When a business is started, an investment is made into the firm in areas such as machinery, land, inventory and other assets. By investing in these assets, the business wants to produce a value, a product or a service to sell it to the end users for a profit. Concept of Profitability of a firm When we look at the financial side of the business and its activities, we can understand that the assets of the firm are [...]

Tax effect on Supply and Demand Curve

Tax effect on Supply and Demand Curve Definition of Tax effect:The primary reasons for any tax is to raise income or revenue from tax payers for the taxing authority as, to impose economic burden on those tax payers to alter the distribution or allocation of resources in the affected markets. By changing the distribution of resources that is the quantities produced and consumed, where a tax can also affect the economic efficiency with which the resources are employed. As a [...]

Supply Chain Management – Customer Relationship Management

Customer Relationship Management Marketing The Customer Relationship Management process provides the structure for how the relationships with customers will be developed and maintained. Management identifies key customers and customer groups to be targeted as part of the firm’s business mission. These deductions are made by the leadership team of the enterprise and the owner of the strategic process is the CEO. The goal is to segment customers based on their value over time and increase customer loyalty of target customers [...]

Performance Management: An Introduction

Cooperation in the supply chain can increase the profitability and also improves the delivery performance and service by reducing the logistics costs. The idea of making profits with the proper implementation of SCM can be traced back to the definition used within logistics. Focus here is on reducing the costs of logistics by, for example, reducing transport, inventory and order processing costs. A total cost analysis can illustrate how much SCM cooperation can contribute to overall savings, and as a [...]

The Concept of Process Orientation

Process Orientation The Supply Chain Management, with its overall perspective on the supply chain, has been difficult for many companies to operationalize. Looking from operational level, the complexity of Supply Chain Management is so vast that it is necessary to break down the supply chain into smaller segments in order to understand it. This does not mean that the overall perspective is thrown aside, but rather that is must be looked at as a way to create a foundation for [...]

Keynesian Model In Economics

Keynesian Model In Economics Consumption is the spending on consumer goods over a given period, usually a year. Consumer goods are goods and services that are consumed or used up within the year, such as food or electricity. In practice, however, many goods counted as consumption goods last longer than a year such as dresses, cars and toasters, etc. John Maynard Keynes made two key assumptions about what determines consumption spending. Assumption 1: People base their consumption spending mainly on their current [...]

The Concept of Recessions In Economics

Economics - Recessions In Economics, Recessions can be found in business cycles. Business cycles are the total ups and downs of an entire nation or possibly the entire world from time to time, over a period of more than 10 years. Recession in Economics is considered to be a decline in economic activity. An economy operating at its potential level is said to be at full employment. At full employment, some unemployment occurs. This is consistent with the shifting of workers between jobs due to [...]

Understanding Monopolistic Competition

Economics Imperfect Competitions - Monopolistic Competition Monopolistic competition has four distinctive characteristics. There is a very large number of firms. Each firm’s product is slightly differentiated from those of its competitors. Firms are free to enter or to exit the industry. Firms engage in non-price competition such as advertising. Monopolistic competition is a market structure in which there are many sellers of a commodity, but the product of each seller differs from that of the other sellers in one respect or [...]

Understanding Econometrics in Economics

Econometrics In Economics Econometrics is a method in economics which takes concepts from mathematics, statistics and economics for studying various economic phenomena. An econometrician has to be a competent mathematician and statistician who is an economist by training. Fundamental knowledge of mathematics, statistics and economic theory are a necessary prerequisite for this field. It is the unification of economic theory, mathematics and statistics into econometrics. Each view point, by itself is necessary but not sufficient for a real understanding of [...]