Articles by Satyal

Cost and the concepts of cost: The cost is the monetary value that has been spent by a company in order to produce something. In […]

Law of Return to Scale Returns to scale in the long-run concept of production theory. In the long-run concept of production theory. In long-run all […]

Iso-Quant An iso-quant is a locus representing different combinations of two inputs that yield the same level of output to the producer. It slopes downwards […]

The law of Variable Proportion: The law of variable proportion is also known as the law of diminishing returns. It is the law based on […]

Production: In general terms, production refers to the creation of new things but in the economic sense, it is the process of creation and addition […]

Concept of the market economy: The Market Economy is an economic system in which the decisions regarding production, investment and distribution are guided by the […]

Differences between microeconomics and macroeconomics: Microeconomics deals with the small components of the economy or the individual. It studies the behavior of individual units and […]

The basic economic issues arise from scarcity and choice.  Scarcity Scarcity refers to the limited supply of productive resources in relation to their demand. A […]

Difference between movement along and shift in the supply curve Movement along the supply curve is defined as the graphical representation of the change in […]

Difference between a movement along and shift in the demand curve              Movement along the demand curve is defined as the graphical representation of the […]