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The quantity of a good or service demanded by an individual household is called the Individual Demand. The sum total of all such demands over a period of time for any commodity in the market is described as Market Demand. What is Demand? In economics, demand is how much of a product or service is […]
What is the meaning of Oligopoly? Oligopoly is a market structure that occurs when a few firms dominate the industry. It can occur naturally or as a result of government intervention. There are only very few oligopolies in the economy, and they have been studied extensively by economists due to their relatively rare occurrence […]
What is the meaning of Factor Income? Factor Income refers to incomes that accrue as rewards for the services provided by land, labor, capital, and entrepreneur. These factor incomes are usually distributed among three main factors of production i.e. land or natural resources, labor, and capital. For example, wages paid to a laborer after working 8 […]
What is the meaning of Re-Order Level? Re-Order Level (ROL) is the point at which new supplies are ordered. It usually occurs when the inventory level reaches some predetermined point, known as reorder point so that fresh supply can be received in time without any delay. Reorder Point denotes the stock level at which a […]