What's it: A demand curve is a two-dimensional graphical representation to illustrate the relationship between quantity demanded and price. It uses price as the Y-axis and quantity as the X-axis. The curve shows the quantity demanded at any
Microeconomics
Demand Function: Example, Linear vs. Nonlinear
What's it: A demand function is a mathematical equation representing the relationship between demand and its determinants. The function shows us how the demand for a product is affected by factors such as its own price, buyer income, and
Market: Meaning, How It Works, Types, Structure
What's it: A market is where buyers and sellers trade and exchange. It can refer to a physical location such as a store or an abstract location such as in the foreign exchange market. Transactions can involve goods, services, and money. It usually
Capacity Utilization: Its Relationship With Profitability, Aggregate Demand and the Economy
What's it: Capacity utilization refers to the extent to which existing production capacity is used. It may refer to a company's machinery or production facilities. Or, we might find it to describe an industry or an economy aggregate. What is
Business Sector: Roles, Ownership, and Types
What's it: The business sector is a private economic actor dealing with producing goods or providing services. It covers all businesses, from small to giant, across industries. Together with the household sector, it forms the private sector. And