Theory of price is a microeconomic theory that describes the relationship between the prices of goods and services and the factors that affect them. The theory is based on the principle of supply and demand, which states that the price of a good or service is determined by the amount of it that is available … Read more
The term “supply” refers to the quantity of a good or service that a producer is willing and able to sell at a given price. The supply curve is a graphical representation of how the quantity supplied of a good or service varies with changes in the price. The law of supply states that, other … Read more
Closed loop MRP is a manufacturing process planning and execution system that continually monitors and adjusts production plans in response to actual production progress. The goal of closed loop MRP is to keep production plans aligned with actual production progress, thereby reducing or eliminating the need for manual intervention and re-planning. The key components of … Read more
An express warranty is a written or oral guarantee that promises a level of quality or performance for a product. The Federal Trade Commission’s (FTC) Magnuson-Moss Warranty Act, which regulates warranties for consumer products, defines an express warranty as “any affirmation of fact or promise made by the seller to the buyer which relates to … Read more
. The Tragedy of the Commons and Its Significance in Economics. What does commons mean in economics? In microeconomics, commons refers to a shared resource that is used by many different people. This can be something like a public park or a piece of land that is used for grazing cattle. The concept of commons … Read more
In contract law, the “meeting of the minds” or “mutual assent” is a requirement for the formation of a valid contract. This occurs when the parties to a contract have a shared understanding of the terms of the agreement. The meeting of the minds is necessary because it helps to ensure that both parties are … Read more
Barriers to entry are factors that limit or prevent new firms from entering a market. Barriers to entry can take many different forms, including economic, legal, technological, and financial barriers. In many markets, the presence of barriers to entry makes it difficult for new firms to get started, which can limit competition and lead to … Read more
At sight definition is a term used in the context of banking and finance, and refers to a payment that is due on demand. In other words, the debtor is required to pay the amount owed as soon as the creditor demands it. This type of arrangement is typically used for short-term loans, such as … Read more
The term “last mile” refers to the final leg of a journey, typically from a transit hub to a destination. In the context of communication services, the “last mile” refers to the connection between a service provider’s network and the customer’s premises. This connection is often the most difficult and expensive part of the network … Read more
Sales price variance is the amount by which the revenue from actual sales exceeds or falls short of the revenue that would have been generated if sales had occurred at the target price. In other words, it is the difference between the revenue generated by actual sales and the revenue that would have been generated … Read more
