. Barter (or Bartering) is an act of exchanging goods or services between two or more parties without the use of currency. What is bartering in economics? In economics, bartering is when two people or two businesses trade goods or services without using money. Bartering is a way of life for many people around the … Read more
Locus sigilli is a legal term that refers to the location where a person’s seal is kept. The seal is used to authenticate documents and is usually kept in a safe place, such as a bank or a lawyer’s office. Can a sealed document be unsealed? A sealed document can be unsealed if the person … Read more
The Isoquant Curve: Properties and Formula What are the assumptions and properties of an isoquant? Assuming that we are referring to a two-dimensional isoquant, the isoquant represents all of the different combinations of two inputs (usually labor and capital) that can be used to produce a specific level of output. Isoquants are usually downward sloping, … Read more
What is the equilibrium price? There are several types of equilibrium prices, but the most common one is the market equilibrium price. This is the price at which the quantity of a good or service that consumers are willing and able to buy (demand) equals the quantity that producers are willing and able to sell … Read more
A deed is a legal document that is used to transfer ownership of real property from one person to another. The deed must be signed by the person transferring the property (the grantor) and by the person receiving the property (the grantee). The deed must also be witnessed by at least two people and it … Read more
Rescission is the legal process of undoing a contract. This may be done by mutual agreement of the parties, or by one party unilaterally if there is grounds for rescission such as fraud, duress, or mistake. Once a contract is rescinded, it is as if it never existed and the parties are released from any … Read more
What is Consumer Theory? Consumer Theory is the study of how people use resources to satisfy their needs and wants. It looks at how people make decisions about what to buy, how much to buy, and when to buy it. Consumer Theory also looks at how these decisions affect the market for goods and services. … Read more
Quantity supplied definition: the quantity of a good or service that a producer is willing and able to supply to the market at a given price, over a given period of time. How is quantity supplied related to price? The quantity supplied of a good or service is the amount that sellers are willing and … Read more
A supply curve is a graphical representation of the relationship between the price of a good or service and the quantity of the good or service that producers are willing to supply. The supply curve shows the different prices that producers are willing to supply at and the quantities of the good or service that … Read more
A negotiable definition is a definition that can be changed or negotiated. This term is often used in business settings, where two or more parties may need to agree on a definition in order to move forward with a deal or contract. In some cases, a negotiable definition may be written into a contract as … Read more
