Income Elasticity of Demand
Income Elasticity of Demand (YED) is a measure of the responsiveness of the quantity demanded of a good or service to changes in consumer income. It is calculated as the...
Category: Uncategorized
Function of Business
The functions of a business refer to the activities and processes necessary to achieve its goals and objectives. These functions can be divided into several areas, including: Each function is...
Component of Business
Industry Industry refers to the production of goods or services within an economy. It is a sector that deals with the manufacturing and transportation of products and the provision of...