Introduction Purchasing and selling things from one location to another or from one country to another is trade. South India was known for its gold, rare stones, and pepper 2000 years ago. Due to its tremendous worth, black pepper was referred to as "black gold" throughout the Roman Empire. ... Read More

Introduction Production is an important topic in economics as it is directly related to the well-being of societies. We can understand the health of an economy from its production values of it. Production is not only important for survival but prosperity is also brought to economies by it. Productions include ... Read More

What is Rational Consumer Choice? Rational choice is a school of thought based on the assumption that consumer choices are made in sync with the personal preferences of human beings. It helps economists understand the behavior of society via personal actions as explained in rationality. In rational consumer choice school, ... Read More

Introduction In our day-to-day lives, we often come across the concept of cost. We know that there is nothing free in the market. Yet to define cost in real terms we have to go through a complex process of understanding. This is so because there are many types of costs ... Read More

Introduction The scientific reason behind both the physical and the chemical change is important to understand the characteristics of both of these changes. The reversible and irreversible nature of any components is associated with both of these changes. In a physical change, an object’s basic components change in shape, size, ... Read More

Introduction China is credited with being where silk was originally found around 7000 years ago. The Chinese people kept the methods a well-guarded secret and instead focused their efforts on exporting silk fabric to far-off regions. They travelled on foot, horses, and camels, and the path they took eventually ... Read More

Introduction Every business organization wants to and operates to earn money. A company won’t exist if it does not earn money for its products and services. Although all companies are not for profit, they must still earn money for their existence. When we talk about earning money from organizations, we ... Read More

What is Total Utility in Economics? Total utility refers to the aggregate amount of fulfilment or satisfaction received from the consumption of a specific good or service. There is another form of utility known as a marginal utility which is the satisfaction derived from consuming one additional good or service. ... Read More

Introduction Siddartha, also known as Gautama Buddha, lived simultaneously as Mahavira. Siddartha was a contemporary of Mahavira. It was 563 BC when he was born in the Lumbini jungle close to Kapplia Vastu in the Nepalese foothills. He was a Chatriya and hailed from a little community located nearby called ... Read More

Introduction The reflection of sound waves from multiple closed surfaces is associated with the function of reverberation. The reflection might occur from the air, furniture in the area or even in the presence of humans. This effect is quite similar to that of echo but the distance between the source ... Read More