STUDY GROUP
The main purpose of the group provide the simple information about the subject of commerce.
Agency
The relationship between principal and agent is called agency.
Principal
The person who authorize another person to act is called a principal.
AGENT
A person who act on behalf of another person is called an agent.
Contract
A contract is an agreement creating and defining obligations between the parties.
IC properties (4)
1. Downward sloping
2. Convex to the origion
3. Higher indiffrence curve represent higher satisfaction...
Indiffrence curve (IC)
It is a curve it shows various combination of two commodities like x,y, whic provides the consumer an equal level of satisfaction.
What is Demand?
It is a willingness, ability, perfect price, perfect time, a buy something then is called demand.
*Economics Define*
Economics is concerned with in an enquiry into nature and causes of wealth.