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What is the Elasticity Concept in economic?

In economics, elasticity refers to the sensitivity of one economic variable to changes in another. Specifically, it is the measure of how much a given variable responds to a change in another variable.

What is DEPENDENCY THEORY in economic?

Dependency theory is an economic theory that was developed by the Latin American dependency school of thought. The main goal of dependency theory was to analyze how the global economy functions and how it impacts different countries.

What is Switching Costs in economics? Economic theory explained

Switching Costs and the Theory of the Firm Introduction: Switching Costs in Economics Why Switching Costs Matter? There are many reasons why switching costs matter. They can...

What Is Oligopoly and How Does it Affect the Economy?

The Economics of Oligopoly Introduction: What's an Oligopoly? An oligopoly is a market structure where a small number of firms dominate the market. An oligopoly is an...

The Complete Guide to Break Even Analysis in Economics

Break-even analysis in economics: A back-of-the-envelope calculation for the minimum level of production What is Break Even Analysis and How Does it Work? Break even analysis...

The Economics of Cost Minimization

5 Ways to Cost Minimize Your Business Operations with These Simple Ideas Introduction: What is Cost Minimization? Cost Minimization is a business practice that focuses on...

The Complete Guide to Opportunity Cost (economics term explained)

The 5 Best Opportunity Cost Explanations to Help You Understand What It Means Introduction: What is opportunity cost? Opportunity cost is the cost of an alternative...

What is Shut Down Price? Economics Term Explained

What is the Definition of Shut Down Price? Introduction A shut down price is the price of a product or service that is available only to...

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Mastering Operation Management Concepts: A Guide for MBA Students

Operation management is like a magical factory that takes raw materials (in this case, ideas) and turns them into fantastic products and services.

Social Exchange Theory: Building Connections Through Reciprocity

The Social Exchange Theory, which lies at the heart of our social interactions, is a beautiful reminder of the power of reciprocity and collaboration in our everyday lives.

Embracing Competitive Advantages in a Globalized Economy

In an increasingly globalized economy, organizations face a myriad of challenges in order to maintain their growth, sustainability, and profitability.

What are the differences between vision, mission and strategy?

Vision, mission, and strategy are three key elements of strategic management, but they have different meanings and functions

What is VRIO Analysis? Key tool for Competitive Advantage

VRIO analysis is a framework used in strategic management to assess the resources and capabilities of a company and evaluate their potential for competitive advantage