Meaning of Competition
ECONOMICS

WHAT IS COMPETITION | DEFINITION & MEANING OF COMPETITION

Meaning of Competition? Competition as the force that compels the owners of resources to do the bidding of consumers. We turn now to a study of how this result is obtained. In this study we shall examine the operation of the entire signal system of an enterprise economy. We shall begin with an examination of […]

FORMS OF BUSINESS ORGANIZATION
BUSSINESS LAW

FORMS OF BUSINESS ORGANIZATION | ADVANTAGES & DISADVANTAGES

What are common forms of business organization? A private enterprise economy the firm is the agency that executes the orders of the consumers. It is a voluntary association of resource owners organized for the purpose of making profits by producing for sale economic goods and services. The firm sells to individuals, to other firms, and […]

Specialization
ECONOMICS

SPECIALIZATION | DIVISION OF LABOR | ADVANTAGES AND CONDITIONS

What is Specialization? Specialization could be an approach developed by a business to deliberate on the assembly of a awfully restricted vary of product or services so as to achieve most productivity, experience and leadership within the targeted field. Firms that specialize say they get a far better come on investment. As we know that […]

Free enterprise system
ECONOMICS

FREE ENTERPRISE SYSTEM | DEFINITION AND BASIC PROBLEMS OF THE SYSTEM

What is Free enterprise system? A free enterprise is basically a kind of economy where products, prices, and services are determined by the actual market, not by the government. It’s capitalism, not socialism. Things that are free are unconstrained, and a business is an enterprise. So, free enterprise system refers to an economy where businesses are free from the hand of government […]

PRIVATE ENTERPRISE
ECONOMICS

WHAT IS PRIVATE ENTERPRISE | DEFINITION AND HISTORY OF THE SYSTEM

What is Private Enetrprise? A private enterprise type of economic organization is one in which (1) the critical decisions in economic life are made by self-seeking individuals, guided by prices and disciplined by competition; (2) most of the means of production are privately owned and controlled; and (3) rewards are approximately in proportion to contributions. […]