Market economy is that in which economic activities are fully dependent on the role of market forces.

This is essentially the problem of distribution of income between (i) the different groups of the society(ii) now and in future.

Demand schedule is a table showing the relationship between different quantities of a commodity to be purchased at different prices of that commodity.

Variable Costs are the costs incurred on hiring variable factors of production, these costs vary directly with the quantity of output produced. The...