Business management and industrial economics
Post on 05-Aug-2015
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Business Management and Industrial Economics
M Haneef Solangi
Basic Concepts of Economics
Economics
Utility
Utility Refers to power, value or ability of a commodity which satisfy the Human want
Income
The term income refers to sum of money individuals receive during given period of time against their services.
Saving is the portion of income that is not spent on consumers goods is called savings.Saving= Income - consumption
Saving
Wealth
All those goods which possess utility and have value-in-exchange.
The portion of money spent to earn more money.
Investment
The power of a good to command other goods or services in exchange for it is called it’s value.
Value
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