Category: ECONOMICS

Switching Costs: Definition, Examples, Meaning, Strategy, Types

Consumer behavior is a complex topic, but understanding it is critical for businesses that want to stay competitive. One important concept in consumer behavior is the idea of switching costs. Switching costs are the costs associated with changing from one product or service to another. They can be financial, such …

Normal Goods: Definition in Economics, Examples, Importance

In a manufacturing business, the term “normal goods” refers to goods that show direct connections to consumers’ income and economic growth. Every company wants to produce these types of goods because they are essential for a thriving economy. These goods play a major role in business revenue and can be …

Marginal Revenue: Definition, Curve, Formula, Equation, Example

In manufacturing, businesses produce an output, which they then sell. The revenue from selling the output is the total amount of money that the business receives from sales. The marginal revenue is the increase in revenue that the business gets from selling one more unit of output. The marginal revenue …

Nash Equilibrium in Economics: Definition, Example, Importance, Strategy

Decision-making and creating business strategies are huge parts of running a successful business. In the business world, there are different ways to make decisions. When it comes to Nash Equilibrium, it is a process of making decisions where the company tries to find the best possible outcome. It’s used by …