The brand of economics that looks at the behaviour of individuals and businesses. In other words, it examines how consumers and businesses react to changes in variables. For example, how do consumers react to price changes and how does quality affect this decision making.

Economic Rent

Economic Rent

Economic rent refers to the income earned by a factor of production that exceeds the minimum amount necessary to keep it engaged in its current use.

demand schedule

Demand Schedule

A demand schedule is a tabular representation that shows the quantity of a good or service that consumers are willing and able to purchase at different price levels.

average fixed cost

Average Fixed Cost

Table of Contents What is an Average Fixed Cost? Understanding Average Fixed Cost Formula Average Fixed Cost Curve Advantages Disadvantages Examples FAQs Average Fixed Cost: Definition, Formula & Examples Written by Paul Boyce Posted in Microeconomics > Production Theory Last Updated June 20, 2023 What is an Average Fixed Cost? In economics and business decision-making,



Agribusiness refers to the integrated and commercialized agricultural activities that encompass production, processing, distribution, and marketing of agricultural products.

cottage industry

Cottage Industry

Cottage industry refers to small-scale, often home-based, businesses that involve manual labor and traditional production methods to create handmade or artisanal products.