Microeconomics

Importance of Entrepreneurship

Importance of Entrepreneurship

Entrepreneurship is the act by an individual to start and develop their own business. This involves the willingness to take risks in the hope of profit. We can look at the founders of Microsoft, Bill Gates and Paul Allen, as entrepreneurs. They both invested both time and money into starting and developing Microsoft.

Corporate Social Responsibility Definition

Corporate Social Responsibility (CSR) Definition

Corporate Social Responsibility (CSR) is a type of corporate strategy that looks at how the business can better society as a whole. These can target moral issues such as environmental protection and animal testing, to more ethical acts such as charitable fundraisers.

Stakeholder Definition

Stakeholder Definition

A stakeholder is someone that has an interest in a business because its decisions affect them. These can either be external or internal stakeholders.

Outsourcing Definition

Outsourcing Definition

Outsourcing is where a company hires an external firm to conduct certain aspects of its business. In other words, one business hires another to operate a certain part of its operations.

Mass Production Definition

Mass Production Definition

Mass production is the continuous production of standardized products, usually along an assembly line. It involves making products in large quantities so that they can be provided to the masses. This type of production is able to maintain a consistent level of quality of output, but comes at the cost of a lack of flexibility.

Utility Maximization Definition

Utility Maximization Definition

What is Utility Maximization Utility Maximization Rule Utility Maximization Example Limitations of Utility Maximisation Utility Maximization Definition WRITTEN BY PAUL BOYCE | Updated 19 January 2022 What is Utility Maximization Utility maximisation is the concept that consumers and businesses seek to maximise their satisfaction or utility from their purchases. In other words, when $100 is …

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Monopsony Definition

Monopsony Definition

A monopsony is where there is a sole buyer of a product, but many sellers. This contrasts with the similarly named monopoly, whereby there is only one seller and many buyers.