Monopoly: Definition, Types, Features, Causes, Pros & Cons
Posted inEconomics

Monopoly: Definition, Types, Features, Causes, Pros & Cons

Monopoly may be defined as a market situation where there is only one producer or supplier of a particular commodity that has no substitute and who has the power to influence the price of the commodity to his own favour. The commodity sold by a monopolist is usually differentiated.
Balance of Payments: Definition, Example, Problems & Solutions
Posted inEconomics

Balance of Payments: Definition, Example, Problems & Solutions

Balance of payments is a systematic record or summary statement of accounts of all the major economic or trading transactions between a reporting country and the rest of the world, during a specific period, usually one year. Balance of payment is a summary of receipts (income) and payments (expenditure) of a country in the international accounts.