Tag: quantity

DefinitionA warehouse receipt is a document that provides proof of ownership of commodities that are stored in a warehouse, vault, or depository for safekeeping....

Supply is an important economic term that denotes the amount of available goods and services in a country. The term is closely related to...

DefinitionIn economics, the excess burden of taxation, also known as the deadweight cost or deadweight loss of taxation, is one of the economic losses...

DefinitionA deadweight loss, also known as excess burden or allocative inefficiency, is a loss of economic efficiency that can occur when equilibrium for a...

DefinitionIn economics, diminishing returns is the decrease in the marginal output of a production process as the amount of a single factor of production...

What is 'Above Full-Employment Equilibrium' A macroeconomic term used to describe the real gross domestic product (GDP) is currently in excess of...

What is 'Backorder Costs' A cost incurred by a business when it is unable to fill an order and must complete it...

What is the 'Variable Cost Ratio' The variable cost ratio is an expression of a company's variable production costs as a percentage...

DefinitionIn microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases, quantity demanded decreases...

What is the law of diminishing marginal utility The law of diminishing marginal utility is the principle that as a person consumes more of a...