The price theory The price theory is the basis of exchange in economics. It is the study of price and its determinants. Prices are relative values of goods and services at a particular time. In a market, buyers and sellers exchange goods…
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Macroeconomics Macroeconomics deals with the aggregate behavior of all individuals in an economy. It is the study of the behavior an economy at the aggregate level. It is not the study of the level of a specific subgroups or individuals (which is…
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Key concepts Total fertility rate: the average number of children a woman can have assuming that current age-specific birthrates remain constant throughout her child-bearing years – that is, 15- 49 years of age; Population growth rate: The rate of population increase is…
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Introduction Procurement can be defined as the process of acquisition goods, works and services to satisfy the identified needs of an important function within an entity. Procurement can be defined as the process through which entities purchase their requirements to fulfill school…
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The Contract of Employment We have already seen that a contract need not be written. It can be oral. While it is not mandatory to have an employer/employee contract in written form, most employees in UK have a written contract detailing the…
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Consideration A valuable consideration, in the sense of the law, may consist either in some right, interest, profit or benefit accruing to the one party, or some forbearance, detriment, loss of responsibility given, suffered or undertaken by the other. The definition of…
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