Tag: wealth, capital and money

Chemist will keep the medicines and other things which are to be stored below the room temperature and thus the refrigerator in a chemist shop is a producer's good as it helps to satisfy human wants indirectly.

Human wants are unlimited. This means that they are never ending and can never be fully satisfied. Since wants keep on adding, all of them cannot be satisfied due to limited resources. As soon as one want gets satisfied, another one emerges. 

In economics, factor market refers to the the market where factors of production ,namely land,labour,capital entrepreneurship -are brought and sold.

Inferior goods refer to those goods which possess an inverse relation between income of a consumer and demand of that particular good,that is, when there is a rise in income of the consumer,the demand of that particular good falls.For example,coarse grains..

In economics goods market refers to a market where the buying and selling of goods can be done.

Human wants are unlimited since it is assumed more is always better and humans do not find himself in a situation of negative marginal returns. This is known as monotonic preference.

When any goods change in proportion between two different periods of time, then it is measured with the help of Quantity Index Numbers. In other words, we can say the study of measuring any proportionate change of goods in two different periods of time is called quantity index numbers.