Business Management and Industrial Economics

M Haneef Solangi

Basic Concepts of Economics

Economics

Utility

Utility Refers to power, value or ability of a commodity which satisfy the Human want

Income

The term income refers to sum of money individuals receive during given period of time against their services.

Saving is the portion of income that is not spent on consumers goods is called savings.Saving= Income - consumption

Saving

Wealth

All those goods which possess utility and have value-in-exchange.

The portion of money spent to earn more money.

Investment

The power of a good to command other goods or services in exchange for it is called it’s value.

Value

Thanks