BY TINA BOUTIS WHAT IS PRICE ELASTICITY? Imagine this: You go to the store to buy your two favorite things: mangoes and water. You are about to pay, when you see the price of both of these items has doubled! It is just your luck that the store owner decided
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Business
Learning Business: Comparative Advantage
BY TINA BOUTIS THE SITUATION Imagine a world with two countries: Easterica and Westasia. To produce 1 mango, Easterica needs 2 workers, and Westasia needs 4 workers. But, to produce 1 banana, Easterica needs 1worker, and Westasia needs 4 workers. Which country do you think should produce each product?
Revenue, Profit, Loss and Market Share
‘Revenue’, ‘profit’ and ‘market share’ are the three basic and very important concepts that every business leader needs to understand. Revenue is the total money that you will get if you sell something. For example, if Tom sold a motorbike to Jerry for 100 dollars, Tom earned a revenue of
Learning Business: Companies, Debt and Partnerships
BY MUTJABA GHAUS Do you know what Coca Cola is? When I say Coca Cola, what comes to your mind? A sweet and refreshing drink? Or a huge company that has thousands of workers in many countries? Dear readers, what we will understand in this passage is how a
What is a Contract and how does it work?
A contract is a promise between two parties (who can be people, organisations or companies). However, it is different to a normal promise because it is legally binding. WHAT DOES ‘LEGALLY BINDING’ MEAN? It means that the law will enforce the contract (it will make sure that both sides keep
Learning Business: The Meaning of Fairness in Business
Business is an activity undertaken by a company to meet its goals.One main goal of most companies is to earn profit. These profits are generated when the company sells goods or services to customers in return of money. A company can operate and grow by making profit. But it should