Marginal cost is the additional cost a business incurs when it produces one more unit of a good or service. In simpler terms, it represents the cost of making an extra item.
Join us on this journey as we navigate through the 6 primary structures of markets: Perfect Competition, Monopolistic Competition, Oligopoly, Monopoly, Monopsony, and Oligopsony. There are two more types we will also discuss. We’ll uncover the defining characteristics of each market type, explore real-world examples, and discuss the implications these structures have on businesses, consumers, and society as a whole.
We will discuss these accounting principles and concepts in simple language, making them easily understandable for everyone, whether you’re a student, a small business owner, or just someone looking to gain a better grasp of financial matters.
The accounting cycle comprises a sequence of well-defined and interconnected steps that accountants and financial professionals follow to record, process, and report financial transactions.
In this article, we’ll explore the managerial accounting vs. financial accounting. Both play crucial roles in the business world, but they serve different purposes. So, let
Managerial accounting is the process of analyzing financial data and generating relevant information to support internal decision-making within an organization.
Working capital is the difference between a company’s current assets and its current liabilities. In other words, it represents the amount of money a company has available to cover its short-term obligations and expense.
Managerial Economics can be defined as the branch of economics which deals with the application of various concepts, theories, and methodologies of economics to solve practical problems in business management.
Human resource accounting is a type of accounting that focuses on measuring the value of a company’s human resources, such as its employees, in financial terms. The basic idea behind human resource accounting is that a company’s workforce is a valuable asset, just like its physical assets, and should be accounted for in a similar manner.
Pricing is a process of setting the value that a manufacturer will receive in the exchange of services and goods. If manufacturers set prices too high, they miss out on valuable sales. Set them too low, and they miss out on valuable revenue.
