Monopoly is where one firm is the sole supplier or controls a large part of the market share. The advantages of a monopoly are: where large scale capital is required, average costs can fall if only one firm produce the goods. Monopolist will have better resources to spend on research and development and will be … Read more

Money has existed in various forms since the times of barter trade when cattle and food was a form of money. If we look at the history of money we would find all different kinds and shapes of money. First is the precious metal such as gold and silver. Gold and silver are commodities used … Read more

International trade means exchanging goods and services across international boundries. In international trade, goverments and other organisations may impose restrictions on what goods can come and go out of the country. This may be for a number of reasons. There are disadvantages for international trade like when one country is  importing goods the emerging domestic … Read more

In order to understand what is fiscal policy we need to understand what demand pull inflation is When the prices of goods rise because of increasing demand this is known a demand pull inflation and fiscal policies are se to fight his. Government will use deflationary fiscal policy. This would mean that government will increase … Read more

The accelerator theory states that he net investment is related to he rate of change of mental national income. if growth of net investment increases, consumption will increase and firms would want to increase their productive capacity . According to accelerator theory a change in the rate of growth of demand for consumer goods will … Read more

Cost is usually measured in monetary terms like wages but there is another kind of cost which is cost of allocation resources to a particular use. In simple layman terms opportunity cost is the cost of having one thing and not the other. For instance I have one dollar in which I can either buy … Read more

We have all heard of the phrase that 'it's a free country; we could say whatever we want.' Freedom of speech is probably one of the most important civil liberties in a democratic society. Freedom of speech entitles the citizen to say or write whatever is there in their minds. This means that people have … Read more

A contract can come to and end in a number of ways; Frustration, rescission and breach are to name a few and breach of contract is one way I will be discussing. The consequences of breach of contract depend on the nature of breach. No matter what the breach is the contract never automatically comes … Read more

There are two views on what kind of effect duress has on a contract. Initially there could only be duress to person. Gradually duress was expanded to include duress to goods and economic duress. Duress to person occurs when one party to the contract forces another to enter into contract with him through threats. In … Read more

Professor Hans Kelsen is a legal theorist who has given us his interpretation of what law is. His theory is a theory of law. According to Kelsen, law is a primary norm which stipulates the sanction. In other words law is direction to the officials to apply the sanction. His theory of law was different … Read more

The worst form of racism started in Africa during the times of colonialism when the small percentage of whites dominated the region. Blacks were degraded in every possible way. They went to different schools of lower calibre. They were given the worst employments. This form of racism continued in the United States in the 50s … Read more

There are different kinds of child slavery around the world. Child labour is common in mostly developing countries in Asia mostly. In India for instance the worst of child labour can be found where children get caught in the web of bonded labour. They are sold to employers by the families who are in debt … Read more

When every a person dies his property is distributed amongst his family.The laws of inheritance are different for sunni and shia. Under both of these sects first the quranic shares are given to father, grandfather, husband, wife, mother and daughter. There is no quranic share for the son. The son always gets twice that of … Read more

Some say that money can not buy happiness. But ask those who do not have money. Yet there are a lot of wonderful things that we take for granted and they are priceless. Taking a walk along the beach at sunset is priceless. When a kid falls in your lap, that feeling is beautiful and … Read more

After the world war two millions of people were displaced without any homes. These refugess had no place to go. It was then that the refugee law came into picture by international human rights law which designed a convention for the protection of these refugees. After the killing of millions of people there was a … Read more