Describe an incentive your parents offered to you in an effort to influence your behavior. Define: - Opportunity Cost. - Comparative Advantage. - Autarky. Explain the cost/benefit approach with an example. Provide a concrete example of how the multiplier effect could work from some increase or ...
Define profit incentive Opportunity cost refers to what? Define marginal tax rate What is the meaning of competition in economics? Define fungible What is meant by technical economies of scale? Define start-up costs What does a high gross profit margin mean?
the Electoral College also reduces the incentive to commit voter fraud, as only the swing states matter. Then any voter fraud will be more easily discovered, since in a close election only a handful or 1 or 2 swing states make the difference. With a popular vote deciding ...
In economics, the term resources refer to the input or factors used when an entity creates value, like producing goods and offering services. The resources help in facilitating the production and other related activities and operations of firms...
In economics, we study research organizations use for their business environments. Research is originally a statistical concept, but it helps businesses to assess their business growth, strengths, and weaknesses through economic concepts. In business terms, research implies a thorough investigation of ...
InFreakonomics,Steven Levitt and Stephen Dubner explain, "Economics is, at root, the study of incentives: how people get what they want, or need, especially when other people want or need the same thing... An incentive is a bullet, a lever, a key: an often tiny object with astonishing...
What is an incentive? Give an example. What is organized labor? What is considered full employment in the U.S.? Define what "market failure" is? What is the term that explains the situation when lenders and workers are unwilling to help firms in production of output?
What impact does this interdependence have on the way in which consumption and income are related? What happens to marginal and average productivity when technological innovation is introduced? Explain using examples. Give an example of a positive incentive and a negative incentiv...
The benefit that arises from an increase in an activity is called: a. an incentive. b. the marginal cost. c. the marginal benefit. d. opportunity cost. Define the following terms: a) marginal cost b) marginal benefit c) objective functi...
In economics a private good is such good which consumption is rival and excludable. Public good on the other hand is non-rival and non-excludable. Answer and Explanation: Private good is such good that yields utility or benefit to its user...