Ineconomics, a good to which persons are believed to have a right. That is, a merit good is something that should be available forfreeor at reducedpricesbecause it is necessary and thefree marketdoes not provide sufficient incentives to produce it. Examples of merit goods may include education...
Private goods:are goods that are scarce and have an opportunity cost in terms of resources used.E.g. Televisions, desks, mobile phones. Free goods:goods which are not scarce, so choices do not need to be made on how to allocate the...
microeconomics- the branch of economics that studies the economy of consumers or households or individual firms economic science,economics,political economy- the branch of social science that deals with the production and distribution and consumption of goods and services and their management ...
5. importance; worth; value; consequence: things of no account. 6. estimation; judgment: In his account it was a miracle. 7. an amount of money deposited with a bank, as in a checking or savings account. 8. an accommodation extended to a customer permitting the charging of goods or ...
Economics is a social science that is divided into two main branches; microeconomics and macroeconomics. Macroeconomics refers to studying the general components of an economy, such as interest rates and government spending. It focuses on understanding their behav...
Aggregate supply refers to the total amount of goods and services produced in an economy over a given time frame and sold at a given price level. This includes the supply of private consumer goods, public and merit goods, capital goods, and even goods to be sold overseas. For a more simp...
People or countries can specialize in producing particular goods only if they are able toEXCHANGEtheir specialized goods for other goods produced by other people or countries so that they can enjoy the consumption of a wide variety of goods. See alsoPRODUCTIVITY,COMPARATIVE ADVANTAGE,GAINS FROM TRADE...
5. importance; worth; value; consequence: things of no account. 6. estimation; judgment: In his account it was a miracle. 7. an amount of money deposited with a bank, as in a checking or savings account. 8. an accommodation extended to a customer permitting the charging of goods or ...
While there is merit to the idea that the many are smarter than the few, it is not always true, particularly when members of the crowd are aware of and are influenced by one another’s ideas.Consensus thinkingamong a group of people with poor judgment can, unsurprisingly, lead to poor gr...
Heterodox economics is the analysis and study of economic principles considered outside of mainstream or orthodox schools of economic thought.