In economics what is the meaning of macro-economics? Differentiate between a mixed economy and a market economy. Define "economic theory". How might a theory of the economy differ from a description of it? Explain the term political economy. ...
From the Greek word“oikonomia”(household management), there are many English derivative words, including “economics.”Let’s have a look at them, their meanings, and how we can use them in a sentence: Economist (Noun) An expert in economics. Example: “The Nobel Prize-winning economist g...
In a command economy, the government controls the economy through various commands, laws, and national goals which are used to coordinate complex social and economic systems. In other words, a social or political hierarchy determines what is produced, how it is produced, and how it is distribute...
In economics, demand has a definite meaning which is different from ordinary use. In this chapter, we will explain what demand from the consumer’s point of view is and analyze demand from the firm perspective. Demand for a commodity in a market depends on the size of the market. Demand ...
What is the simple meaning of globalization? Globalization is the word used todescribe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. ...
Economists often formulate very simple models in order to define the impact of just one variant changing. This is called the "ceteris paribus"-assumption (All others equal), meaning that all other things are assumed not to change during the period of observation. Example: "If the price of ...
While I don’t hold the creators of the site accountable for total accuracy, I do think it is accurate enough to highlight the fact that many wealthy people in the world use private jets a lot. And why wouldn’t they? Private jets do four things for rich people: they are efficient, ...
Describe the definition of economics in simple words. What is meant by the term "trough" in economics? Explain how a market supply curve is derived. What is the definition of "pricing policy" in economics? Define or describe the following term: Microeconomics. Explain the mea...
Some core ideas in behavioral economics focus on people’s propensity to do nothing, as evident in default bias and status quo bias. Inaction may be due to a number of factors, including inertia or anticipated regret. However, sometimes people have an impulse to act in order to gain a sens...
The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded.