In economics, economists typically view changes in behavior and consumption by analyzing marginal increases and marginal decreases. Marginal changes will usually be either scaled increases or scaled decreases. In the case of total utility, marginal refers to the increasing or decreasing level of utility...
Supply denotes the number of products or services that the market can provide. This includes both tangible goods, such as automobiles, and intangible ones, such as the ability to make an appointment with a skilled service provider. In each instance, the available supply is finite in nature. Th...
Learn the business cycle definition and understand how it works. Study the parts of the business cycle in economics: expansion, peak, recession,...
What is the definition of economy?Put simply the economies involve all production and consumption-related activities as well as the trade of goods and services in a country. An economy is often synonym of the economic system. Therefore, it includes the distribution of resources to the factors of...
Learn the inferior good definition in economics. See the differences in normal vs. inferior goods, inferior good elasticity and industry examples of inferior goods. Related to this Question What are normal and inferior goods? The term inferior goods refers to what kind of goods?
It can be slightly deceiving because there can be a large variation in geographical inflation. What is the Consumer Price Index and why is it important? The Consumer Price Index is a measurement of a basket of consumer goods and services from different sectors of the market and their average ...
What is the Law of Supply ? Businesses are out to make money. This is not a secret and most people understand that the main reason companies sell goods or provide services is to make a profit. Keeping that in mind, think about what a company might want to do if the price that they ...
Definition:Demand is an economic term that refers to the amount of products or services that consumers wish to purchase at any given price level. The mere desire of a consumer for a product is not demand. Demand includes the purchasing power of the consumer to acquire a given product at a...
In economics, quantity supplied describes the number of goods or services that suppliers will produce and sell at a givenmarket price. The quantity supplied differs from the actual amount of supply (the total supply) as price changes influence how much supply producers actually put on the market...
In economics, utility represents the satisfaction or pleasure that consumers receive for consuming a good or service. Utility function measures consumers' preferences for a set of goods and services. Utility is measured in units called utils—the Spanish word for useful— but calculating the benefit...