Free goods are products whose availability is not limited and have zero opportunity cost. Excellent examples of free goods include web pages and... Learn more about this topic: Scarcity vs. Shortage in Economics | Differences & Examples
Public goods are generally considered as goods that are available to anyone. They differ from common goods in that the latter are typically non-excludable but are usually rivalrous to some extent. Wild game used for food is an example of a common good. People cannot generally be excluded from...
Understand what substitute goods are by learning the substitute goods definition. Discover some examples of substitute products. Understand the...
are required to acquire customers and have a meaningful return on investment. Buying up the competition, buying exclusive rights (from the government) to provide goods and services, hoarding a scarce resource, or using intellectual property rights are some of the common ways to monopolize the ...
Human Resources Definition: Economics Human resources are people who are needed to produce goods or services. There is a cost associated with this type of resource since humans require training, and workplaces are charged with offering reasonable protections for the people who work there. The people...
There are many examples of normal goods. However, goods that are considered normal in one region may be considered inferior in another region. The variation may be caused by local traditions,socio-economic, or geographic characteristics. Common examples of normal goods include: ...
Economic efficiency refers to the effective utilization of productive resources, such as agricultural land, manufacturing capacity, raw materials, or labor. Economists have several ways of measuring economic efficiency. Understanding and improving efficiency is one of the main objectives of economics. Spons...
Joint supply is an economic term referring to a product or process that can yield two or more outputs. Common examples occur within the livestock industry: cows can be utilized for milk, beef, and hide. Sheep can be utilized for meat, milk products, wool, and sheepskin. If thesupplyof co...
The two main types of duopoly are theCournotduopoly and Bertrand duopoly. The Cournot duopoly model states that the quantity of goods or services produced structures the competition between companies in an industry. According to the model, the two companies decide collaboratively to split the market...
A key element of socialism is common or centralized ownership of the means of production.2Proponents of socialism believe that central planning can achieve a greater good for a larger number of people. Socialists do not trust that the free-market outcomes will achieve the efficiency and optimizati...