Learn more about this topic: Government Purpose, Importance & Types from Chapter 42 / Lesson 1 89K Learn the definition of a government and why government is important. Explore the types of governments and understand why early governments developed. ...
What Is Business Environment? - Definition & Factors from Chapter 1 / Lesson 1 1M The combination of all internal and external aspects of a business equates to the business environment. Explore a variety of internal and external factors and how they contribute to the example businesses. Relat...
Explain the difference between real and nominal GDP, and explain what their limitations are in showing economic or social welfare. Explain the differences in GNP and real GNP. describe what GDP measures and some ...
GDP or the Gross Domestic Product is the monetary value in local currency of the final goods and services produced within the boundary of the country in a specific period of time.Answer and Explanation: GDP is basically the value of total production of goods and services produced in the ...
(a) What is the marginal principle? (b) How can you apply it as a consumer? Describe two ways in which the permanent income theory of consumption is different from the spending model's consumption demand. Explain what consumer welfare in economics means. ...
Trade-Off in Economics | Definition, Theory & Examples from Chapter 3 / Lesson 17 620K What is a trade-off in economics? Learn the trade-off definition and see examples of trade-offs. See trade-off vs. opportunity cost and how they relate. Related...
Explain how long-run adjustments impact perfectly competitive, monopolistic, and monopolistically competitive firms; and discuss the ramifications of each of these market structures on social welfare. Explain why 'profit maximization' leads to different prices depending on whether the market ...
Government statisticians do not simply add up the total sales of all businesses in one year. The GDP can be measured in three ways: (1) the production... Learn more about this topic: Gross Domestic Product | GDP Definition, Components & ...
In economics, free trade exists when the trade barriers such as import tariffs and quotas are eliminated in the trading countries. In such a case, the local market is opened to the international market. The locals can import and export their product freely without restrictions from governments ...
Indifference curves areheuristicdevices that are used in contemporarymicroeconomicsto demonstrate consumer preference and the limitations of a budget. Economists have adopted the principles of indifference curves in the study ofwelfare economics. Some economists argue that the concept of indifference is hypot...