Economists use the income elasticity of demand to determine whether a good is a necessity or a luxury item. Companies also analyze the income elasticity of demand for their products and services to help forecast sales in times of economic expansions resulting in rising incomes, or during economic ...
In addition, over time, some normal goods may transition to becoming inferior and vice versa. For example, railway travel. During the time when it was new, railway transport was considered a normal (even luxury) good because it was the fastest way of traveling. Nowadays, in many countries, ...
1. make money, clear up, gain, earn, clean up (informal), rake in (informal), make a killing (informal), make a good thing of (informal) The dealers profited shamelessly at my family's expense. 2. benefit, help, serve, aid, gain, promote, contribute to, avail, be of advantage ...
Maintaining good health is a fundamental part of being alive. Unfortunately, it’s also an expensive part of humanity. Of course, healthcare should always be a financial priority. But there are some procedures we’re unable to anticipate despite how well we take care of ourselves. These proced...
Explain what is meant by explicit, implicit, and sunk costs. How are they used to calculate accounting profit and economic profit? Explain how profits and losses affect where resources will be used. What is a good definition of incentives versus externalities?
Grading or assessing performance using a bell curve forces groups of people to be categorized as poor, average, or good. For smaller groups, having to categorize a set number of individuals in each category to fit a bell curve will do a disservice to the individuals. ...
Definition of Normal Balance In accounting, every account has a normal balance, which is the side of the account where increases are recorded. The normal balance can be either a debit or a credit, depending on the type of account. Understanding the normal balance of different accounts is cruci...
Common Unit Economic Balancemeans (i) the Capital Account balance of the General Partner, plus the amount of the General Partner’s share of any Partner Minimum Gain or Partnership Minimum Gain, in either case to the extent attributable to the General Partner’s ownership of Partnership Common ...
Some economists have speculated that employers are “hoarding” workers because they got burned with the labor shortages after their mass-layoffs during the pandemic when they couldn’t rehire the people that they’d let go. If true, that would be a good thing. Maybe employers learned something...
Genetics, socioeconomic factors, diet, stress, and access to healthcare can all play roles in these disparities. However, it’s essential to approach this topic with caution, avoiding overgeneralizations and understanding individual factors and lifestyles. ...