Some governments may cap the prices of essential goods such as food and fuel to ensure access to these essential goods and to prevent profiteering. The German government pledged to cap energy prices due to the shortage of Russian natural gas following the Russian invasion of Ukraine in 2022.4 Pr...
Market failure occurs when the process of the exchange of goods and services doesn't benefit everyone in society. In an ideal market, individuals make choices that are good for all members, not just for themselves; however, market failure occurs when individuals make decisions that are self-serv...
In 1899, Veblen wrote his signature work, titled, The Theory of the Leisure Class, which discusses how the desire to appear to have wealth shapes individual economic behavior.Conspicuous or Veblen Goods Development of Conspicuous Consumption Other Types of Conspicuous Consumption Criticisms of ...
For example, middle-class and affluent consumers are demonstrating greater demands for individualised, aspirational and indulgence expe- riences in luxury consumption, as in comparison with the tra- ditional idea of material possessions of luxury goods (Zhang and Cude 2018). The global expansion of ...
In business, the capital market is where companies come together to exchange capital assets. Companies that trade in capital markets are usually large corporations and investment firms. What is a capital market and its types? The capital market relates to the exchange of a distinct class of asset...
We argue this is a type of “focus effect” distinct from the standard tie-generation process typically considered. In addition, we go beyond previous single-foci studies in considering multiple foci types, allowing us to ascertain which foci—e.g., clubs, activities, musical genres, or ...
Difficult as it may be to define economics, it is not difficult to indicate the sorts of questions that concern economists. Among other things, they seek to analyze the forces determining prices—not only the prices of goods and services but the prices of the resources used to produce them....
Business finance is a form of applied economics that uses the quantitative data provided by accounting, the tools of statistics, and economic theory in an effort to optimize the goals of a corporation or other business entity. The basic financial decisions involved include an estimate of future as...
Remarkably, the transitioned entrepreneurs in the UK, US, Australia, Canada, and other countries generate self-employment, create employment for others, produce essential goods and services, pay taxes, and add to the gross domestic product of their host countries (Man 2004; McMichael and M...
Choosing the pricing strategy for your business requires research, calculation, and a good amount of thought. Simply guessing may put you out of business.