How are consumer and production related in economics? Describe behavioral economics. How do consumers make economic decisions? This question is on the consumer theory. a. Explain in detail what economists mean when they state that consumers are rational. Is it rational for a particular consumer to...
But in terms of global consumer goods market, I think China is the most influential. The international consumer industry is really impacted by China. Some say their explosive growth is causing many product defects which may be harmful to consumers. Some are concerned with the perceived lack of ...
Define the term "equilibrium" in an economic context. What are the fundamentals of macroeconomics, and how do they affect the average consumer? How can you tell if the economy is in equilibrium? What is your opinion on non-equilibrium economics?
Market-based economies, also called free market economies, are self-regulated, allowing goods to be produced and distributed in response to demand from consumers. Command-based economies are regulated by a government body that determines the goods that are produced, their quantities, and their prices...
Rising incomes tend to increase demand for normal economic goods, as people are willing to spend more. The availability of close substitute products that compete with a given economic good will tend to reduce demand for that good because they can satisfy the same kinds of consumer wants and ...
FlexibleThe platform should support both B2B and B2C selling in one platform that can be deployed using a hybrid cloud environment or other models. AffordableSoftware-as-a-service (SaaS) subscription models are typically more affordable than on-premises platforms, which usually require high and conti...
Consumer packaged goods are items used on a regular basis by most people, such as food, clothes, cleaning products, and toiletries. As we’ve seen with the COVID-19 pandemic, there has been a rapid and large-scale shift from in-store retail to e-commerce. Before the pandemic,only 13 ...
6.Capital goods, are goods used in production. Consumer goods are for the final consumer, as a person. For example, a machine that makes pins is a capital good, because a pin factory will buy it. But pins is a consumer good, because a person will buy it. A combine ...
Market economies are often characterized by their functional markets, which allow for corporate control. Case studies Pricing of Consumer Goods: In a market economy, the prices of consumer goods are determined by supply and demand. For example, the price of smartphones fluctuates based on factors ...
The fast-moving consumer goods are bought on a need basis and sold frequently. Therefore, the classification of the FMCG industry is done primarily by product type. Some of the types are listed below. #1 - Processed Foods They come in a package. Some serve as a cooking ingredient; some ar...