What is supply side or trickle down economics? Key Takeaways. Supply-side economics is an economic theory thatpostulates tax cuts for the wealthy result in increased savingsand investment capacity for them that trickle down to the overall economy. What is Keynesian economics in simple terms? Keyne...
Economicsis a social science that aims to describe the factors that determine the production, distribution, and consumption of goods and services, i.e. the economy. It is the study of how we choose to use resources. Definitions of the term ‘economics’ can vary considerably, depending on peo...
What is ERP in simple terms? ERP stands for enterprise resource planning. It’s a software system that includes all the tools and processes required to run a successful company, including HR, manufacturing, supply chain, finance, accounting, and more. ...
Keep in mind that positive economics is associated with “what is” happening in the economy. In contrast, normative economics is associated with what “should be” happening, and you will remember these terms with ease. Key Highlights
In terms of public and private goods, what is meant by "rivalry"? Economics and Goods: In simple economic models we assume that producers create goods that are sold to consumers for direct consumption. In reality thing can be more complicated as consumers enjoy things such as public parks,...
Ecommerce is the business of buying and selling goods and services over the internet. Ecommerce customers can make purchases from their computers as well as other touchpoints including smartphones, smartwatches, and digital assistants such as Amazon’s E
Interest rate is the percentage rate used to calculate the interest amount. The length of time is the same as the repayment period. The longer the loan is for, the more it will cost in interest. The formula to calculate simple interest is I = PRT. In this formula, "P" is the ...
In the business world, growth can be beneficial. However, when growth happens too quickly, and when you haven’t adequately prepared for it, growth can create issues. One of these issues is the effect of growth on the reliability of applications and services that weren’t designed to handle...
What Is a Patent? A patent is the granting of a property right by a sovereign authority to an inventor. This grant provides the inventor exclusive rights to the patented process, design, or invention for a designated period in exchange for a comprehensive disclosure of the invention. They are...
In economics, growth is commonly modeled as a function ofphysical capital, human capital, labor force, and technology. Increasing the quantity or quality of the working-age population, the tools that they have to work with, and the recipes that they have available to combine labor, capital, a...