In economics, this is called ceteris paribus. The law of demand formally states that, ceteris paribus, the quantity demanded for a good or service is inversely related to the price. Determinants of Demand There are five determinants of demand. The most important is the price of the good or...
Business Economics Monetary policy What is deficient effective demand?Question:What is deficient effective demand?Effective Demand:Effective demand entails the situation where consumers are ready to acquire commodities and services from businesses existing in a given market due to their ability to afford...
In economics, there's often a need to describe the relationship between two or more variables. The most common of these categorizations are causation and correlation. Correlation is used to identify variables that have a connection to one another. It's often calculated and described in terms of...
Theirstayin Elkheadisthesubjectofnothing Daunted:TheUnexpectedEducationofTwoSocietyGirlsinthe West byDorothy Wickenden, whoisamagazineeditorandDorothyWoodruff?s granddaughter. Whydidtheygothen? Well,theywantedto dosomethinguseful.Soon,however,theyrealizedwhattheyhadundertaken. Theymovedinwithalocalfamily,the...
When a certain product is scarce and in demand, there will be great incentives within the economy to produce more of it. If there is a surplus, the incentives will subsequently influence people to produce less of it. Most economist today see Adam Smith as the ‘father of modern economics’...
Effective altruism is a project that aims to find the best ways to help others, and put them into practice. It’s partly a research field, which aims to identify the world’s most pressing problems and
Arthur M. Okun was an American economist who served as chairman of the U.S. Council of Economic Advisers (1968–69). After obtaining a B.S. (1949) and a Ph.D. (1956) in economics from Columbia University, Okun taught at Yale University (1961–69). He was
In my experience, when an organization lacks an effective IT demand capacity model, several challenges can arise: resource imbalance, missed deadlines, budget overruns, quality issues, stakeholder frustration and risk of burnout to name a few. To miti...
effort, or energy. Being efficient means you can achieve your results by putting the resources you have in the best way possible. Put simply, something is efficient if nothing is wasted and all processes are optimized. This includes the use of money,human capital, production equipment...
The concept of economic stimulus is associated with 20th century economistJohn Maynard Keynes. A recession, according to Keynesian economics, is a deficiency ofaggregate demandwhere the economy will not self-correct and reaches a new equilibrium with higher unemployment, lower output, and slowergrowth...