What is the term in behavioral economics for when a buyer is influenced by the profit made by the seller rather than the actual selling price? What are the Fixed Costs and Variable Costs for a car wash business? Is it likely to experience economies of scale?
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Chapter 1 What is Economics? • Your life will be shaped by challenges that you face and the opportunities that you create Definition of Economics our inability to get everything we want. • since we face scarcity, we must choose and those choices must be somewhat consistent with others'...
The term “social choice” (a term from economics and political philosophy) refers to how groups of people aggregate their individual preferences into a group preference. The US has an established mechanism for social choice. The problem with selling access to congressional hearings is that this ef...
What is economies of scope and scale? In economics, economies of scope and scale are two separate concepts: economies of scale refer to the cost advantages a business gets by producing more, so it pays less per unit. However, economies of scope are about cost savings from making a variety...
E-commerce is the buying and selling of goods online. E-commerce offers many ways to make money for sellers and investors.
Depending on the inventory valuation method (FIFO, LIFO, Weighted Average), the cost of this inventory sold to customers during the period can vary greatly. For example, a company using theFIFO methodwould report lower costs because it is selling inventory that was purchased first. Presumably, ...
The formula of Camp calculates the optimal order size based on average demand, cost of purchasing, selling price and inventory costs. Consequently, if you just pretend that the space costs are nil, the order sizes will soon rise, and therefore the inventory and the corresponding capital investmen...
Price level is the average of current prices across the entire spectrum of goods and services produced in an economy. In more general terms, price level refers to the price or cost of a good, service, or security in the economy.
Buyers and Sellers:For the market to function, there must be buyers and sellers. The market can't exist if someone isn't buying something that someone else is selling. These entities can be businesses, individuals, or even governments, and they can execute their transactions physically or virtu...