-
Economics
Consuming locally sourced food is a better option than imported food for many reasons. A significant reason is that buying locally sourced food supports the local economy. Supporting the local...
-
Economics
Based on Economics (Tregarthen and Rittenberg), if we spend $1 more on capital, we must spend $1 less on labor. Since the marginal product of capital is 60, and the price of capital is $6, the...
-
Economics
In 1993, the single market became a reality for twelve member countries: Italy, Germany, Ireland, the United Kingdom, Portugal, Greece, Belgium, Denmark, France, Luxembourg, the Netherlands, and...
-
Economics
Remember that eNotes policy allows for only one question per post (or two, if they are short). With that in mind, I will answer three out of the five questions. a) What it is the opportunity cost...
-
Economics
The basic economic problem is scarcity. This problem comes about because of two factors. First, human beings have unlimited wants. Second, we have limited resources. Therefore, we experience...
-
Economics
The opportunity costs of buying a new car and going to college can be compared in terms of the actual money required for both expenditures, but also in regard to the significant differences between...
-
Economics
Marginal cost and marginal revenue are the factors that are used to determine what the optimal output should be for any firm. The marginal cost is the cost of making the next unit of output. The...
-
Economics
The correct answer here is B; an expansionary fiscal policy increases aggregate demand. An expansionary fiscal policy consists of cutting taxes, increasing government spending, or both. Such...
-
Economics
In a sense, the market structure does not affect output decisions. All firms should determine the quantity of output in the same way. In all market structures, the best quantity of output is the...
-
Economics
There is no credible economist who would disagree with the premise of new technologies displacing workers. Historical evidence supports the conclusion of economists, and it also may provide a clue...
-
Economics
Fresh fruit often comes from a variety of farms within an area. Many countries often insist that the place of origin is listed on packaging for fresh fruit or at least the case it arrives in at the...
-
Economics
Not having access to the actual proceedings of the student’s working group, it is not possible to assess success or failure on the part of any or all the three economic groups involved in the...
-
Economics
To calculate Price Elasticity of Demand, you need to calculate the percent change in demand for each percent change in price of that good. With the knowledge we have of the goods, the demand for...
-
Economics
Increased trade could alleviate some of the poverty of Brazil, since it would create a greater demand for Brazilian products and thus create more jobs. The influx of jobs created through...
-
Economics
Globalization has created a good deal of confusion as to the economies of the major three countries in the world. We typically think of the United States as a capitalist, Russia as communist, and...
-
Economics
Marxism continues to be an ideology and framework for understanding nation-state and economic realities around the world. In terms of analysis of boss/owner-worker relations and dynamics, Marxism...
-
Economics
The question you are asking is an example of price elasticity of demand: how the quantity demanded of a product or service rises or falls in response to a change in the price of that product or...
-
Economics
“Opportunity cost” refers to the sacrifice that an individual makes by not taking one course of action because of the potential benefits they might accrue by pursuing an alternative one. For...
-
Economics
The Federal Reserve publishes the Beige Book as a source for information and decision making for banks, financial institutions, manufacturers, and government agencies. The report, like most...
-
Economics
There is an old saying: “Jack of all trades; master of none.” What this means is that a generalist may be knowledgeable and skilled across a broad spectrum of activities but not represent the...
-
Economics
The yield curve is a curve that depicts several interest rates for several loan periods (1 year, 5 years, 15 years, 20 years, 30 years, etc.) for the same loan to a particular borrower. The yield...
-
Economics
The effectiveness of market competition, as understood according to classical liberal economics, is always dependent on the circumstances in which a given business has to operate. The purely...
-
Economics
Sport Utility Vehicles (SUVs) are vehicles that combine varying elements of off-road, all terrain, and road-going vehicle features. Over the years, SUVs have started to be offered in an...
-
Economics
The law of diminishing returns states that, in the short term, the profit to be gained from a particular product or process decreases after a certain level of investment, either of money or energy....
-
Economics
The negative effects that monopolies often have on economies has consistently led to societal criticism and anti-monopolistic regulations. These criticisms have reached from over a century ago to...
-
Economics
Economic equilibrium is when the market forces of supply and demand are in a steady state. This means they should be equally balanced, without any further external interference or disruption....
-
Economics
One way to determine if a product's demand is elastic or inelastic is to examine if it can be replaced by a similar one. If consumers buy the product no matter the price, then the demand is...
-
Economics
This is an interesting assignment. It is important to keep in mind that when the New Deal was launched, America was still in the midst of the Great Depression that followed the stock market crash...
-
Economics
According to the Constitution, the government is not legally required to do anything in an economic crisis; however, since the public associates economic prosperity with elected officials, these...
-
Economics
An absolute advantage means the ability of a nation or firm to produce more of a given good or service than another nation or firm. A comparative advantage is more complex, taking opportunity cost...
-
Economics
It is one of the basic principles of economics that human beings are generally motivated by self-interest. This sometimes leads to the accusation that economics glorifies or encourages selfishness....
-
Economics
The Hecksher-Ohlin model explains mathematically how a country should operate and trade in a world where resources are imbalanced. It suggests that countries export what they can produce most...
-
Economics
The Bretton Woods system came in to place in 1944 at the United Nations Monetary and Financial Conference. A fact you might be interested to know is that it was named after the town where this...
-
Economics
Reaganomics refers to the economic policies promoted by President Ronald Reagan. This term was used by both supporters of Reagan as well as his critics. This involved a decrease in spending on...
-
Economics
The oil market has been devastated, at least in the short term, by the global pandemic. With governments around the world imposing draconian “stay-at-home” rules in attempts at stemming the spread...
-
Economics
The influence of international private financial companies on global markets has two components. The first is the relatively transparent component, and the impact of these companies' decisions is...
-
Economics
In economic theory, a market consists of sellers and buyers of a good. Typically supply of the good will be available at a price that buyers are willing to pay, so that supply is matched by demand....
-
Economics
The United States has a mixed economy. It is a combination of a free market economy and a command economy. Compared with most other countries around the world, it is more towards a free market...
-
Economics
If the government places a tax on each radio that sellers produce, the outcome will be negative for both sellers and buyers. The consumer surplus will shrink and the producer surplus will also...
-
Economics
Monetary costs are the costs that are involved in a job that can be expressed in terms of dollars and cents. There are not very many such costs for either of these jobs. The monetary costs...
-
Economics
There are four components to aggregate expenditures. These components are used to calculate gross domestic product. The four components are consumer spending, investment on the part of...
-
Economics
There is considerable debate on this question among various economists.The general mainstream view is called the New Neoclassical Synthesis: Based primarily on the work of John Maynard Keynes, it...
-
Economics
Credit cards are not money. To see why this is so, let us look at the three functions that money must fulfill. Money must serve as a medium of exchange and as a unit of account. Credit cards...
-
Economics
The best answer for this would be corn. Eggs are just about as good, but corn is probably a little bit better. The relevant aspects of perfect competition for the purposes of this answer are that...
-
Economics
The principle of competition applies to individuals within both private and public organizations. However, it applies to private organizations much more than to public organizations. People in...
-
Economics
Price elasticity of demand is mainly of interest to the government for the purposes of taxation. Governments in most places impose sales taxes or value-added taxes. These sorts of taxes raise the...
-
Economics
In economic terms, the market for allotments is in disequilibrium because the government has effectively set a price floor for the allotments. In recent years, the demand for allotments has gone...
-
Economics
No, this statement is not accurate. Monopolists cannot simply raise prices as high as they like. The demand for their goods or services may be less elastic than the demand for most other...
-
Economics
China is a member of the World Trade Organization. As such, it is supposed to be doing away with trade barriers. China became a member of the WTO in 2001 and has been reducing its trade barriers....
-
Economics
There are many microeconomic factors which can affect the automobile industry. We will examine two. Price of oil/gas. The price of oil affects what sorts of cars people want to buy. As the price...