The process whereby trade is now being conducted on ever widening geographical boundaries. Unlike perfect competition, imperfect competition invariably means market power is unequally distributed. It is also sometimes defined to include better education, improved health and nutrition, conservation of natural resources, a cleaner environment, and a richer cultural life.
The economics of the public sector is one example. Mixed- This is a combination of capitailist and socialist system. In this section you may state the reliability of the number. These "Fixed" or "Indirect" costs of doing business will be incurred whether or not any sales are made during the period, thus the designation "Fixed", as opposed to "Variable".
Policy instruments include fiscal policy, monetary and financial policy, and legislative controls e. See further details on Aggregate demand and supply. Otherwise, if the depreciation rate is insignificant, the firm can upgrade the old machineries in the short run.
A cost incurred in the general operations of the business that is not directly attributable to the costs of producing goods and services. Additions to assets that do not incur an obligation that must be met at some future date and do not represent exchanges of property for money.
Choices must be made between desirable yet mutually exclusive actions.
The central bank manages the money supply by raising and lowering the reserves banks are required to hold and the discount rate at which they can borrow money from the central bank.
Talking about the economy In the following conversation, two friends Juan and Peter are talking about the situation with the economy. For this course, you may limit yourself to the ten most important factors or costs you should have at least this many. The fiscal deficit represents the total amount of borrowed funds required by the government to completely meet its expenditure Fiscal policy is the use of government expenditure and taxation to try to influence the level of economic activity.
Economic stagnation shows that something is wrong with the economy. Definition — This section defines the managerial question to be analyzed. The branch of economics that considers the relationships among broad economic aggregates such as national income, total volumes of saving, investment, consumption expenditure, employment, and money supply.
Capitailist - This system works under private authority and its aim is to earn maximum profit. The difference in value over a period of time between a country's imports and exports.
A payment by the government to producers or distributors in an industry to prevent the decline of that industry e. An investor with an optimistic market outlook; an investor who expects prices to rise and so buys now for resale later.
The monetary or real value of a resource, commodity, or service. It is current expenditure which does not result in the creation of assets. The subject addresses such matters as tax incidence who really pays a particular taxcost-benefit analysis of government programmes, effects on economic efficiency and income distribution of different kinds of spending and taxes, and fiscal politics.
Interdependence Interrelationship between economic and noneconomic variables. It attempts to measure social welfare by examining the economic activities of the individuals that comprise society.
Its aim in this endeavor is to increase world output through maximum utilization of available human resources and thus improve levels of living. If the buyer requires the car for a short period, then leasing would be a feasible option.
Microeconomics studies individual markets by simplifying the economic system by assuming that activity in the market being analysed does not affect other markets.
Prices and quantities have been described as the most directly observable attributes of goods produced and exchanged in a market economy. Business economics is a field of applied economics that studies the financial, organizational, market-related and environmental issues faced by corporations.
Assessments are made using economic. The answer has implications that should influence future actions. In other words, the answer is meaningful and useful. In your answer, use economic language in a manner that demonstrates your understanding of the concepts of this course.
This means use economic language correctly, but also briefly explain the economic terms and concepts. Get an answer for 'What are the types of economic systems?' and find homework help for other Business questions at eNotes.
This is the simplest yardstick of economic performance. If one person, firm or country can produce more of something with the same amount of effort and resources, they have an absolute advantage.
Economic growth: Quantitative measure of the change in size/volume of economic activity, usually calculated in terms of gross national product (GNP) or gross domestic product(GDP). Duopoly: A market structure in which two producers of a commodity compete with each other.
Answer to 1. Regarding the economy, what are the terms expand and contract generally used to describe?
a. Changes in monetary and.Describe and answer in economic terms