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Economics

Economics is the study of production, distribution and consumption of goods and services whether in a city, country or a single business. Questions about supply and demand and economic theory are welcome here.

500 Questions

Is marijuana capitalized?

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Asked by Wiki User

No, "marijuana" is not capitalized unless it is at the beginning of a sentence or part of a proper noun.

What is the difference between direct and indirect styles of teaching within a education curriculum?

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Asked by Wiki User

Direct teaching involves explicit instruction where the teacher leads the learning process by presenting information or demonstrating skills. Indirect teaching focuses on facilitating student-centered learning through activities such as guided discovery or inquiry-based learning. Each style has its benefits and is used based on the learning objectives and needs of the students.

What does Poverty is not a hindrance to succeed mean?

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Asked by Wiki User

It means that being poor should not prevent someone from achieving success or reaching their goals. It suggests that with determination, hard work, and opportunity, individuals can overcome poverty to achieve success in life.

What is the difference between elastic demand and inelastic demand?

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Asked by Wiki User

Elastic demand is essentially when something it a luxury, hence it can become less when price increases eg. that last piece of choc cake that you would normally buy, you decide not to, whereas the inelastic demand generally refers to a product/service that is essential or a necessity so as the price increases the consumption should remain the same regardless of price increase. for instance you need a loaf of bread, your going to buy it regardless of increase.

there is the process of substitution, by which the inelastic demand could be switched to a cheaper brand, so say you want beans for your bread, you opt for the half price 10p special rather than your usual choice of heinz's best recipe.

Hope this helps!

Does a monopoly produce at the inelastic or elastic part of the demand curve?

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Asked by Wiki User

A monopoly typically produces in the inelastic part of the demand curve because it has control over the quantity supplied and can set prices higher without losing too many customers. This allows the monopoly to maximize its profits by charging higher prices for its products.

What is crowd force?

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Asked by Wiki User

Crowd force refers to the collective power of a group of individuals coming together to achieve a common goal or objective. It often involves decentralized decision-making and collaboration among a large number of people to generate ideas, solve problems, or complete tasks. Crowd force can be harnessed through crowdsourcing platforms, social media, or other collaborative methods.

What is a market in economics?

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Asked by Wiki User

In economics, a market refers to the arrangement that allows buyers and sellers to exchange goods, services, or resources. Markets can be physical locations, such as a farmers' market, or they can also be virtual, like an online marketplace. Economic activity in a market is guided by the forces of supply and demand.

What is the primary objective of the firm?

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Asked by Wiki User

The primary objective of a firm is to maximize profit and shareholder value while meeting the needs of its customers and stakeholders, and operating in a sustainable and ethical manner. This involves making strategic decisions that optimize resources and generate long-term growth and success.

How can you have courage to sing on front a crowd?

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Asked by Wiki User

You can develop courage to sing in front of a crowd by practicing regularly, preparing thoroughly, and focusing on the music rather than the audience. Remember that nerves are normal and part of the performance experience. Visualizing success and positive outcomes can also help you feel more confident and courageous.

Are marginal revenue average revenue and price are all equal for a monopolist?

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Asked by Wiki User

No, in a monopolistic market, marginal revenue is less than average revenue and price. This is because the monopolist must lower the price in order to sell more units, leading to a decline in revenue per unit.

Relationship between fixed cost average cost and marginal cost with graph?

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Asked by Wiki User

Fixed costs do not change with production level, so they are represented by a horizontal line on a graph. Average cost decreases as production increases due to spreading fixed costs over more units, then increases as marginal cost (the cost of producing one more unit) exceeds average cost. Marginal cost intersects average cost at its minimum point, where average cost is at its lowest.

What is information its meaning and definition?

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Asked by Zionladi

Information is data that has been organized or processed in a meaningful way to provide knowledge or insight. It can be used to communicate, educate, or make decisions. In essence, information is about giving context and value to raw data.

Is economic the same as political?

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Asked by Wiki User

No, economics and politics are separate academic fields. Economics studies the production, distribution, and consumption of goods and services, while politics focuses on governance, power dynamics, and decision-making processes within societies. However, there are often interconnections between economic and political systems.

Is it true that formation of trading blocs help certain nations prosper while it corners some?

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Asked by Wiki User

Yes, the formation of trading blocs can help certain nations prosper by increasing trade opportunities and efficiency. However, it can also corner some nations that may not be able to compete with the larger economies within the bloc, leading to economic challenges for them. This highlights the importance of ensuring inclusivity and fair competition within trading blocs.

Why don't political scientists use cost-benefit analysis?

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Asked by Wiki User

Political science often deals with non-quantifiable factors like social values, historical context, and institutional dynamics that make it challenging to apply cost-benefit analysis directly. The nature of political decisions also involves multiple stakeholders with diverse interests, making it difficult to assign values uniformly. Additionally, political choices may prioritize ethical considerations and long-term implications over immediate economic gains.

How does a tarriff quota embargo subsidy and dumping affect trade?

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Asked by Wiki User

A tariff is a tax on imported goods, which may increase the cost for consumers and reduce competition. A quota limits the quantity of a specific good that can be imported, potentially leading to higher prices or scarcity. An embargo is a complete halt on trade with a specific country, which can disrupt supply chains and impact businesses. Subsidies are financial support given by the government to domestic industries, distorting market competition. Dumping is when a country exports goods at a significantly lower price than the domestic market, potentially harming local industries.

Why is price of a commodity is inversly related to quantity demand?

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Asked by Wiki User

The price of a commodity is inversely related to quantity demanded because as the price of a commodity decreases, more consumers are willing and able to purchase it due to increased affordability. This leads to an increase in quantity demanded. Conversely, as the price of a commodity increases, the quantity demanded tends to decrease as consumers may find it less affordable or seek alternative options.

Which developing countries does China invest in?

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Asked by Wiki User

China's investments in developing countries are widespread, with a focus on regions like Africa, Asia, and Latin America. Some key countries that receive significant Chinese investment include Pakistan, Ethiopia, Angola, Zambia, and Venezuela, among others. These investments cover various sectors such as infrastructure, energy, mining, and manufacturing.

What is contracyclical fiscal policy?

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Asked by Wiki User

Contracyclical fiscal policy involves government spending and taxation measures that run counter to the current economic cycle. During economic downturns, the government increases spending or cuts taxes to stimulate the economy. Conversely, during economic booms, the government reduces spending or raises taxes to prevent overheating and inflation.

What is financial globalisation?

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Asked by Wiki User

Financial globalisation refers to the increasing interconnectedness and integration of financial markets across countries. It involves the cross-border flow of capital, investments, and financial services, as well as the harmonization of financial regulations and institutions on a global scale. Financial globalisation has both benefits, such as increased efficiency and access to capital, as well as risks, such as volatility and contagion in financial markets.

Name of the countries with more than one capitals?

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Asked by Wiki User

Some countries with more than one capital include South Africa (Pretoria, Bloemfontein, Cape Town), Bolivia (Sucre, La Paz), and the Netherlands (Amsterdam, The Hague).

Why is technology transfer required by devoloping country?

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Asked by Wiki User

Technology transfer is important for developing countries because it allows them to access new knowledge, capacity building, and innovation that can help them advance their industries and enhance economic growth. By transferring technology from more developed nations, developing countries can accelerate their own technological capabilities and improve their competitiveness in the global market. Additionally, technology transfer can address local challenges, such as improving healthcare, agriculture, and environmental sustainability.

Describe the domestic level of production?

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Asked by Wiki User

At the level of domestic production, everything is produced locallyI.E in the home country. This level does not involve any imports from foreign countries. Both human and natural resources are employed and the whole economy is dependant upon what it can produce from these resources.

Some develop countries such as the united states try to grow all of the food they need because they have the resources to do so. However, the majority of countries of the world have to depend on imported goods.

What happens during the process of faciliated diffusion?

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Asked by Wiki User

Facilitated diffusion is a passive transport process where specific proteins in the cell membrane help larger or charged molecules pass through. These proteins act as channels or carriers, allowing molecules to move down their concentration gradient without requiring energy input from the cell. This process is important for the movement of substances like glucose and ions across the cell membrane.