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Economics answers to 155 questions
A credit union is the type of financial organization that typically has requirements for membership. This is its main difference from other financial institutions such as a bank. Other than that, a credit union accepts deposits, provides loans and offers…
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Producers have a huge task to make sure that they remain relevant in the market. One of their biggest goals is to have an absolute advantage. A producer will have an absolute advantage in such products where it has a…
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Encapsulation, reminiscent of medical capsules is the entirety of a packet at one layer becoming the payload section at another layer. In information technology, data is a part of a packet that has a payload that is equal to plus…
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Financial institutions often use a credit score rating before lending out money to their customers. Therefore, a credit rating is well defined in choice B - a numerical rating that expresses how likely you are to repay your debts. It…
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Incorporation is the founding of a new corporation that could be for or not for profit. For instance, people gathering to dwell in a previously unsettled place in huge quantities may consider becoming a municipality. This area then gets self-governed…
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Once a product is developed, it’s assessed on its performance to ascertain its performance. With training, what follows is doing an analysis or measurement of individual performance. Assignments are given to establish the connection between the first two steps and…
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The diminishing marginal rate of substitution means that a consumer is more likely to forgo a product (A) as another product (B) suits hisneeds in a better way. In other words, the more the consumer is exposed to A, the…
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A year-to-date pay is a cumulative amount of all the payments made to an individual from the beginning of the year to the current date. Net pay is the amount paid after the deduction of taxes and other charges being…
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College financing is one of the important things to look at before starting school. There are education loans that come with different opportunities for students. You should find out whether you are eligible for government financial aid or not. Through…
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Investments are good and come in a variety. Different people invest differently based on their income, age and so on. A young investor, particularly, with a high level of risk lenience will probably be after an aggressive investment strategy. This…
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The vigorous use of marketing in management continues to grow by the day. Modern-day conditions have forced farms to seek effective marketing management forms and develop marketing relationships on their own. However, the objective market management system laws need the…
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There are various stores of different sizes taking different types of products. Some are known as speciality stores due to their small size with the variety of limited products. There is another one known as a departmental store that can…
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Cross-docking and inventory management are logistics elements. With cross-docking, there is less time spent on material storage for supplies made to the buyer from the producer. Inventory management is the methodical strategy of ordering, storage and use of inventory in…
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Interest is a goal, value or commitment to something held by a person or institution. Conflict of Interest (COI) is when an individual or institution has a private-capacity interest with the potential of unfittingly influencing their official responsibilities and duties.…
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Correct answer is C - inventory turnover Explanation: Liquidity ratios are used in order to determine the company's ability to pay off its current debt obligations using its available resources. In turn, inventory turnover is a financial ratio showing how…
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It requires students to provide their financial information. It gives students access to money from the government. It helps determine whether a student needs financial aid.
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The answer is D. Explanation: The monopoly market is characterized by the high entry barriers and a single seller (monopolist) in a market with lots of buyers. In turn, the deadweight loss arises from a situation where the potential gains…
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The best test of an economic theory is its ability to predict and reflect real-life societal occurrences, patterns, and changes. If the theory accurately predicts the economic behavior of the people in the society For instance, a theory might predict…
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...the situation whereby the products that the society need are in less supply. when the demand for essential commodities is higher than the production of them, then there is scarcity. there are situations whereby unnecessary or frivolous products are in…
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...to trade with other nations, export the products that are locally produced and import the products that the society have a need for but does not produce. Trade leads to the specialization in the production of products that society has…
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To provide a better value for customers than competitors will. Many factors can help an organization establish a competitive advantage over its market competition. It may include Brand image recognitions, highly skilled labor, location, easy access to raw materials, e.t.c.…
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The three balances required in an accounting cycle include unadjusted, adjusted, and post-closing trial balances, in that order. The process of preparing complete financial statements starts with the culling of accounts and balances from the preparation of journal entries. They…
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Unlike the nominal GDP, economists calculate the real GDP of a country using the actual prices of commodities without considering inflation. However, when they calculate Nominal GDP, economists consider the output and prices of a country for a given year.…
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Contemporary capitalistic societies are founded on the social class system of stratification. This is the most open social stratification system that is defined as a social class categorizing people based on their economic abilities. This is what defines their status…
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Equality in society from the eye of an economist refers to exercising fairness, especially on matters to do with the welfare of all. Typically, it is a situation where every member of a given society has the same amount of…
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Competition is healthy for markets. Sometimes the competition can be balanced and at times imbalanced due to various reasons. However, there are times when there is perfect competition and there are unique characteristics defining it. Perfect competition exists where many…
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There are different income categories based on context. The case is different for the government that categorizes for taxation purposes. In that case, there will be taxable and non-taxable income. Entrepreneurs and other experts in business will talk of passive,…
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Celcom has tied up with TM international which was renamed as Axiata later and is a private operator. It is the oldest telecom operator in Malaysia and has been famous for high-quality services. But recently they have been losing market…
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One of the principles on which marketing works is that it is not effective unless you choose whom it is aimed at. The idea of marketing is selling stuff to people in order to satisfy their needs, and since it…
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The kinked demand curve model assumes that a business might face a dual demand curve for its product based on the likely reactions of other firms to a change in its price or another variable. The assumption is that firms…
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