In economics, manipulation is defined as an action or a set of actions, undertaken by one or more individuals, which is intended to influence or manipulate the behavior or decision-making of another individual or group in order to gain an advantage for the manipulator. There are a variety of ways in which an individual or … Read more
Allocational efficiency occurs when an economy’s resources are optimally allocated to produce the desired level of output. In other words, allocational efficiency occurs when an economy is able to produce the maximum amount of output possible given the available resources. Allocational efficiency is an important concept in economics because it helps to ensure that an … Read more
Mixed economic systems: examples, pros and cons. What are the disadvantage of mixed economic? There are several disadvantages of mixed economies: 1) Mixed economies tend to be less efficient than pure market economies. This is because they involve the government in activities that are best left to the private sector, such as the allocation of … Read more
The Law of Supply and Demand in Economics. What’s the law of supply and demand? The law of supply and demand is one of the most basic and fundamental laws of economics. It is the cornerstone of a free market economy. The law states that when there is an increase in the demand for a … Read more
When a company or individual imports goods into a country, they may be subject to import duty. Import duty is a tax that is imposed on goods that are brought into a country from another country. The amount of import duty that is charged depends on a number of factors, including the value of the … Read more
The upper class is the group of people in a society who hold the most wealth and power. In most societies, the upper class is a small minority of the population, while the majority are middle class or poor. The upper class typically has a lot of money and assets, and uses its power to … Read more
A quasi-public corporation is a type of corporation that is publicly owned but which is not subject to the same level of government regulation as a traditional public corporation. Quasi-public corporations are typically created by government entities in order to provide a public service or to promote a particular public policy goal. One example of … Read more
