A rival good is a good whose consumption by one individual precludes its consumption by another individual. In other words, one person’s consumption of a rival good reduces the amount of the good available for consumption by others. Examples of rival goods include food, water, and shelter. What does it mean for a good to … Read more
Nonfarm payrolls are a measure of the number of jobs in the economy, excluding jobs in the agricultural sector. They are released monthly by the Bureau of Labor Statistics (BLS) and are closely watched by economists and financial markets as a leading indicator of economic activity. The nonfarm payrolls report is released on the first … Read more
The scarcity principle is an economic law that states that there is always a limited supply of goods and services available in the market. This law is also known as the law of supply and demand. It is one of the most basic principles of economics and it is what drives the market economy. The … Read more
Inelastic demand is a term used in economics to describe a situation in which the demand for a good or service is not very responsive to changes in price. What is perfectly inelastic demand with diagram? Perfectly inelastic demand is when the quantity demanded for a good is completely unresponsive to changes in price. In … Read more
A blackout period is a period of time during which an individual is ineligible to receive coverage under a health insurance plan. Blackout periods typically occur when an individual first enrolls in a health insurance plan or when an individual switches from one health insurance plan to another. Blackout periods may also occur when an … Read more
What is the Giffen good definition? A Giffen good is a product that people purchase more of as the price increases. This is in contrast to most products, which people purchase less of as the price increases. Is rice a Giffen good? No, rice is not a Giffen good. A Giffen good is a good … Read more
External economies of scale refer to the benefits that a company receives as a result of being located in a particular area. These benefits can include access to a skilled workforce, lower transportation costs, and access to raw materials. External economies of scale can help a company to lower its costs and become more competitive. … Read more
A del credere agent is an individual or firm that agrees to assume the credit risk of a transaction by guaranteeing payment to the counterparty in the event that the original debtor defaults. The agent typically charges a fee for assuming this risk, which is typically a percentage of the transaction value. In some cases, … Read more
Diseconomies of Scale: Causes and Types. What are the causes of diseconomies of scale in economics? There are several potential causes of diseconomies of scale in economics. One cause could be diminishing returns to scale. This occurs when, as output increases, the marginal (or extra) output from an additional unit of input decreases. For example, … Read more
The X-Mark Signature is a term used to describe the graphical representation of a company’s brand or logo. This representation is often used in marketing and advertising to help identify the company and its products. The X-Mark Signature can be created using various software programs or online tools. How do I do a signature mark … Read more
