A point-of-sale terminal, also known as a POS terminal, is a computerized device used to process sales transactions. POS terminals can be used to process credit and debit card payments, as well as to print receipts and conduct other sales-related tasks. POS terminals are typically connected to a central computer system, which allows them to … Read more
A non-negotiable definition is a definition that cannot be changed or negotiated. This type of definition is often used in legal contracts and other documents where it is important to have a clear and unchanging definition of a term. What is an example of a non-negotiable? An example of a non-negotiable is a price floor. … Read more
Plus Economic Determinants and the Demand Curve. The Demand Curve: How It Works Plus Economic Determinants What are the 3 concepts of demand? 1. The law of demand: The higher the price of a good or service, the lower the quantity of that good or service that people are willing to buy. The inverse is … Read more
The Guns-and-Butter Curve is a graphical representation of the trade-off between two economic goals: security (represented by guns) and economic growth (represented by butter). The curve shows that as a nation increases its spending on security, it has less money available to spend on other things, such as economic growth. The term “Guns-and-Butter Curve” was … Read more
The social license to operate (SLO) is a term used in the business and development spheres to describe the permissions or approvals that a company or organization needs in order to operate in a certain area or country. It is often used in relation to natural resource extraction, but can also be applied to other … Read more
An adhesion contract is a type of contract in which one party, typically a business, drafts the contract in its own favor and the other party, typically an individual, has little or no negotiating power and must either accept or reject the contract as is. Adhesion contracts are commonly used in situations where there is … Read more
Rent seeking occurs when an individual or firm seeks to gain an economic rent by engaging in activities that do not create new value, but simply redistribute existing value. This can take the form of lobbying for government favors or regulations that create artificial scarcity, or acquiring licenses or permits that restrict competition. Rent seeking … Read more
ADSL is a type of digital subscriber line (DSL) technology, providing a connection to the Internet at speeds up to 25 Mbps. While most DSL technologies require a copper telephone line, ADSL uses the same twisted-pair cabling as regular telephone service. ADSL is asymmetric, meaning that it provides different speeds for upstream and downstream data. … Read more
What is Producer Surplus? Producer surplus is the difference between the price a producer is willing to sell a good or service for and the actual price they receive. What is the size of producer surplus? Producer surplus is the difference between the amount of money that a producer is willing to accept for a … Read more
The marginal rate of substitution (MRS) is the rate at which a consumer is willing to trade one good for another. It is usually graphed as a line on a graph, with one good on the x-axis and the other good on the y-axis. The MRS is the slope of this line. The MRS can … Read more
