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A milk quota or dairy produce quota[1] was a historical measure used by the United Kingdom government to intervene in agriculture. Originally introduced to reflect the agricultural policies of the European Economic Community, the quota's purpose was to bring rising milk production under control. Milk quotas were attached to land holdings and ...
Substitute good. In microeconomics, substitute goods are two goods that can be used for the same purpose by consumers. [1] That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute ...
A cup of coffee with sachets of Coffee-Mate non-dairy creamer and pure sugar (also shown are a stir stick and coffee cup holder). A non-dairy creamer, commonly also called tea whitener or coffee whitener or else just creamer, is a liquid or granular product intended to substitute for milk or cream as an additive to coffee, tea, hot chocolate or other beverages.
Influence. Robbins's Essay is one of the most-cited works on the methodology and philosophy of economics for the period 1932–1960. Arguments therein have been widely accepted on the demarcation of economics as science from discussion of recommendations on economic policy. [7] In that period, economists started referring to Robbins' definition ...
Product life-cycle theory. The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher–Ohlin model to explain the observed pattern of international trade. The theory suggests that early in a product's life-cycle all the parts and labor associated with that product come ...
Cattle bred specifically for milk production are called milking or dairy cattle; [1] a cow kept to provide milk for one family may be called a house cow or milker. A fresh cow is a dairy term for a cow or first-calf heifer who has recently given birth, or "freshened." The adjective applying to cattle in general is usually bovine.
Economic sectors. The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining. [1][2][3] The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries.
Engel's law is an economic relationship proposed by the statistician Ernst Engel in 1857. It suggests that as family income increases, the percentage spent on food decreases, even though the total amount of food expenditure increases. Expenditure on housing and clothing remains proportionally the same, and that spent on education, health and ...