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With this definition, a merit good is defined as a good that is better for a person than the person who may consume the good realises. [ 3 ] Other possible rationales for treating some commodities as merit (or demerit) goods include public-goods aspects of a commodity, imposing community standards (prostitution, drugs, etc.), immaturity or ...
Examples of demerit goods include tobacco, alcoholic beverages, recreational drugs, gambling and junk food. Because of the nature of these goods, governments often levy taxes on these goods (specifically, sin taxes), in some cases regulating or banning consumption or advertisement of these goods. [4]
Merit or demerit may cause a good or bad future respectively, including in the next lives to come. [6] [32] A bad destination after rebirth may be caused by demerit, but merely a lack of merit may also lead a person to be born in an unhappy destination. [35]
In economics, a good, service or resource is broadly assigned two fundamental characteristics; a degree of excludability and a degree of rivalry. Excludability was originally proposed in 1954 by American economist Paul Samuelson where he formalised the concept now known as public goods, i.e. goods that are both non-rivalrous and non-excludable. [1]
In economics, inferior goods are those goods the demand for which falls with increase in income of the consumer. So, there is an inverse relationship between income of the consumer and the demand for inferior goods. [1] There are many examples of inferior goods, including cheap cars, public transit options, payday lending, and
Transfer of merit (Sanskrit: pariṇāmanā, [note 1] Pali: pattidāna or pattānumodanā) [3] [note 2] is a standard part of Buddhist spiritual discipline where the practitioner's merit, resulting from good deeds, is transferred to deceased relatives, to deities, or to all sentient beings.
An example would be unregulated forests as there's limited resources available and therefore rivalrous, but anyone may access these resources. If non-rivalrous, it would be a public good (cannot be rivalrous, no matter how much it is used, for example, the ocean (outside of territorial borders)). [10]
Rank was determined by merit, through the civil service examinations, and education became the key for social mobility. [2] After the fall of the Han Dynasty, the nine-rank system was established during the Three Kingdoms period. The concept of a merit system spread from China to British India during the 17th century, and then into continental ...