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The ancient Greek philosophers Plato and Aristotle debated economic equality. Painting by Raffaello Sanzio (1509). According to professor of politics Ed Rooksby, the concept of equality of outcome is an important one in disputes between different political positions, since equality has overall been seen as positive and an important concept that is "deeply embedded in the fabric of modern ...
The potato, for example, generally conforms to the demand function of an inferior good in the Andean region where the crop originated. People of higher incomes and/or those who have migrated to coastal areas are more likely to prefer other staples such as rice or wheat products as they can afford them.
In economics, demand refers to the strength of one or many consumers' willingness to purchase a good or goods at a range of different prices. If, for example, a rise in income causes a consumer to be willing to purchase more of a good than before contingent on each possible price, economists say that the income rise has caused the consumer's ...
Chapter 2, "The Broken Window", uses the example of a broken window to demonstrate what Hazlitt considers the fallacy that destruction can be good for the economy. He argues that while the broken window may create work for the glazier, the money the shopkeeper has to spend on replacing the window means that he cannot spend it elsewhere in the ...
Pricing the base good at a relatively low price - this approach allows easy entry by consumers (e.g. low-price consumer printer vs. high-price cartridge) Pricing the base good at a relatively high price to the complementary good - this approach creates a barrier to entry and exit (e.g., a costly car vs inexpensive gas)
In economics, excludability is the degree to which a good, service or resource can be limited to only paying customers, or conversely, the degree to which a supplier, producer or other managing body (e.g. a government) can prevent consumption of a good. In economics, a good, service or resource is broadly assigned two fundamental ...
Sustainability is regarded as a "normative concept".[5] [22] [23] [2] This means it is based on what people value or find desirable: "The quest for sustainability involves connecting what is known through scientific study to applications in pursuit of what people want for the future."
However, if the road is congested, one more person driving the car makes the road more crowded which causes slower passage. In other words, it creates a negative externality and road becomes common good. [1] Clean water and air - Climate stability belongs to classic modern examples. [2] Water and air pollution is caused by market negative ...