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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 ...
The United States has a history of citizen, nonprofit, and other non-partisan groups advocating good government that reaches back to the late-19th-century municipal-level Progressive Movement (see Progressivism in the United States Municipal Administration) and the development of governmental professional associations in the early part of the 20th century, such as the American Public Human ...
A supply is a good or service that producers are willing to provide. The law of supply determines the quantity of supply at a given price. [5]The law of supply and demand states that, for a given product, if the quantity demanded exceeds the quantity supplied, then the price increases, which decreases the demand (law of demand) and increases the supply (law of supply)—and vice versa—until ...
Public policy. Public policy is an institutionalized proposal or a decided set of elements like laws, regulations, guidelines, and actions [1][2] to solve or address relevant and real-world problems, guided by a conception [3] and often implemented by programs. These policies govern and include various aspects of life such as education, health ...
Near money. Quasi money can be defined as highly liquid assets which are not cash but can easily be converted into cash. Examples of near money include: Savings accounts. Money market funds. Bank time deposits (certificates of deposit) Government treasury securities (such as T-bills) Bonds near their redemption date.
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves.It analyzes how consumers maximize the desirability of their consumption (as measured by their preferences subject to limitations on their expenditures), by maximizing utility subject to a consumer budget constraint. [1]
In economics, elasticity measures the responsiveness of one economic variable to a change in another. [1] For example, if the price elasticity of the demand of a good is −2, then a 10% increase in price will cause the quantity demanded to fall by 20%. Elasticity in economics provides an understanding of changes in the behavior of the buyers ...
A good's price elasticity of demand ( , PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good (law of demand), but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent ...