Consumer products are the final goods that households or individuals purchase for their personal use and not for any other economic production activities. Consumer products…
Bartering – Definition, History, Benefits and Disadvantages
What is Bartering? Definition: Bartering is defined as an act of exchanging goods or/and services between two or more parties without using any monetary medium…
Absolute Advantage – Definition, Benefits and Examples
What Is Absolute Advantage? Definition: Absolute advantage is defined as the capacity of a producer to produce a larger quantity of commodities compared to other…
Behavioral Economics – Overview and Applications
What is Behavioral Economics? Definition: Behavioral Economics is defined as the study of how psychology is related to the economic decision-making processes of institutions or…
Hawthorne Effect – Definition, History and Experiment Case
The Hawthorne effect talks about the deliberate change and improvement in the behavior of human subjects that are part of an experiment conducted for the…
Balance of Trade (BOT) – Definition, Formula and Examples
Definition: Balance of trade is defined as the measure of the difference between the monetary value of the exports and imports of a country for…
Emerging Market Economy – Definition and Characteristics
The emerging market economy is referred to as the economy of a developing nation that has low to middle per capita income and is working…
Prospect Theory – Overview, Key Concepts and Applications
Prospect theory is a psychology hypothesis that portrays how individuals settle on choices when given choices or alternatives that include likelihood, risk, vulnerability, and uncertainty….
Economic Development – Definition, Meaning, Types and Features
What is Economic Development? Economic development is a process through which the overall education, well-being, health, income and living standards of the general population improves….
Sharing Economy and Rental Economy
In this article, we discuss sharing economy and rental economy. The sharing economy is a practice of offering, acquiring, or sharing access to services or…
Labor Market | Definition, Types, Characteristics, and Components
Definition: A Labor market is a marketplace where individuals offer their expertise, talent, skill, and know-how to the future employer in exchange for monetary compensation…
Scalability | Characteristics and Features of a Scalable Business
Scalability is the ability to be changed, increased, or expanded in size, efficiency, or scale at the time of greater operational demands. Scalability can be…
Capitalism – Principles, History and Characteristics
Capitalism is defined as an economic system of a country where the economy of the country is controlled by private companies instead of people. They…
What is Demand? Definition, Meaning and Determinants
Demand is one of the determining factors of a business as it can affect the expansion of a business and economic growth. Demand is a…
Meaning and Study of 12 Causes of Inflation
Inflation is one term that we come across very often. There are different kinds of increase, such as- cost-push inflation, repressed inflation, open inflation, supply-side…
