Economic rights are part of a range of legal principles based on the philosophy of human cultural and social obligations in which economic equality and freedom are preserved. Economic and social rights are granted to Americans fulfilled by the government in an effort to ensure that citizens have the
The three economic systems are the traditional, command and market economic systems. Different countries use different economic systems.
Economic profit is the total revenue generated by a business minus total opportunity costs. It is a more theoretical way of looking at a company's profitability that differs from the standard accounting profit reflected on the company's income statement, which simply subtracts the cost of producing
An economic interest group is a collection of people with common interests and concerns that advocate for economic benefit for the members of the group. Common types of economic interest groups are business groups, labor organizations and professional associations.
The four economic activities are resource maintenance, production, distribution and consumption. In order for an economy to function properly, a balance of all four activities must be maintained.
Economic freedom refers to a condition in which a person living in a community, state or country has the right to purse economic opportunities. This condition is associated with capitalistic countries where individual opportunities to find work and make money are typically promoted by limited govern
According to textbook publisher Pearson Prentice Hall, the definition of descriptive economics is the branch of economics tasked with gathering data about the economy. Economists present this data as positive facts, which are facts based on sound scientific principles.
Economic diversity is a multidimensional concept that includes the products, workforce skills and capabilities in a local economy, in addition to how well that economy is able to compete in the global marketplace, according to Economic Modeling Specialists Intl. While income is an important part of
Pricing policy refers to the way a company sets the prices of its services and products basing on their value, demand, cost of production and the market competition. Pricing policy is essential for all companies as it provides a guideline for creating profits and areas that bring in losses. Pricing
The two major branches of economics are microeconomics and macroeconomics. Microeconomics deals largely with the decision-making behavior of individual consumers and firms in markets, while macroeconomics focuses largely on the aggregated behavior of all consumers and firms in an economy.