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
Non-economic goods are goods or services that are plentiful and free. Air and dirt are considered non-economic goods since they are neither scarce nor valuable.
An economic good is a physical object or service that has value and can be sold; some examples include bananas, toys, haircuts and cars. Sometimes a distinction is made between tangible products, simply called goods, and intangible services.
Economic well-being is a person's or family's standard of living based primarily on how well they are doing financially. Economic well-being is measured by the government to determine how their citizens are faring, as it is integral in a person's overall well-being.
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 basic economic problem is scarcity, which is the idea that human beings want more things than are available to them.
Home economics is the field of study dealing with the management of the home and its place in the broader community. In the past, home economics, known to many simply as home ec, was strictly concerned with traditional homemaking and taught only to girls. Today, the field encompasses a broader range
Economics and economic education are important for providing people with valuable insight into how foreign and domestic markets operate, which allows them to make reasoned and rational choices for short-term and long-term financial benefits. Studying economics also allows people to learn how to mana
Investopedia explains that the origin of economic thought lies with a man named Adam Smith who was heavily influenced by French writers and philosophers. Smith developed the discipline of economics as an alternative to French mercantilism, which was an easily exploited system that benefited the weal
Economics is a good major because of the wide range of career opportunities available to graduates. Many of the skills learned during an economics major can also be applied to other areas of life, including business and personal life.