Economics

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Globalization is driven by international trade and investment and aided by information technology. It is the process of interaction and integration among the people, companies and governments of different nations, states Globalization 101, a website of the Levin Institute.

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  • What is the paradox of thrift?

    Q: What is the paradox of thrift?

    A: The paradox of thrift is an economic theory that asserts that individuals choosing to save rather than spend their money can make a recession worse, and that individual saving can collectively be harmful. The paradox of thrift, like many economic theories, is not universally accepted as true.
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  • What drives globalization?

    Q: What drives globalization?

    A: Globalization is driven by international trade and investment and aided by information technology. It is the process of interaction and integration among the people, companies and governments of different nations, states Globalization 101, a website of the Levin Institute.
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  • What is the development gap?

    Q: What is the development gap?

    A: The development gap is a term used for defining the differences between the most and least advanced countries. It is another way of referring to nations that enjoy first, second and third world statuses. It defines how far apart countries are in terms of development, economy and education. The development gap also refers to the hemispheric divide between the north and south.
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  • What are the advantages and disadvantages of mercantilism?

    Q: What are the advantages and disadvantages of mercantilism?

    A: The benefits of mercantilism include increased employment, the development of new technologies and products, and positive cultural exchanges as mercantilist nations seek new markets and raw material sources, whereas the disadvantages of the system include increased conflict between nations, growth in trade protectionism and the development of trade monopolies. The Library of Economics and Liberty defines mercantilism as a form of nationalism aimed at building a wealthy and powerful state.
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  • What is America's largest export?

    Q: What is America's largest export?

    A: In 2013, the largest American export was engines and machines, which accounted for 13.5 percent of total exports which were valued at $213.5 billion. This placed America second in worldwide exports.
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  • What is a list of economic variables?

    Q: What is a list of economic variables?

    A: Economic variables include: gross domestic product, consumer price index, producer price index, employment indicators, retail sales and consumer confidence. These variables, also referred to as indicators, provide quantitative data about the state of an economy.
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  • What are the branches of economics?

    Q: What are the branches of economics?

    A: 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.
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  • What were Karl Marx's contributions to economics?

    Q: What were Karl Marx's contributions to economics?

    A: Karl Marx's primary contribution to economics was a new framework that described economics as a struggle for power between different classes. His critiques of capitalism have been accepted by many economic theorists. His work has also spawned countless debates.
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  • What is the definition of managerial capitalism?

    Q: What is the definition of managerial capitalism?

    A: Managerial capitalism posits that dominant CEOs would no longer run businesses but instead hired employees would run the businesses as a new class of professional CEOs. Adolf A. Berle and Gardiner C. Means first make this proposal in their 1932 treatise "The Modern Corporation and Private Property" in which they endorse the idea that owners turn companies over to professional managers.
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  • What are France's major imports and exports?

    Q: What are France's major imports and exports?

    A: The majority of France’s exports include valuable commodities such as steel, machinery, pharmaceutical products, consumer products, petroleum, chemicals, iron and transportation equipment. France’s imports include crude oil, chemicals, aircraft, machinery, plastics and vehicles. The country's major export partners include Germany, Belgium, Italy, Spain, United Kingdom, United States and Netherlands. The major import partners include China, United Kingdom, Germany, Belgium and Italy.
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  • Why did the savings and loan crisis happen?

    Q: Why did the savings and loan crisis happen?

    A: The savings and loan crisis of the 1980s occurred when the government loosened regulations on savings and loan institutions, allowing them to diversify into riskier and more profitable financial investments. This resulted in a massive increase in real estate construction, especially in markets like Texas. When there was not enough demand for these new constructions, and loans began to fail, the industry found itself in financial peril.
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  • What are the main industries of France?

    Q: What are the main industries of France?

    A: France has the largest aerospace and nuclear industries of any European country, and it ranks second for agri-food and chemical industries. It is also Europe's third most important country for information and communication technology (ICT) and pharmaceutical sectors.
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  • What are characteristics of a planned economy?

    Q: What are characteristics of a planned economy?

    A: A planned or command economy is one in which major functions, such as production and distribution of goods, are controlled by the government. In a planned economy, the government owns some or all production facilities and decides what to produce and how goods are priced. This is in contrast to a market economy, where production and distribution are decided by market forces with little or no government intervention.
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  • What are the drivers of globalization?

    Q: What are the drivers of globalization?

    A: The primary drivers of globalization are rapid advancements in technology, culture, economics and politics. With each passing year, the speed at which transactions take place and the spreading influence of cultural forces serve to integrate international societies. The most prominent driver of this trend is the advancement of technology.
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  • What are quality consciousness habits and processes?

    Q: What are quality consciousness habits and processes?

    A: Quality consciousness habits and processes are part of a management philosophy that seeks to improve quality constantly rather than just to meet a certain set goal. Companies employ quality consciousness processes on an organizational level to improve their products. In addition, individuals benefit when they build quality consciousness habits into their thoughts and behaviors.
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  • What are characteristics of a command economy?

    Q: What are characteristics of a command economy?

    A: A command economy is one in which the government is the chief agent in all major economic actions. The government goes as far as to determine what is to be made, how much is made, how it is distributed and how it is transformed into services the public can use. In many instances, even prices are set by the government.
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  • What are the imports and exports of Monaco?

    Q: What are the imports and exports of Monaco?

    A: Monaco exports textiles, manufactured products and art products. The principality imports food, chemicals and transportation products. Monaco's import industry is smaller than its export industry. As of 2014, the area's largest trading partners were countries in the European Union. Monaco also trades with the United States and China.
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  • What is economic instability?

    Q: What is economic instability?

    A: Economic instability refers to a community or nation experiencing financial struggles due to inflation, consumer confidence issues, unemployment rates, and rising prices. Economic instability affects businesses' ability to thrive, the cost of living, and the physical, emotional and financial well-being of consumers and families.
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  • What type of economy does the United States have?

    Q: What type of economy does the United States have?

    A: The United States has a capitalist economy. Capitalism is an economic system in which businessmen privately own the means of production, which is referred to as capital. Free market competition dictates prices and production levels. Under the capitalist system, prices and salaries are determined by supply and demand. The government’s role in this system is to protect the rights of financial motivators of the economy.
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  • What is the importance of entrepreneurs in the economy?

    Q: What is the importance of entrepreneurs in the economy?

    A: Entrepreneurs play key roles in the economy by creating a substantial amount of wealth, and by owning and operating small business and even large corporations. Entrepreneurs are crucial in providing some degree of economic stability. They hold jobs in all sectors of the economy, and are valuable assets in all areas of the country.
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  • What is the importance of economics?

    Q: What is the importance of economics?

    A: 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 manage and most effectively use scare and finite resources such as time and money. Studying economics equips people with varying levels of financial literacy, which allows them to effectively manage their own finances and even advise others in financial management and planning, too.
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