Economics

A:

Traditional economic systems are economies based on dissemination of resources, products and goods based on rituals, routines and customs. Some nations have traditional economies, while traditional economies exist regionally or locally in other places. Regardless of whether local or national, traditional economies revolve around the production and exchange of simple, staple goods such as food and clothing.

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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 Is Money's Basic Advantage As Compared to Barter?

    Q: What Is Money's Basic Advantage As Compared to Barter?

    A: In a currency system, most items have a predetermined value, making transactions fast and standardized. When consumers know the cost of an item in advance, they can simply present the cash necessary to purchase the item. Paying with money also allows consumers to make purchases without worrying about finding high-demand items to trade.
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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 Are the Advantages and Disadvantages of Globalization?

    Q: What Are the Advantages and Disadvantages of Globalization?

    A: The advantages of globalization include employment and education while the disadvantages include loss of culture and health issues. Globalization brings countries together to trade and do business with each other.
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  • What Is Market Opportunity Analysis?

    Q: What Is Market Opportunity Analysis?

    A: Market opportunity analysis is a form of business planning that incorporates market forecasting techniques and development of a plan that assesses the organization’s financial capability and identifies future opportunities. It gives the company competitive and technological preparedness in exploiting future opportunities, and includes identifying underserved client needs and assessing the company’s resources. It also analyzes the competitive advantages of the business and identifies target markets.
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  • What Are the Positive Impacts of Tourism?

    Q: What Are the Positive Impacts of Tourism?

    A: Increased opportunities for business income and employment are primary economic advantages gained from tourism. Visitors often come with the intent of spending money on food and lodging, entertainment and souvenirs. Companies providing products and services that appeal to tourists see greater income than they would without the tourists.
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  • What Are Three Types of Consumers?

    Q: What Are Three Types of Consumers?

    A: The three types of consumers in the animal kingdom are carnivores, herbivores and omnivores. Carnivores eat only meat. Herbivores eat only plants, while omnivores need to consume both plants and meat to satisfy their dietary requirements.
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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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  • How Do You Calculate Variable Costs?

    Q: How Do You Calculate Variable Costs?

    A: Ready Ratios states that variable costs are calculated by dividing marginal costs over units produced. Variable costs are expenses that vary according to production output, so they rise and fall with a company's level of production.
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  • What Is the Law of Variable Proportions?

    Q: What Is the Law of Variable Proportions?

    A: The law of variable proportions is an economics term that describes when a business increases one factor of production while keeping another factor constant, causing the increase of production levels created through these changing factors to decrease gradually. In essence, this law describes changing the proportion of two or more factors in a process used to create the same product to increase returns, eventually resulting in lesser output.
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  • What Are Disadvantages of Capitalism?

    Q: What Are Disadvantages of Capitalism?

    A: One of the major drawbacks of capitalism is that it allows one or a few companies to develop dominance in particular industries by achieving significant advantages. Capitalism also creates inequality of wealth as individual pursuits are encouraged, which then contributes to social inequality. Economic cycles also tend to have a significant impact in capitalist markets.
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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 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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  • What Is Civil Construction?

    Q: What Is Civil Construction?

    A: Civil construction is a segment of the broader construction industry focused on building core infrastructure like pipelines, telecommunications, sewers, water treatment systems, highways, roads, bridges, subway tunnels and light rail transit lines. Companies operating in this field design, build and maintain physical assets that support economic growth and development and public health and safety.
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  • What Is a National Economy?

    Q: What Is a National Economy?

    A: A national economy refers to the economy of an entire country. The national economy includes financial resources and management. It encompasses the value of all goods and services manufactured within a nation.
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  • What Is the Difference Between Inbound and Outbound Tourism?

    Q: What Is the Difference Between Inbound and Outbound Tourism?

    A: In the simplest terms, inbound tourism occurs when a foreigner or non-resident visits a particular country, and outbound tourism occurs when a resident of a particular country leaves it in order to visit another one.
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  • What Are Some Advantages of Economies of Scale?

    Q: What Are Some Advantages of Economies of Scale?

    A: The most significant advantage of achieving economies of scale is a reduced cost per unit of production. Most other advantages stem from this primary benefit. A lower cost per unit allows a business to earn greater profit even when maintaining a similar price point. The company could pass on cost savings to customers by operating with a low-price strategy.
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  • What Is Economic Liberalization?

    Q: What Is Economic Liberalization?

    A: Economic liberalization refers to those government policies which promote economic growth by opening up trade to international markets, extending the use of markets and lessening the restrictions and regulations placed on business. China, Brazil and India, three of the fastest growing transitioning economies, achieved their economic growth after their governments liberalized their approach to business. This has led some economists to believe that economic reform is of greater importance than political reform in developing economies.
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  • What Are China's Major Imports and Exports?

    Q: What Are China's Major Imports and Exports?

    A: The top five exports of China are computers, broadcasting equipment, telephones, office machine parts and integrated circuits. China's top five imports are crude petroleum, integrated circuits, iron ore, gold and cars.
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  • What Is the Definition of Global Business Environment?

    Q: What Is the Definition of Global Business Environment?

    A: The definition of global business environment is multiple sovereign nations outside of the organization's home environment influencing how the organization makes decisions for how to use its resources. The company's operating situation depends on both external and internal factors.
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  • How Does Monetary Policy Affect Unemployment?

    Q: How Does Monetary Policy Affect Unemployment?

    A: Monetary policy, established by the federal government, affects unemployment by setting inflation rates and influencing demand for and production of goods and services. Additionally, having stable prices and high demand for products encourages firms to hire workers, which reduces rates of unemployment. In the United States, the Federal Reserve holds responsibility for instituting a national monetary policy. Sometimes, such as during economic downturns, the Federal Reserve asserts its control by implementing long-term and short-term measures to stimulate economic production.
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