Economics

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 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 is the definition of net factor income from abroad?

    Q: What is the definition of net factor income from abroad?

    A: Net factor income from abroad is the amount of money made in a country other than one's legal home country, according to Investopedia. This term applies to income made by either an individual or a business and refers to income made abroad that is then sent back to the home country. This income can come in the form of wages or investments.
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  • What is the contribution of small-scale industries to the Nigerian economy?

    Q: What is the contribution of small-scale industries to the Nigerian economy?

    A: According to a statistical analysis of the state of the Nigerian economy in 2010 published on EconomyWatch.com, the contribution of small-scale industries to the Nigerian economy is so little as to be negligible. A 2014 economic update published online by the Oxford Business Group underscores this by pointing out that the International Monetary Fund is calling for Nigeria to do more to support small-scale enterprises.
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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 third world countries?

    Q: What are third world countries?

    A: Third world countries are underdeveloped nations where poverty is rampant. Third world countries also referred to nations that never sided with the policies of the United States or the former Soviet Union during the Cold War.
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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 England's main exports?

    Q: What are England's main exports?

    A: England's main exports include fuels, beverages, tobacco, chemicals and food. England primarily exports to the United States, Germany, the Netherlands, Ireland and France.
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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 the largest component of GDP?

    Q: What is the largest component of GDP?

    A: The largest component of GDP is consumer consumption. GDP is the acronym for gross domestic product, which is a measure of economic output.
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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 is a monetary instrument?

    Q: What is a monetary instrument?

    A: A monetary instrument is a form of domestic or foreign currency that includes, but is not limited to, checks, certain investments, traveler’s checks and money orders, according to the State of Connecticut Judicial Branch. This is the legal definition that government bodies use.
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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 Cuba's major imports and exports?

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

    A: Cuba's major imports are refined petroleum, packaged medicaments, wheat, corn and soybean meal, and the country's top exports are nickel mattes, raw sugar, refined petroleum, packaged medicaments and rolled tobacco. Cuba also exports citrus, coffee and fish, as well as the services of its doctors and other health care personnel. Other top imports include machinery, equipment and chemicals.
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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 a domestic business?

    Q: What is a domestic business?

    A: A domestic business is a company that operates only within the borders of a single country. A domestic U.S. company is the opposite of a global company that does business in many countries. Domestic businesses only have to worry about domestic business operations, record-keeping and tax obligations.
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  • What type of economic system does Japan have?

    Q: What type of economic system does Japan have?

    A: Japan has an industrialized global free market economy. A free market economy is a competitive economic system in which businesses compete with each other for profit and the prices of goods and services are based on supply and demand. Japan's economic system is very similar to that of the United States.
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  • What is the difference between a recession and a depression?

    Q: What is the difference between a recession and a depression?

    A: A recession is a period of time that lasts more than a few months where the economy gets significantly worse; a depression is defined as a severe recession where things plummet dramatically. A recession does not always lead to a depression, but a depression is always the result of a recession.
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  • What are the G7 countries?

    Q: What are the G7 countries?

    A: The member states of the G7 are the United States, United Kingdom, France, Canada, Italy, Japan and Germany. They are collectively known as the "Group of Seven," and represent the world's largest industrialized economies. The G7's finance ministers and heads of state meet periodically to set international economic policy.
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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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  • Who is the father of economics?

    Q: Who is the father of economics?

    A: Adam Smith is often considered the father of economics. Much of what is considered the standard of market theory was written by him over the course of two books, the "Theory of Moral Sentiments" and "An Inquiry into the Nature and Causes of the Wealth of Nations."
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  • What is an agrarian economy?

    Q: What is an agrarian economy?

    A: An agrarian economy is a type of economy that relies primarily on agricultural industry including livestock farming or crop production. It is a form of economy whose major factor of production is the agricultural land. Prosperity of agrarian economy is also influenced by other factors such adequate rainfall, suitable climate and inputs like fertilizers.
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