Economics

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Simply speaking, inbound tourism is when a non-resident or foreigner visits a given country, and outbound tourism is when a resident of a given country leaves that country to visit another one.

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  • What is the economic meaning of demand?

    Q: What is the economic meaning of demand?

    A: In economics, demand is a measure of how much buyers want or need a product. For example, consumers may collectively avoid buying a particular product because they don't understand it or don't believe it has value, resulting in low demand.
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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 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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  • 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 are the advantages of importing goods?

    Q: What are the advantages of importing goods?

    A: According to the World Trade Organization, the chief advantage to importing products is an increase in market choices. With the importation of products, local markets can improve the variety of their offerings, providing consumers with goods that are either not available locally or items that can serve as competition to locally produced goods.
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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 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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  • 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 are global trade patterns?

    Q: What are global trade patterns?

    A: Global trade patterns track ever-changing pathways in the exchange of capital, goods and services among nations. The decades leading up to 2014 saw the rise of regional trading blocs, reduced industry in many nations, the increased participation of former communist countries, and the rising stars of China and India.
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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 the largest sector of the macroeconomy?

    Q: What is the largest sector of the macroeconomy?

    A: The largest sector of the macroeconomy is the government. The other sectors of the macroeconomy include the household sector, the business sector and the foreign sector.
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  • What countries have a market economy?

    Q: What countries have a market economy?

    A: Countries whose economies attract minimal involvement of the government have a market economy. According to a 2013 Index of Economic Freedom, the United States, Canada, Denmark, the United Kingdom, Hong Kong and Mauritius have a market economy. Most market economies have a degree of state-dictated planning and are thus categorized as mixed economies.
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  • What is the function of an economic institution in society?

    Q: What is the function of an economic institution in society?

    A: The function of an economic institution in society is to enhance development and financial security through the provision of financial services. An economic institution may provide business inventory financing and indirect consumer loans. It may educate society about how to make sound financial decisions. Other economic institutions, such as insurance companies, provide cover for various risk factors in addition to providing investment opportunities and loans.
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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 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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  • 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 role do banks play in a nation's economy?

    Q: What role do banks play in a nation's economy?

    A: Banks play an important part in a nation's economy by providing a safe foundation for individuals and businesses to invest or deposit their money, which allows the bank to use the money in its possession for loans. The ability for the public to receive these loans enables them to make purchases, which drives the economy at different levels.
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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 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 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 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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