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 is the difference between inbound and outbound tourism?

    Q: What is the difference between inbound and outbound tourism?

    A: 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 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 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 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 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 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 a macro theory?

    Q: What is a macro theory?

    A: In academics, macro theories attempt to explain the entirety of a subject in general or broad terms. This is in contrast to micro theories, which focus in detail on more specific elements of the discipline.
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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 a multilateral trade agreement?

    Q: What is a multilateral trade agreement?

    A: Multilateral trade agreements are agreements on trade issues between three or more countries. They are difficult to negotiate because of their complexity, but once agreed upon, they are very powerful and beneficial for the nations involved, giving each nation equal status in terms of trade.
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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 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 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 income is considered middle class?

    Q: What income is considered middle class?

    A: Based on U.S. Census data collated for 2012, Robert Reich has defined being middle class as earning around $25,500 to $76,500 in income, according to U.S. News and World Report. Reich was the Secretary of Labor from 1993 to 1997, and, as of 2014, he taught public policy at the University of California-Berkeley. There is not a single definition of what constitutes a middle class income.
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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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  • Who uses the barter system today?

    Q: Who uses the barter system today?

    A: Bartering is a popular form of trade for individuals, families and businesses seeking to save money. Some small- and medium-sized businesses join bartering networks to exchange various goods and services. Barter networks help businesses grow by brokering deals to exchange items such as copiers, phone systems, work shirts, carpet cleaning and even real estate.
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  • What does the United States export the most of?

    Q: What does the United States export the most of?

    A: The top export for the United States in 2013 was material goods, including machines, engines and electrical equipment. In total, the U.S. exported $2,272 trillion in goods and services.
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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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  • How does poverty affect the economy?

    Q: How does poverty affect the economy?

    A: Poverty compromises the market's access to skilled labor which is essential for production of needed goods and services. Poor people lack access to good health care, which presents challenges in workforce productivity. The economy also spends more on health care for people who can’t afford it. Further, poverty poses greater demands for the criminal justice system, which reduces productivity of those incarcerated and results in property damage for those affected.
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  • What are the four types of economic resources?

    Q: What are the four types of economic resources?

    A: The four types of economic resources are labor, land, capital and entrepreneurship. These resources are also called the factors of production.
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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 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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