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 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 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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  • What products does Germany import or export?

    Q: What products does Germany import or export?

    A: Germany is well known for exporting motor vehicles and importing oil. Germany is the third largest exporter and importer in the world.
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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 characteristics of a traditional economy?

    Q: What are characteristics of a traditional economy?

    A: A traditional economy is an economic system where customs, traditions and beliefs determine the goods and services created by the society. It is dependent on agriculture, hunting and gathering, fishing or any combination of the above. Also called a subsistence economy, it may involve use of barter trade instead of currency.
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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 type of economic system does Colombia have?

    Q: What type of economic system does Colombia have?

    A: As of 2014, Colombia runs a mixed economic system with major commercial and investment ties to the United States. A mixed economy is one in which both the private sector and the government direct the economy. Colombia's main exports are oil and coal.
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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 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 definition of urban decline?

    Q: What is the definition of urban decline?

    A: Urban decline is the deterioration of a city as a result of poor maintenance and lack of investment. The characteristics of urban decline include increased unemployment rates, decreased economic performance, and poor housing and health facilities.
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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 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 are the three types of economic resources?

    Q: What are the three types of economic resources?

    A: The three types of economic resources are commonly known as human resources, natural resources and capital resources. Economists often refer to these three resources as the factors of production.
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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 kind of economy does Indonesia have?

    Q: What kind of economy does Indonesia have?

    A: Indonesia has a mixed economy, characterized by a combination of large private conglomerates and state-owned enterprises. It is part of the CIVETS group of countries, along with Columbia, Vietnam, Egypt, Turkey and South Africa, which is expected to account for half of all economic activity by 2020.
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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 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 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 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 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 public sector?

    Q: What is the public sector?

    A: The public sector refers to jobs that are with governmental agencies. It contrasts with the private sector, which is comprised of businesses owned by individuals or corporations. Public sector jobs may be with local, city, county, state or federal governmental agencies. The two terms are usually used in reference to employment.
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