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Bads
An economic bad is the opposite of an economic good. A 'bad' is anything with a negative value to the consumer, or a negative price in the marketplace. Refuse is an example of a bad. A bad is a physical object that lowers a consumer's level of happiness, or stated alternately, a bad is an object whose consumption or presence lowers the utility of the consumer. With normal goods, a two-party transaction results in the exchange of money for some object, as when money is exchanged for a car. With a bad, however, both money and the object in question go the same direction, as when a household gives up both money and garbage to a waste collector being compensated to take the garbage. In this way, garbage has a negative price; the waste collector is receiving both garbage and money and thus is paying a negative amount for the garbage. References *Varian, Hal R. (2006), ''Intermediate Microeconomics'' (London: W.W. Norton & Company) *Peter Smith (2012), "Bad Economics" (Melbourne: C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Good (economics)
In economics, goods are items that satisfy human wants and provide utility, for example, to a consumer making a purchase of a satisfying Product (business), product. A common distinction is made between goods which are transferable, and Service (economics), services, which are not transferable. A good is an "economic good" if it is useful to people but scarcity, scarce in relation to its demand so that human effort is required to obtain it.Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. In contrast, free goods, such as air, are naturally in abundant supply and need no conscious effort to obtain them. Private goods are things owned by people, such as Television, televisions, living room furniture, wallets, cellular telephones, almost anything owned or used on a daily basis that is not food-related. A consumer good or "final good" is any item that is ultimately consumed, rather than used in the production of another good. For example, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Negative Price
In economics, negative pricing can occur when demand for a product drops or supply increases to an extent that owners or suppliers are prepared to pay others to accept it, in effect setting the price to a negative number. This can happen because it costs money to transport, store, and dispose of a product even when there is little demand to buy it. Negative prices are usual for waste such as garbage and nuclear waste. For example, a nuclear power plant may "sell" radioactive waste to a processing facility for a negative price; in other words, the power plant is paying the processing facility to take the unwanted radioactive waste. The phenomenon can also occur in energy prices, including electricity prices, natural gas prices, and oil prices. Examples Natural gas in West Texas Natural gas prices in the Permian Basin, West Texas, went below zero more than once in 2019. Natural gas is produced there as a byproduct of oil production, but production has increased faster than the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Refuse
Waste (or wastes) are unwanted or unusable materials. Waste is any substance discarded after primary use, or is worthless, defective and of no use. A by-product, by contrast is a joint product of relatively minor economic value. A waste product may become a by-product, joint product or resource through an invention that raises a waste product's value above zero. Examples include municipal solid waste (household trash/refuse), hazardous waste, wastewater (such as sewage, which contains bodily wastes (feces and urine) and surface runoff), radioactive waste, and others. Definitions What constitutes waste depends on the eye of the beholder; one person's waste can be a resource for another person. Though waste is a physical object, its generation is a physical and psychological process. The definitions used by various agencies are as below. United Nations Environment Program According to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions. Utility function Consider a set of alternatives among which a person can make a preference ordering. The utility obtained from these alternatives is an unknown function of the utilities obtained from each alternative, not the sum of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Normal Good
In economics, a normal good is a type of a Good (economics), good which experiences an increase in demand due to an increase in income, unlike inferior goods, for which the opposite is observed. When there is an increase in a person's income, for example due to a wage rise, a good for which the demand rises due to the wage increase, is referred as a normal good. Conversely, the demand for normal goods declines when the income decreases, for example due to a wage decrease or layoffs. Analysis There is a positive correlation between the income and demand for normal goods, that is, the changes income and demand for normal goods moves in the same direction. That is to say, that normal goods have an elastic relationship for the demand of a good with the income of the person consuming the good. In economics, the concept of elasticity, and specifically income elasticity of demand is key to explain the concept of normal goods. Income elasticity of demand measures the magnitude of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Automobile
A car or automobile is a motor vehicle with Wheel, wheels. Most definitions of ''cars'' say that they run primarily on roads, Car seat, seat one to eight people, have four wheels, and mainly transport private transport#Personal transport, people instead of cargo, goods. The year 1886 is regarded as the birth year of the car, when German inventor Carl Benz patented his Benz Patent-Motorwagen. Cars became widely available during the 20th century. One of the first cars affordable by the masses was the 1908 Ford Model T, Model T, an American car manufactured by the Ford Motor Company. Cars were rapidly adopted in the US, where they replaced Draft animal, animal-drawn carriages and carts. In Europe and other parts of the world, demand for automobiles did not increase until after World War II. The car is considered an essential part of the Developed country, developed economy. Cars have controls for driving, parking, passenger comfort, and a variety of lights. Over the decades, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Waste Collector
A waste collector, also known as a garbageman, garbage collector, trashman (in the US), binman or (rarely) dustman (in the UK), is a person employed by a public or private enterprise to collect and dispose of municipal solid waste (refuse) and recyclables from residential, commercial, industrial or other collection sites for further processing and waste disposal. Specialised waste collection vehicles (also known as garbage trucks in the US, bin lorries in the UK) featuring an array of automated functions are often deployed to assist waste collectors in reducing collection and transport time and for protection from exposure. Waste and recycling pickup work is physically demanding and usually exposes workers to an occupational hazard. The first known waste collectors were said to come from Britain in the 1350s, coinciding with the Black Plague and were called "rakers." A related occupation is that of a sanitation worker who operates and maintains sanitation technology.World Bank, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chore Division
Chore division is a fair division problem in which the divided resource is undesirable, so that each participant wants to get as little as possible. It is the mirror-image of the fair cake-cutting problem, in which the divided resource is desirable so that each participant wants to get as much as possible. Both problems have heterogeneous resources, meaning that the resources are nonuniform. In cake division, cakes can have edge, corner, and middle pieces along with different amounts of frosting. Whereas in chore division, there are different chore types and different amounts of time needed to finish each chore. Similarly, both problems assume that the resources are divisible. Chores can be infinitely divisible, because the finite set of chores can be partitioned by chore or by time. For example, a load of laundry could be partitioned by the number of articles of clothing and/or by the amount of time spent loading the machine. The problems differ, however, in the desirability of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
