|
Giffen Goods
In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics. For any other sort of good, as the price of the good rises, the substitution effect makes consumers purchase less of it, and more of substitute goods; for most goods, the income effect (due to the effective decline in available income due to more being spent on existing units of this good) reinforces this decline in demand for the good. But a Giffen good is so strongly an inferior good in the minds of consumers (being more in demand at lower incomes) that this contrary income effect more than offsets the substitution effect, and the net effect of the good's price rise is to increase demand for it. This phenomenon is known as the Giffen paradox. A Giffen good is considered to be the opposite of an ordinary good. Background Giffen goods are named after Scottish economist Sir Robert Giffen, to whom Alfred ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Victorian Era
In the history of the United Kingdom and the British Empire, the Victorian era was the period of Queen Victoria's reign, from 20 June 1837 until her death on 22 January 1901. The era followed the Georgian period and preceded the Edwardian period, and its later half overlaps with the first part of the '' Belle Époque'' era of Continental Europe. There was a strong religious drive for higher moral standards led by the nonconformist churches, such as the Methodists and the evangelical wing of the established Church of England. Ideologically, the Victorian era witnessed resistance to the rationalism that defined the Georgian period, and an increasing turn towards romanticism and even mysticism in religion, social values, and arts. This era saw a staggering amount of technological innovations that proved key to Britain's power and prosperity. Doctors started moving away from tradition and mysticism towards a science-based approach; medicine advanced thanks to the adoption ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and borders fourteen countries by land, the most of any country in the world, tied with Russia. Covering an area of approximately , it is the world's third largest country by total land area. The country consists of 22 provinces, five autonomous regions, four municipalities, and two Special Administrative Regions (Hong Kong and Macau). The national capital is Beijing, and the most populous city and financial center is Shanghai. Modern Chinese trace their origins to a cradle of civilization in the fertile basin of the Yellow River in the North China Plain. The semi-legendary Xia dynasty in the 21st century BCE and the well-attested Shang and Zhou dynasties developed a bureaucratic political system to serve hereditary monarchies, or dyna ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Noodle
Noodles are a type of food made from unleavened dough which is either rolled flat and cut, stretched, or extruded, into long strips or strings. Noodles are a staple food in many cultures (for example, Chinese noodles, Filipino noodles, Indonesian noodles, Japanese noodles, Korean noodles, Vietnamese noodles, and Italian pasta) and made into a variety of shapes. While long, thin strips may be the most common, many varieties of noodles are cut into waves, helices, tubes, strings, or shells, or folded over, or cut into other shapes. Noodles are usually cooked in boiling water, sometimes with cooking oil or salt added. They are often pan-fried or deep-fried. Noodles are often served with an accompanying sauce or in a soup. Noodles can be refrigerated for short-term storage or dried and stored for future use. Etymology The word for noodles in English, was borrowed in the 18th century from the German word ''Nudel''. History Origin The earliest written record of noodles is fou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wheat
Wheat is a grass widely cultivated for its seed, a cereal grain that is a worldwide staple food. The many species of wheat together make up the genus ''Triticum'' ; the most widely grown is common wheat (''T. aestivum''). The archaeological record suggests that wheat was first cultivated in the regions of the Fertile Crescent around 9600 BCE. Botanically, the wheat kernel is a type of fruit called a caryopsis. Wheat is grown on more land area than any other food crop (, 2014). World trade in wheat is greater than for all other crops combined. In 2020, world production of wheat was , making it the second most-produced cereal after maize. Since 1960, world production of wheat and other grain crops has tripled and is expected to grow further through the middle of the 21st century. Global demand for wheat is increasing due to the unique viscoelastic and adhesive properties of gluten proteins, which facilitate the production of processed foods, whose consumption is inc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rice
Rice is the seed of the grass species ''Oryza sativa'' (Asian rice) or less commonly ''Oryza glaberrima ''Oryza glaberrima'', commonly known as African rice, is one of the two domesticated rice species. It was first domesticated and grown in West Africa around 3,000 years ago. In agriculture, it has largely been replaced by higher-yielding Asian r ...'' (African rice). The name wild rice is usually used for species of the genera ''Zizania (genus), Zizania'' and ''Porteresia'', both wild and domesticated, although the term may also be used for primitive or uncultivated varieties of ''Oryza''. As a cereal, cereal grain, domesticated rice is the most widely consumed staple food for over half of the world's World population, human population,Abstract, "Rice feeds more than half the world's population." especially in Asia and Africa. It is the agricultural commodity with the third-highest worldwide production, after sugarcane and maize. Since sizable portions of sugarcane and ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Relative Price
A relative price is the price of a commodity such as a good or service in terms of another; i.e., the ratio of two prices. A relative price may be expressed in terms of a ratio between the prices of any two goods or the ratio between the price of one good and the price of a market basket of goods (a weighted average of the prices of all other goods available in the market). Microeconomics can be seen as the study of how economic agents react to changes in relative prices, and of how relative prices are affected by the behavior of those agents. The difference and change of relative prices can also reflect the development of productivity. In a demand equation In the demand equation Q=f(P) (in which Q is the number of units of a good or service demanded), P is the relative price of the good or service rather than the nominal price. It is the change in a relative price that prompts a change in the quantity demanded. For example, if all prices rise by 10% there is no change in any r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indifference Curve
In economics, an indifference curve connects points on a graph representing different quantities of two goods, points between which a consumer is ''indifferent''. That is, any combinations of two products indicated by the curve will provide the consumer with equal levels of utility, and the consumer has no preference for one combination or bundle of goods over a different combination on the same curve. One can also refer to each point on the indifference curve as rendering the same level of utility (satisfaction) for the consumer. In other words, an indifference curve is the locus of various points showing different combinations of two goods providing equal utility to the consumer. Utility is then a device to represent preferences rather than something from which preferences come. The main use of indifference curves is in the representation of potentially observable demand patterns for individual consumers over commodity bundles. There are infinitely many indifference curves: one ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Normal Goods
In economics, a normal good is a type of a 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 change in demand f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Poverty
Poverty is the state of having few material possessions or little income. Poverty can have diverse social, economic, and political causes and effects. When evaluating poverty in statistics or economics there are two main measures: ''absolute poverty'' compares income against the amount needed to meet basic needs, basic personal needs, such as food, clothing, and Shelter (building), shelter; ''relative poverty'' measures when a person cannot meet a minimum level of living standards, compared to others in the same time and place. The definition of ''relative poverty'' varies from one country to another, or from one society to another. Statistically, , most of the world's population live in poverty: in Purchasing Power Parity, PPP dollars, 85% of people live on less than $30 per day, two-thirds live on less than $10 per day, and 10% live on less than $1.90 per day ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Staple Food
A staple food, food staple, or simply a staple, is a food that is eaten often and in such quantities that it constitutes a dominant portion of a standard diet for a given person or group of people, supplying a large fraction of energy needs and generally forming a significant proportion of the intake of other nutrients as well. A staple food of a specific society may be eaten as often as every day or every meal, and most people live on a diet based on just a small number of food staples. Specific staples vary from place to place, but typically are inexpensive or readily available foods that supply one or more of the macronutrients and micronutrients needed for survival and health: carbohydrates, proteins, fats, minerals, and vitamins. Typical examples include tubers and roots, grains, legumes, and seeds. Among them, cereals, legumes, tubers, and roots account for about 90% of the world's food calories intake. Early agricultural civilizations valued the foods that they establis ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
