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Inferior Good
In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases), unlike normal goods, for which the opposite is observed. Normal goods are those goods for which the demand rises as consumer income rises. Inferiority, in this sense, is an observable fact relating to affordability rather than a statement about the quality of the good. As a rule, these goods are affordable and adequately fulfill their purpose, but as more costly substitutes that offer more pleasure (or at least variety) become available, the use of the inferior goods diminishes. Direct relations can thus be drawn from inferior goods to socio-economic class. Those with constricted incomes tend to prefer inferior goods for the reason of the aforementioned observable inferiority. Depending on consumer or market indifference curves, the amount of a good bought can either increase, decrease, or stay the same when income increases. Examples ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inferior Good
In economics, an inferior good is a good whose demand decreases when consumer income rises (or demand increases when consumer income decreases), unlike normal goods, for which the opposite is observed. Normal goods are those goods for which the demand rises as consumer income rises. Inferiority, in this sense, is an observable fact relating to affordability rather than a statement about the quality of the good. As a rule, these goods are affordable and adequately fulfill their purpose, but as more costly substitutes that offer more pleasure (or at least variety) become available, the use of the inferior goods diminishes. Direct relations can thus be drawn from inferior goods to socio-economic class. Those with constricted incomes tend to prefer inferior goods for the reason of the aforementioned observable inferiority. Depending on consumer or market indifference curves, the amount of a good bought can either increase, decrease, or stay the same when income increases. Examples ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Closeout (sale)
A closeout or clearance sale (closing down sale in the United Kingdom) is a discount sale of inventory either by retail or wholesale. It may be that a product is not selling well, or that the retailer is closing because of relocation, a fire (a fire sale), over-ordering, or especially because of bankruptcy. In the latter case, it is usually known as a going-out-of-business sale or liquidation sale, and is part of the process of liquidation. A hail sale is a closeout at a car dealership after hail damage. A store that is closing will often advertise to customers their last chance to buy. However, often closures are from companies that can't sell their inventory, inventors whose ideas were not marketable, or businesses needing fast incoming cashflow to pay debts such as payroll or rent. A closeout store is a retailer specializing in buying closeout items wholesale from others and selling them at low prices. Big Lots is a well-known closeout retail chain in the United States ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Marshall
Alfred Marshall (26 July 1842 – 13 July 1924) was an English economist, and was one of the most influential economists of his time. His book '' Principles of Economics'' (1890) was the dominant economic textbook in England for many years. It brought the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics. Life and career Marshall was born at Bermondsey in London, second son of William Marshall (1812–1901), clerk and cashier at the Bank of England, and Rebecca (1817–1878), daughter of butcher Thomas Oliver, from whom, on her mother's death, she inherited property. William Marshall was a devout strict Evangelical, "author of an Evangelical epic in a sort of Anglo-Saxon language of his own invention which found some favour in its appropriate circles" and of a tract titled ''Men's Rights and Women's Duties''. Marshall had two brothers and two sisters; a cousin was the eco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Famine (Ireland)
The Great Famine ( ga, an Gorta Mór ), also known within Ireland as the Great Hunger or simply the Famine and outside Ireland as the Irish Potato Famine, was a period of starvation and disease in Ireland from 1845 to 1852 that constituted a historical social crisis which subsequently had a major impact on Irish society and history as a whole. With the most severely affected areas in the west and south of Ireland, where the Irish language was dominant, the period was contemporaneously known in Irish as , literally translated as "the bad life" (and loosely translated as "the hard times"). The worst year of the period was 1847, which became known as "Black '47".Éamon Ó Cuív – the impact and legacy of the Great Irish Famine During the Great Hunger, roughly 1 million people died and more than 1 million Irish diaspora, fled the country, causing the country's population to fall by 20–25% (in some towns falling as much as 67%) between 1841 and 1871.Carolan, MichaelÉireann's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sir Robert Giffen
Sir Robert Giffen (22 July 1837 – 12 April 1910) was a Scottish statistician and economist. Life Giffen was born at Strathaven, Lanarkshire. He entered a solicitor's office in Glasgow, and while in that city attended courses at the university. He drifted into journalism, and after working for the ''Stirling Journal'' he went to London in 1862 and joined the staff of the Globe. He also assisted John Morley, when the latter edited the ''Fortnightly Review''. In 1868 he became Walter Bagehot's assistant-editor on ''The Economist''; and his services were also secured in 1873 as city editor of the ''Daily News'', and later of ''The Times''. His reputation as a financial journalist and statistician, gained in these years, led to his appointment in 1876 as head of the statistical department in the Board of Trade, and subsequently he became assistant secretary (1882) and finally controller-general (1892), retiring in 1897. As chief statistical adviser to the government, he drew ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Elasticity Of Demand
A good's price elasticity of demand (E_d, PED) is a measure of how sensitive the quantity demanded is to its price. When the price rises, quantity demanded falls for almost any good, but it falls more for some than for others. The price elasticity gives the percentage change in quantity demanded when there is a one percent increase in price, holding everything else constant. If the elasticity is −2, that means a one percent price rise leads to a two percent decline in quantity demanded. Other elasticities measure how the quantity demanded changes with other variables (e.g. the income elasticity of demand for consumer income changes). Price elasticities are negative except in special cases. If a good is said to have an elasticity of 2, it almost always means that the good has an elasticity of −2 according to the formal definition. The phrase "more elastic" means that a good's elasticity has greater magnitude, ignoring the sign. Veblen and Giffen goods are two classes of goo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demand Curve
In economics, a demand curve is a graph depicting the relationship between the price of a certain commodity (the ''y''-axis) and the quantity of that commodity that is demanded at that price (the ''x''-axis). Demand curves can be used either for the price-quantity relationship for an individual consumer (an individual demand curve), or for all consumers in a particular market (a market demand curve). It is generally assumed that demand curves slope down, as shown in the adjacent image. This is because of the law of demand: for most goods, the quantity demanded falls if the price rises. Certain unusual situations do not follow this law. These include Veblen goods, Giffen goods, and speculative bubbles where buyers are attracted to a commodity if its price rises. Demand curves are used to estimate behaviour in competitive markets and are often combined with supply curves to find the equilibrium price (the price at which sellers together are willing to sell the same amount as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Effect
The theory of consumer choice is the branch of microeconomics that relates preferences to consumption expenditures and to consumer demand curves. It analyzes how consumers maximize the desirability of their consumption as measured by their preferences subject to limitations on their expenditures, by maximizing utility subject to a consumer budget constraint. Factors influencing consumers' evaluation of the utility of goods: income level, cultural factors, product information and physio-psychological factors. Consumption is separated from production, logically, because two different economic agents are involved. In the first case consumption is by the primary individual, individual tastes or preferences determine the amount of pleasure people derive from the goods and services they consume.; in the second case, a producer might make something that he would not consume himself. Therefore, different motivations and abilities are involved. The models that make up consumer theory are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Demand
In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. In other words, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded will decrease (↓); conversely, as the price of a good decreases (↓), quantity demanded will increase (↑)". Alfred Marshall worded this as: "When we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price". The law of demand, however, only makes a qualitative statement in the sense that it describes the direction of change in the amount of quantity demanded but not the magnitude of change. The law of demand is represented by a graph called the demand curve, with quantity demanded on the x-axis and price on the y-axis. Demand curves are downward sloping by definition of the law of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Giffen Good
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 Alfre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Home Brand Beer Nuts
A home, or domicile, is a space used as a permanent or semi-permanent residence for one or many humans, and sometimes various companion animals. It is a fully or semi sheltered space and can have both interior and exterior aspects to it. Homes provide sheltered spaces, for instance rooms, where domestic activity can be performed such as sleeping, preparing food, eating and hygiene as well as providing spaces for work and leisure such as remote working, studying and playing. Physical forms of homes can be static such as a house or an apartment, mobile such as a houseboat, trailer or yurt or digital such as virtual space. The aspect of ‘home’ can be considered across scales; from the micro scale showcasing the most intimate spaces of the individual dwelling and direct surrounding area to the macro scale of the geographic area such as town, village, city, country or planet. The concept of ‘home’ has been researched and theorized across disciplines – topics ranging ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Potato Center
The International Potato Center (known as CIP from its Spanish-language name ''Centro Internacional de la Papa'') is a research facility based in Lima, Peru, that seeks to reduce poverty and achieve food security on a sustained basis in developing countries through scientific research and related activities on potato, sweet potato, other root and tuber crops, and on the improved management of natural resources in the Andes and other mountain areas. It was established in 1971 by decree of the Peruvian government.American Society for Horticultural Sciencebr>Origin of the International Potato Center./ref> CIP is one of the 15 specialized research centers of the Consultative Group on International Agricultural Research, an international consortium of agricultural research organizations, having joined in 1972. In late 2015, they partnered with NASA to attempt to grow potatoes in a simulated Martian environment. In March 2017, they announced that preliminary indications are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
