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Substitute Good
In microeconomics, two goods are substitutes if the products could be used for the same purpose by the consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.e fulfilling customers' desire for a soft drink. These types of substitutes can be referred to as close substitutes. Definition Economic theory describes two goods as being close substitutes if three conditions hold: # products have the same or similar performance characteristics # products have the same or similar occasion for use and # products are sold in the same geographic area Performance characteristics describe what the pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomics
Microeconomics is a branch of mainstream economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the national economy as whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national policies relating to these issues. Microeconomics also d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Competitive Equilibrium
Competitive equilibrium (also called: Walrasian equilibrium) is a concept of economic equilibrium introduced by Kenneth Arrow and Gérard Debreu in 1951 appropriate for the analysis of commodity markets with flexible prices and many traders, and serving as the benchmark of efficiency in economic analysis. It relies crucially on the assumption of a competitive environment where each trader decides upon a quantity that is so small compared to the total quantity traded in the market that their individual transactions have no influence on the prices. Competitive markets are an ideal standard by which other market structures are evaluated. Definitions A competitive equilibrium (CE) consists of two elements: * A price function P. It takes as argument a vector representing a bundle of commodities, and returns a positive real number that represents its price. Usually the price function is linear - it is represented as a vector of prices, a price for each commodity type. * An allocation m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
MOM Brands
MOM Brands Company (formerly Malt-O-Meal Company and Campbell Cereal Company) was an American producer of breakfast cereals, headquartered in Northfield, Minnesota. It marketed its products in at least 70% of the country's grocery stores, with estimated sales in 2012 of US$750 million. It operated four manufacturing plants, in Northfield, Minnesota; Tremonton, Utah; Asheboro, North Carolina; and St. Ansgar, Iowa. The company had distribution centers in Grove City, Ohio; Coppell, Texas; and Salt Lake City, Utah. MOM Brands produced both hot and cold cereals. As of 2012, cold cereals manufactured by MOM Brands accounted for over 75% of its total sales. Most of its cold cereals are similar to cereal brands produced by its competitors, Kellogg's and General Mills. MOM Brands was bought by Post Holdings in 2015. History The company was founded in 1919 as the Campbell Cereal Company by John Campbell, a miller in Owatonna, Minnesota. He invented a combination of farina wheat and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Froot Loops
Froot Loops is a brand of sweetened, fruit-flavored breakfast cereal produced by Kellogg's. The cereal is sold in many different countries. The cereal pieces are ring-shaped (hence "loops") and come in a variety of bright colors and fruit In botany, a fruit is the seed-bearing structure in flowering plants that is formed from the ovary after flowering. Fruits are the means by which flowering plants (also known as angiosperms) disseminate their seeds. Edible fruits in partic ... flavors (hence "froot"). History Kellogg's introduced Froot Loops in 1963. Originally, there were only red, orange and yellow loops; green, blue and purple loops were added during the 1990s, with blue being introduced last in 1996. Different production methods are used in the UK, where the company misleadingly sold the idea that each individual loop color was a different flavor. Kellogg's has acknowledged that all share the same fruit-blend flavor. Mascot Toucan Sam has been the mascot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rice Krispies
Rice Krispies (known as Rice Bubbles in Australia and New Zealand) is a breakfast cereal, marketed by Kellogg's in 1927 and released to the public in 1928. Rice Krispies are made of crisped rice (rice and sugar paste that is formed into rice shapes or "berries", cooked, dried and toasted), and expand forming very thin and hollowed out walls that are crunchy and crisp. When milk is added to the cereal the walls tend to collapse, creating the "snap, crackle and pop" sounds. Rice Krispies cereal has a long advertising history, with the elf cartoon characters Snap, Crackle and Pop touting the brand. In 1963, The Rolling Stones recorded a short song for a Rice Krispies television advertisement. Background Rice Krispies are made by the Kellogg Company. The "Snap, Crackle and Pop" slogan was in use by 1939 when the cereal was advertised as staying "crackly crisp in milk or cream...not mushy!" with claims that the cereal would remain floating (without sinking to the bottom of the b ... [...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: ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Imperial Margarine
Imperial is a brand of margarine or spread, depending on the country, previously distributed by Unilever and currently marketed by Upfield. It is best remembered for television commercials in which a person who recently ate something with Imperial margarine would suddenly have a crown appear on their head (accompanied by a four note fanfare). Formulations of the product may vary by region. In the United States, Imperial is now a "vegetable oil spread" due to reductions in the percentage of vegetable oil in the product. However, in other countries, the product still qualifies as margarine. History In 1956 Lever Brothers (Unilever) developed Imperial, a margarine which had a lower melting point and which contained butter. In 1980 Michael Angus became chairman. The bulk of Lever's losses stemmed from Imperial margarine. So in 1981, Angus shut down the outdated Hammond, Indiana Hammond ( ) is a city in Lake County, Indiana. It is part of the Chicago metropolitan area, and the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Country Crock
Country Crock is a food brand owned by Upfield. It originally sold spreads such as margarine (and cheese for a limited time), but later extended to side dishes, particularly mashed potatoes and pasta, made by Hormel under license. The original Shedd's brand was a product of Shedd-Bartush Foods based in Detroit. It made and marketed margarine (beginning in 1945) and Shedd's peanut butter as well as salad dressing and prune juice. It merged in 1959 with Beatrice Foods before they sold the Shedd's business to Unilever in 1984 following Beatrice's merger with Esmark. The peanut butter business was sold to Algood Food Company. During the 1980s and 1990s, a series of commercials for the brand's margarine featured a married couple sitting at their dinner table while talking about the spread, with only their hands ever being seen. The voice of the wife was provided by Casey DeFranco while the husband's voice was provided by actor Jack Riley, who is best known as the voice of Stu Pi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Competition
A price is the (usually not negative) quantity of payment or compensation given by one party to another in return for goods or services. In some situations, the price of production has a different name. If the product is a "good" in the commercial exchange, the payment for this product will likely be called its "price". However, if the product is "service", there will be other possible names for this product's name. For example, the graph on the bottom will show some situations A good's price is influenced by production costs, supply of the desired item, and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions. Price can be quoted to currency, quantities of goods or vouchers. * In modern economies, prices are generally expressed in units of some form of currency. (More specifically, for raw materials they are expressed as currency per unit weight, e.g. euros per kilogram or Rands per KG.) * Although pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheapness
An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture, or an automobile is often referred to as an expense. An expense is a cost that is "paid" or " remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive". Something that seems to cost little is "inexpensive". "Expenses of the table" are expenses for dining, refreshments, a feast, etc. In accounting, ''expense'' is any specific outflow of cash or other valuable assets from a person or company to another person or company. This outflow is generally one side of a trade for products or services that have equal or better current or future value to the buyer than to the seller. Technically, an expense is an event in which a proprietary stake is di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
