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The Significance of Compliments in Economics Compliments play an important role in economics, as they provide a way for consumers to express satisfaction and appreciation for the goods and services they receive. Compliments are a form of currency that allows

The Significance of Substitutes A substitute is a product or service that can be used in place of another product or service. Substitutes are important because they increase consumer choice, create competition, and reduce the risk of monopolies. Substitutes also

Substitution Effect Explained The substitution effect is an economic theory which states that when the price of a good or service increases, consumers are more likely to substitute the more expensive item for a cheaper one. This effect can be

The Law of Supply The Law of Supply is a fundamental economic concept that states that the quantity of a good or service that a producer is willing to supply to a market is directly related to its price. This

Summary Marginal utility is a concept in economics that refers to the additional benefit or satisfaction that a consumer obtains when consuming an additional unit of a good or service. It is based on the idea that the more a

Answer: Equilibrium Price and Quantity Increase When the teenage population increases and the quantity of gum demanded increases by 40 million packs a week at each price, the equilibrium price and quantity will both increase. This is because the equilibrium

Answer: Price Quantity Demanded and Quantity Supplied In economics, Price Quantity Demanded and Quantity Supplied are related to the market price of a good or service. When the quantity demanded is greater than the quantity supplied, the market price of

Answer: The Relationship Between Price, Quantity Demanded and Quantity Supplied The relationship between price, quantity demanded, and quantity supplied is a fundamental economic concept known as the Law of Supply and Demand. This law states that the price of a

What is Social Inequality? Social inequality is the unequal distribution of valued resources, rewards, and positions within a society. It is a form of social stratification that is based on wealth, power, and status, which are often inherited. Social inequality

Marx’s Classes Karl Marx divided society into two classes: the Bourgeoisie and the Proletariat. The Bourgeoisie, also known as the capitalist class, are the owners of the means of production and the employers of the workers. The Proletariat, also known

Answer: A status one receives by virtue of being born into a category or group is called birthright status. What is Birthright Status? Birthright status is a status one receives by virtue of being born into a certain category or

What is a Social Status? A social status is a position that a person holds in society, which is often determined by their personal characteristics or their family background. The status can be based on gender, race, age, wealth, occupation,

Income Income is a person’s wages, salary, or investment dividends that they receive from their job or investments. Income is the money a person receives for providing labor, services, or capital. It is the measure of how much money a

Answer: Equality Equality is a situation in which everyone in a society has similar levels of wealth, status and power. This could be achieved through various means such as an equal distribution of resources, equal access to education, or the

Answer Summary Amortisation is an accounting entry that is used to reduce the value of an asset or liability over time. It is generally recorded as a debit balance, as it reduces the value of the asset or liability. What

Answer: Accounting Rules for Amortization Amortization is the process of spreading the cost of an intangible asset over a period of time. This process is used to allocate the cost of an asset to the period in which it is

What is Computer Software Accumulated Amortisation? Computer software accumulated amortisation is the gradual write-off of the cost of a software asset over its estimated useful life. This process is used to account for the cost of software over its estimated

Provision Pre Retirement Retirement planning is an important aspect in securing a comfortable financial future. Provisioning pre-retirement is a key part of ensuring you have the resources you need when you stop working. This includes setting aside money for retirement,

Answer: Contributing to the Common Good There are many ways to contribute to the common good. It could be through volunteering at a local charity, donating to a cause, or simply helping out a friend or neighbor. It could also

Attaining Your Highest Potential Achieving your highest potential is a matter of understanding yourself, identifying your unique strengths and weaknesses, and realizing the potential that lies within each individual. To attain your highest potential, you must first understand yourself, identify

Summary Peace can be cultivated in the midst of conflict by understanding the root causes of the conflict, seeking common ground, using communication and dialogue to express viewpoints, and finding ways to compromise. Root Causes The first step to cultivating

Integrating Respect for Life in Your Chosen Course Respect for life is a core value that should be integrated into all aspects of our lives, including our course choices. Respect for life can be incorporated into a course by focusing

Expressing Faith in the Almighty Faith is a powerful force that has been celebrated and expressed in many different ways throughout history. It is a deeply personal experience that allows us to have a connection with something greater than ourselves,

Answer: Other Taxes Payable – Withholding Taxes Withholding taxes are taxes paid by employers or other payers to the government on behalf of their employees or other payees. This tax is usually deducted from each paycheck and is based on

Answer: How to Achieve or Maintain High Self-Esteem Self-esteem is the way you think, feel, and perceive yourself. It is based on your own opinions and judgments of yourself and is often reflected in the way you behave. Having a

What is a Comma Splice? A comma splice is a type of error in which two independent clauses are joined with a comma instead of the proper punctuation. This type of error can make a sentence unclear and confusing to

Answer: Comma Splice The sentence “In addition, Rousseff switched her thick glasses for contact lenses, and she even had wrinkles removed” is a comma splice. A comma splice is a type of sentence error where two independent clauses are connected

Answer This sentence is correct and does not contain a comma splice or run-on. A comma splice occurs when two independent clauses are joined together with a comma, while a run-on occurs when two independent clauses are joined together without

Answer: The Impact of South Africa’s Economic Activity on the Money Market Statistics South Africa revised third quarter growth to 1.8 % quarter on quarter, from a previous estimate of 1.6%, but the country will tip into recession – defined

Answer: The linear relationship estimates the quantity demanded of commodity X as a linear function of its price. Results obtained from a sample of 10 observations have been used to estimate the linear relationship between price and quantity demanded. The

What is Political Risk? Political risk is the risk that a change in political conditions will have an adverse effect on an investor’s profit or capital. Political risk can include anything from a change in government policy to the overthrow

Answer Designers of handbags capture economic rents based on copyrights for their design. However, these rents can be competed away by counterfeit bags if the copyright is not enforced by the government. The maximum amount a designer would be willing

Answer Summary The maximum amount a designer would be willing to spend to lobby the government to strictly enforce copyrights on handbags depends on a variety of factors, including the designer’s anticipated profits from their designs, the cost of lobbying

Kathryn’s Optimal Consumption of Fitness Classes and Yoga Pants Kathryn’s preferences can be described as U(x1, x2) = min{4×1, x2}. Prices are p1 = 200 and p2 = 100, respectively. Annual Budget of $1200 When Kathryn’s annual budget is $1200,

Answer: Choice Situations and Utility Measures A situation that requires a choice of one option or another is concerned with utility measures. Utility measures are used to determine the most optimal or desirable outcome of a certain situation or decision.

Answer: Expected Wealth, Variance of Wealth, and Expected Utility Alice and Bob both have utility functions, however Alice’s utility function is 3w^2 and Bob’s is √w. There are two possible outcomes with a probability of 0.2 and 0.8 respectively, if

Answer: Slope Intercept Form The slope intercept form is a linear equation that can be used to describe the relationship between two variables. The equation is written in the form y = mx + b, where m is the slope

Answer: Slope Intercept Form The slope intercept form is an equation of a line that is written in the form y=mx+b, where m is the slope of the line and b is the y-intercept. The y-intercept is the point where

Answer: Slope Intercept Form The slope intercept form of a linear equation is written as y = mx + b, where m is the slope of the line and b is the y-intercept. In the given equation, the slope is

Answer The slope-intercept form of the line through (2,-5) parallel to y=9/2x-2 is y=-9/2x+17. Explanation Slope-intercept form is a type of linear equation in which the slope and the y-intercept are represented. The equation of a line in slope-intercept form