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a primary product like oil or coffee.
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In economics a commodity is defined?
a primary product like oil or coffee.
In economics gold and salt are examples of which form of money?
Gold and salt are examples of commodity money in economics. Commodity money is backed by the intrinsic value of the goods or commodities themselves.
What are two definitions of the word resource?
In biology and ecology a resource is defined as a substance or object required by a living organism for normal growth, maintenane, and reproduction. In economics a resource is defined as a commodity, service, or other asset used to produce goods and services that meet human needs and wants.
Economics may be defined as the science that explains?
Economics explains money and the way it functions in society.
How do you define point of satiety?
Point of Satiety is defined as '' the point where marginal utility of any commodity is zero''. Thus it is a point where satisfaction of any commodity is zero.
What are the goals of micro economics?
The goals of micro economics are- 1.To analyze the demand and supply of a commodity or service. 2.To analyze consumer behaviour. 3.To analyze the producer behaviour.
A graph of a complementary good in economics?
A graph of complimentary goods in economics represents the relationship between the price of of commodity & demand for it's complementary. Thus it shows a inverse relationship.
What does 'price floor' mean in economics?
In economics, price floor is the lowest allowed price a commodity can be sold at. They are used by the government to keep some prices from being too low.
What has the author Manfred Nermuth written?
Manfred Nermuth has written: 'Information structures in economics' -- subject(s): Commodity exchanges, Information theory in economics, Mathematical models, Oligopolies
What is product hierarchy in retail?
In general, Retail Industry - any Product can be defined in multiple ways ( hierarchy ) * Department * Sub-department * Class * Commodity * Sub-commodity
What is defined as the rate at which a commodity is exchanged for money or other units of exchange?
The selling or market price
What does scarcity of resources mean in economics?
There is not enough of something (supply) to meet the demand. This prdonarily means that the price of that commodity will rise.
