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What is the general decrease in cost of goods and services called?
Deflation
When the price of a capital good increase what happens to the prices of related consumer goods and services?
Prices increase due to the increase in production cost.
What do you call a general rise in prices?
A sustained increase in the cost of goods and services is called inflation. If wages do not rise at the same rate, people begin to struggle to meet basic needs.
When do inflation occur?
When goods or services in general cost less in the deflated currency than previously.
What are the different economic and non economic costs of unemployment?
Economic costs is the decrease in goods and services that occurs as result of unemployment but non-economic cost is the increase in goods and services that occur as result of unemployment.
What is the general decrease in cost of goods and services called?
Deflation
When the price of a capital good increase what happens to the prices of related consumer goods and services?
Prices increase due to the increase in production cost.
What do you call a general rise in prices?
A sustained increase in the cost of goods and services is called inflation. If wages do not rise at the same rate, people begin to struggle to meet basic needs.
When do inflation occur?
When goods or services in general cost less in the deflated currency than previously.
What are the different economic and non economic costs of unemployment?
Economic costs is the decrease in goods and services that occurs as result of unemployment but non-economic cost is the increase in goods and services that occur as result of unemployment.
How would high oil prices cause inflation?
oil in general is used i production of goods and services.. oil as in petrol oil can be used in manufacturing products and if oil price is high, cost of production would be on the increase so this will result in the increase in the price of that product.
A large extraordinary loss has what effect on cost of goods sold?
A large loss will cause the cost of goods to increase. The cost of goods will increase because the organization will attempt to recoup the money.
What is the difference between the revenue that a business gets for its goods and services and the cost of producing the goods and services?
Labor
What does the inflation date indicate?
Inflation is defined as a sustained increase in the general level of prices for goods and services. It is measured as an annual percentage increase. As inflation rises, every dollar you own buys a smaller percentage of a good or service. Demand-Pull Inflation, Cost-Push Inflation etc.
What is an example of capital goods and how are they essential for businesses to produce goods and services efficiently?
An example of capital goods is machinery used in a factory. These goods are essential for businesses to produce goods and services efficiently because they help automate processes, increase productivity, and improve the quality of products. This ultimately leads to cost savings and higher profits for the business.
What is the effect of removal of oil subsidy on the Nigeria economy?
Effect of fuel subsidy removal in nigeria economy
How do you calculate the cost of living increase?
The cost of living increase is calculated by comparing the average prices of goods and services over a period of time, usually a year. This comparison helps determine how much more money is needed to maintain the same standard of living.
