Aggregate Supply, Demand, and Economic Growth Factors
Aggregate Supply and Demand Dynamics
Short-Run and Long-Run Aggregate Supply
Determinants of Short-Run Aggregate Supply (SRAS)
What are the determinants of short-run aggregate supply? Changes in input prices, taxes, and business and inflationary expectations.
Determinant of Aggregate Supply (AS)
What is a key determinant of aggregate supply? Productivity.
SRAS Curve Slope
The short-run aggregate supply curve slopes upward because profits increase at high price levels and because many input prices are slow
Environmental Policy, Global Trade, and External Debt Analysis
Landscape Protection and Environmental Impact
The European Landscape Convention (ELC)
Who recognized the public interest role of landscape?
The European Landscape Convention, signed in Florence in October 2000.
What did the ELC state about landscape in October 2000?
The Convention stated:
Read More“Landscape has an important public interest role in cultural, ecological, environmental and social fields, and constitutes a resource favourable to economic activity and whose protection, management and planning can
Niche Strategy and Corporate Responsibility: Driving Small Business Success
The Competitive Edge of Small Enterprises
Introduction to Niche Marketing
There is a new generation of competitors that has entered the market and is posing a great threat to larger companies. These companies tend to operate on a specific niche, which makes them appear “closer to the customer.”
These companies concentrate on selling to a smaller market. This can help lower costs because specialization creates savings. These small firms can establish a strong image and position in their niche. Niche
Read MoreDevelopment Economics: Policy Tools for Poverty Reduction
Development Economics: Policy, Poverty, and Markets
Labor and Capital Dynamics in Developing Nations
In developing countries, having work does not necessarily mean having a wage, as only a minority of labor income comes from conventional “jobs.” Close to half of the workers are engaged in self-employment. Moreover, wage labor is often low productivity work, with irregular incomes.
Capital Pricing and Public Policies
In developing countries, the price of capital equipment is often “institutionally”
Read MoreEssential Concepts in Business, Finance, and Economics
1. Study Skills
- Cornell Notes: Use three sections—notes, cues (key terms/questions), and a summary.
- Time Management: Plan your time, avoid procrastination, and break tasks into smaller steps.
2. SMART Goals
| Letter | Meaning | Description |
|---|---|---|
| S | Specific | Clear and exact goal. |
| M | Measurable | Progress can be tracked. |
| A | Achievable | Realistic and possible to do. |
| R | Relevant | Fits your needs or future plans. |
| T | Time-bound | Has a set end date or deadline. |
3. Economic Decisions and Systems
Fundamental economic questions: What, how, and for
Read MoreSole Proprietorships: Advantages, Disadvantages, and Structure
Sole Proprietorships
Advantages of Sole Proprietorships
A sole proprietorship is the simplest form of business ownership, offering several key benefits to the owner:
Ease and Low Cost of Formation and Dissolution
No contracts, agreements, or other legal documents are required to start a sole proprietorship. Most are established without even hiring an attorney. A sole proprietor does not pay any special start-up fees or taxes.
Retention of All Profits
All profits earned by a sole proprietorship become