Scarcity : The State Of Being Scarce

2.Competitive Advantage – It includes the best product of an Organization in the competitive market.

Comparative advantage is the concept that production can be conducted with lower opportunity cost than a competitor. The lower cost of

The Federal Reserve System is not necessarily owned by anyone. However, sections of the Federal Reserve System contribute some traits with capitalism properties, the Federal Reserve was generated to compromise the governmental interest. The Federal Reserve collects its jurisdiction from Congress, which created the system in 1913 with the portrayal of the Federal Reserve Act. Which consists of three characteristics; the first characteristic being the Federal Reserve Board of Governors. The second characteristic featuring a disperse serving format of twelve Federal Reserve Banks. The third distinctive containing a blend of public and private characteristics. The Federal Reserve is an independent government agency

Absolute advantage is the ability to produce more than one product efficiently and at the lowest cost. Comparative advantage is the ability to specialize in producing one product at the lowest cost. Comparative advantage affects trade the most because with specializing in producing one product the companies must trade to receive other products. Comparative advantage also considers the opportunity of cost to produce one product verse the other.

GDP, or gross domestic product, is the sum total value of all goods and services produced by a country within a given year. To achieve this sum, everything produced and exported, all of the money spent by consumers and government, investments, and many other contributing factors are calculated and combined. A nation’s GDP is used as the main indicator of the economic status of that nation. In general, the higher a country’s GDP is, the greater the health of that country’s economy. However, GDP is not as helpful or accurate a calculation as “real GDP”. Real GDP is a term that refers

The higher the level of income, the greater the demand for money and buying power, The asset demand for money is the demand for money in order to hold wealth in the form of money. Some people will always hold some part of their wealth in the form of money. If we use money to buy an asset that pays interest, such as a government or corporate bond, we earn more money in the form of interest payments. The Federal Reserve System is the central banking system in the United States. The United States was slow to adopt a central banking system. Not until 1913 did Congress, under pressure from President Wilson, pass the Federal Reserve Act of 1913. Each Federal Reserve Bank operates as a private business with its own president and board of directors. The board of directors has nine members, six of whom are elected by member banks. Member banks are those that belong to the Federal Reserve System. The other directors are appointed by the Board of Governors of the Federal Reserve System. Ten of the Federal Reserve Banks have branches that are closely controlled by the district banks.

A measure of the money supply which combines any liquid or cash assets held within a central bank and the amount of physical currency circulating in the economy. The money supply is divided into two distinct categories: M1—assets that can be easily accessed and immediately used to purchase goods and service. These are referred to as liquid assets. Money deposited in checking accounts meets this criteria because checks represent demand deposits, as they are paid “on demand” for the cash in the account. This is money which is available immediately for spending and therefore fulfills the medium of exchange function of money. M2—all of M1 and assets that cannot be used directly as cash but can be easily be converted to cash. This monetary aggregate

An Oligopoly refers to a market structure where-by the suppliers have formed some form of cartel and are acting in unison. In such a case the suppliers have the power to determine the price of the commodity and may set any price.

Credit cards are important financial instruments and they are often employed these days to fulfill the needs of financing important needs and requirements. People often use credit cards to buy necessary items as well as achieving access to luxurious ones that they cannot afford with their current savings. There are many things about credit cards that you may not have been aware of. Here, we inform you about the six things that you did not know about credit cards.

Comparative advantage states that the division of labor should operate freely, without outside interference, because some countries, people, states, etc., have special advantages over the others, that allows them to produce certain goods more

How does the central bank manage the nation’s monetary system? What is the monetary system? Monetary system is the nation’s money supply. The Federal Reserve is the United States’ central bank. Its roles consist of controlling the money supply. It also “clears interbank payments, regulates the banking system, assists banks in difficult financial positions. The Fed also manages exchange rates and foreign exchange reserves.” (Case, Fair, & Oster, 2011)

Different sizes , weights, colors, and made of different materials. Throughout the world money varies country to country. It allows people to posses luxurious homes and cars, as well as security. Used to pay for a variety of things that extend from lunch bills to plane tickets.

A Competitive Advantage is a peculiarity for an organization between it's competitors . It's achieved either by lowering prices or by greatening the value of the product or by offering luxury service and benefits to cope with high prices .

Comparative advantage is when an individual or company is made to produce services or goods at a lower opportunity cost than other individuals or companies. Opportunity cost is what you give up when you make a certain choice. When you make a decision you are valuing one decision over another and that decision that you did not choose is your opportunity cost.

Economists use the term absolute advantage when comparing the productivity of one person, firm or nation with that of another. The producer that requires a smaller quantity of inputs to produce a good is said to have an absolute advantage in producing that good (Gans, King, & Mankiw, 1999).