In economics, what do you call a good, if consumers must experience it to value it?

Q: Explain Economic Life and Obsolescence?

A: Real estate is described as a property that is made up of buildings upon the land and it also…

Q: Contrast and compare the mercantilist and scholastic approaches to analyzing an economy.

A: Economic analysis is the study of economic systems through various angles. It can be a study of a…

Q: Why would the market produce an inadequate level of some goods and services which society might view…

A: Product manufacture is dependent on varied factors other than societal welfare. The inherent reasons…

Q: when our nation enjoys economic growth, what usually happens to domestic economic problems?   a.…

A: THE ANSWER IS AS BELOW:

Q: Are profits and the general welfare basically incompatible?  Why or why not?

A: Profit and general well-being are not mutually exclusive; in fact, they go hand in hand. The notion…

Q: What institutional factors have been shown to drive economic growth?

A: Business growth can be defined as the stage where the business extremely looks for more profit by…

Q: Why is the American economy called a mixed economy?

A: The American economy is said to be a mixed economy because both government and privately owned…

Q: The long-run effects of rent control support one of the five foundations of economics, namely, that…

A: The impact of rent control on tenants and housing markets provides insight into the impact of rent…

Q: Can a business firm generate maximum profit and achieve it's goals without employing managerial…

A: The business organization survives under an ever-changing environment and hence, the organizational…

Q: why economists are sceptical about industrial policies? Please provide specific reasons?

A: Industrial policies are a set of rules implemented by the government to promote industrial…

Q: What is Keynesian Economics and why is it important?

A: Keynesian economics is a macroeconomic economic theory that describes overall economic expenditure…

Q: OVID 19 really affects the business all over the world. It paralyzes many business operations and…

A: The apace evolving threat around the COVID-19 virus ordinarily said as coronavirus, is impacting the…

Q: how the curriculum taught by universities should be adapted for the current situation

A: The covid-19 situation has created the biggest challenge to the education system. Many governments…

Q: What is the difference between Capitalist economy and Socialist economy? Give examples in this…

A: Socialist economy is an economy in which all decisions are taken by government as what to…

Q: Is there any suggestions you would like to give to make its fixed costs better for pharmaceutical…

A: In an organization, the structure, culture, framework, and design play key roles in determining the…

Q: What are the Monetary and fiscal policies?

A: Household economic decisions can have a significant impact on an economy. For example, a household's…

Q: what is the definition of nepotism

A: Note: We are authorized to answer only one question at a time. Since it is not mentioned which…

Q: As a student, In what way can you contribute to the growth of the economy? explain your answer In…

A: May sound truly straightforward however - Getting some work  By finding a new line of work, you are…

Q: five economic challenges faced by businesses today and ways of overcoming those challenges

A: For example, hundreds of mattress companies have sprung up in recent years, each claiming to…

Q: Under communism, individual consumers determine what will be produced.True or False

A: Communism- Communism is an economic and political system that seeks to generate a classless society…

Q: What is the consumer-to-consumer model?

A: E-commerce states online exchange and transaction facilities for businesses and customers. It may…

Q: If a firm’s business activities do not result in profit maximization, whilst alternatives exist,…

A: Economic responsibilities refer to the process of making sure that there are enough economic…

Q: Choose an area of government spending for public goods (such as health care, Medicaid, etc.) and…

A: Government for the sake of public needs to give proper medical facilities to the public and need to…

Q: Why are economists wary of industrial policies? Could you please offer clear reasons?

A: industrial policies: industrial policies are those policies that are made and designed in order to…

Q: What widely used economic performance measure is defined as 'The total value of all goods and…

A: “Since you have asked multiple questions, we will solve the first question for you. If you…

Q: Should the prices of products or services reflect the value consumers are willing to pay? Explain

A: The prices of a product or service must definitely reflect the value. The reason for this is…

Q: What a business thinks it produces is not of primary importance to its success?

A: Business refers to an activity of trade where sale and purchase of either goods or services is done…

Q: How the ideology and nature of government and economy influence the system of remuneration in a…

A: In an economy, any activity is influenced by one or the other factors as most of the activities are…

Q: Why inflation in not considered in future value?

A: Inflation is described as the increases in prices of the services and goods that are most commonly…

Q: Why is it important for supply and demand to be balanced?

A: One of the foremost common issues faced by the makers across all the industries is that the issue of…

Q: The economic model of social responsibility emphasizes the effect of business decisions on society;…

A: Social responsibility has focus on Major four perspective that are economic, ethical, social, and…

Q: What is the social discount rate?

A: The discount percentage which put on the standards of funds on social projects.

Q: Explain why is the enterpreneurial spirit vital to the health of the nation's economy

A: Entrepreneurship is the act of starting brand or industry and suffering any challenges that may…

Q: statistics in economi

A: Statistics for economics is the measurement for financial aspects about the assortment, handling and…

Q: How do you compare employment options and product availability in communism and capitalism systems?…

A: In contrast to the communist system, in which the government is responsible for all choices,…

Q: How does your standard of living affect the products or services you buy?

A: A consumer product is the good/service purchased by the final consumer for self-consumption. All…

Q: The government wants to impose an increase in federal minimum wage to $20 an hour to better assist…

A: Raising the federal minimum wage can impact the economy in different ways. The standard of living of…

Q: How do a company’s philanthropic or CSR efforts influence your purchasing behavior?

A: The corporate social responsibility (CSR) is a model of independent business that makes business…

Q: What is the interconnected relationship between marketing and economics

A: The way the marketers push their their product or service in the market depends on the economic…

Q: what is a free rider in an economy

A: The free rider issue is an economic notion of a market failure. Public goods generally encounter a…

Q: What is the role of the social discount rate?

A: Social discount rate (SDR) is the discount rate used in computing the value of funds spent on social…

Q: Describe the four basic assumptions required for a laissez-faire capitalist economy

A: Laissez-faire capitalist economy is one of the form of economy according to which all the economic…

Q: How tax rates affects the competitiveness of an organization?

A: In an organization, there are different kinds of tasks and activities that are being done.…