With the threat of a global economic recession by 2020, which is constantly talked about in the economic media, as well as the processes of economic recession in Argentina and Venezuela, it is worth taking a detailed look at this concept. What causes a recession? Numerous economic theories attempt to explain why and how an…
The term monopoly is frequently used to describe an entity that has complete (or almost complete) control of a market. Characteristics monopolies Monopolies technically enjoy an unfair advantage over their competition, since they are (either the sole provider of the good or service, or they are the provider that controls the majority of the market…
A planned economy is a system where the government, rather than the free market, determines what goods should be produced, how many of them should be produced, and the price at which they are offered for sale. It also determines investments and salaries. The planned economy is a key feature of any communist society. Cuba,…
Aggregate demand is an economic measure of the total amount of goods for all final products and services that have been produced in an economy. Aggregate demand is expressed as the total amount of money exchanged for these goods and services at a specific price level and at a certain point in time. Understanding aggregate…
The exchange rate, also known as the exchange rate between two currencies, is the rate or value relationship that exists between one and the other. This exchange rate helps us identify how many units of one respective currency are needed to buy the other. For example, we can say that the exchange rate between the…
When measuring the development of a country there are many factors to take into account. One of the indices that have been most used so far by economists is GDP, which gives us a reference to the size of an economy as a whole. Other measures that can help us understand the development of an…
The balance of payments (BOP) is a statement of all transactions made between entities in a country and the rest of the world, over a defined period of time, such as a quarter or a year. The balance of payments (BOP) is the method that countries use to monitor all international monetary transactions in a…
Development economics considers factors such as health, education and working conditions, domestic and international policies, and market conditions with a focus on improving conditions in the world’s poorest countries. This field of economics also examines both macroeconomic and microeconomic conditions and their factors related to the structure of developing economies, and domestic and international growth….
In marketing terminology, perceived value is customers’ evaluation of the merits of a product and service, and its ability to meet their needs and expectations, especially in comparison with other products that perform a similar function. Marketers try to influence customers’ perceived value of a product by describing its attributes and how they make their…
Oligopoly, a concept that is at the center of the contemporary economic and political debate. In this article, we will look at the definition of oligopoly and some important characteristics of this market structure.
