QA › Economics › Economists use the word equality to describe a situation in which
Q

Economists use the word equality to describe a situation in which

A

Equality in society from the eye of an economist refers to exercising fairness, especially on matters to do with the welfare of all. Typically, it is a situation where every member of a given society has the same amount of resources and/or earnings. The belief goes against a situation where some society members are taking advantage of others.

3 years ago
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Perfect competition is characterized by

Competition is healthy for markets. Sometimes the competition can be balanced and at times imbalanced due to various reasons. However, there are times when there is perfect competition and there…

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What are the four categories of income?

There are different income categories based on context. The case is different for the government that categorizes for taxation purposes. In that case, there will be taxable and non-taxable income.…

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Marketing, telecomunication

Celcom has tied up with TM international which was renamed as Axiata later and is a private operator. It is the oldest telecom operator in Malaysia and has been famous…

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Marketing: importance of audience

One of the principles on which marketing works is that it is not effective unless you choose whom it is aimed at. The idea of marketing is selling stuff to…

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Oligopolistic market characteristics

The kinked demand curve model assumes that a business might face a dual demand curve for its product based on the likely reactions of other firms to a change in…

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Economics of enterprise task

Total cost per month is equal to sum of fixed and variable costs Variable costs per month are R 3 000 Fixed costs per month are R400 (its not per…

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