The comparison of the U.S. federal budget to a household or family budget is a bad analogy. Cutting expenses will help to pay off you personal debt, but In times of recession, severe budget cuts or tax hikes will worsen the economy. Unlike individual consumers with limited lifetimes, the government cannot go out of business anytime soon. Borrowing is necessary to finance economic growth. Deficit as a dollar amount doesn't tell you much about the health of our economy, so deficit as a percent...

Poorhouses were funded by federal, state, and local taxes. They were residential institutions where indigent and unemployed people were committed before public assistance and social security benefits were available to the elderly, disabled, and needy. There were some benefits given to the poor, but they were unlike Temporary Assistance for Needy Families (TANF), Aid for The Permanent and Totally Disabled (APTD), or Aid for Families With Dependent Children (AFDC), three of the more current welf...

While some are living in luxury, billions are living very obscure life due to poverty. Remarkable Slum Areas in the World.

Kmart and Sears closing stores. Kmart and Sears two cultural icons maybe on their knees.

What are the babies of the intertidal zone and how valuable is this part of the coastal ecosystem?

Historical assessments on China's economic stagnancy in the early modern have been generally overly simplistic and unfair. This calls for a more responsible, careful investigation of this point of China's history that should shed more light to her strengths and weaknesses and bring more insight to help her get rid of the latter and capitalize on the former.

There are unimaginable riches that can be won from outerspace from near-earth asteroids and the solar system. The skill is already there what is lacking is the will.

The assumptions of Indifference Curves and their properties The indifference curve technique does not make use of the Marshallian concept of measurability of utility in quantitative terms. On the other hand, it is based upon the concept of scale of preferences and the ordinal measurement of utility. Utility is a subjective entity, a psychological feeling and is, therefore, not amenable to quantitative measurement.

Elasticity of demand and its practical importance The concept of elasticity of demand is not merely an abstract idea and of academic interest. Its practical importance is very great. (i) The concept of elasticity of demand is made practical use of by the Finance Minister and the monopolist. When the Government imposes a tax on a commodity, its price will tend to rise. But if the demand is very elastic, it will considerably fall when the price has risen. The result will be that Government will ...

Factors Determining Elasticity of Demand There are several factors which determine the elasticity of demand. (i)For necessaries and conventional necessaries the demand is inelastic or less elastic- We have to buy these commodities whatever be the price. A change in price, therefore, does not matter so far as the demand for such commodities is concerned. Salt is one such thing and wheat another. But in a poor country like India-even the demand for such things is somewhat elastic.

Degrees of Price Elasticity of Demand A change in price leads to a change in demand. If price increases, demand contracts, and vice versa. But variation in demand is not always uniform when there is a change in price. In some cases, with a given change in price, demand shows a marked change, whereas in other cases the demand is not so responsive to changes in price.

Meaning of Elasticity of Demand There is a very close connection between the quantity of the commodity purchased and the price of the commodity. Changes in prices are bound to affect the purchases. According to the law of demand, there is an inverse relation between demand and price.

Derivation of the Law of Demand from the Law of Equimarginal Utility Price is one of the factors which bring about a change in demand. But in this case the change is called extension or contraction of demand. There are, however, several other factors which can bring about a change in demand independently of a change in price. In such cases, we shall say that the demand has really increased or decreased as distinguished from mere extension or contraction. T

Definition of the law of demand and the exceptions to the Law of Demand Generally the demand curve slopes downwards from left to right. Or, in other words, the higher the price of good, other things is remaining the same, the smaller will be the quantity normally bought. Similarly, the lower the price of a good, the greater will be the quantity normally purchased. This is in accordance with the law of diminishing marginal utility.

Defination (Meaning) of Demand Demand means the quantity of a commodity demanded per unit of time at a certain price. Types of Demand, (a) Price demand means the quantity demanded at a certain price. (b) Income Demand means the quantities demanded at the various levels of income. (c) Cross Demand denotes the quantities demanded with reference to a change in price of some other goods.